!"#"$%&'()*!"#$%"&'("&))*+,(-.$''/$++$,-."/- !!

!/*0'1*2'(-34$$*5('#"/-'.6*%7*+418/'9)"*:(-;.,."*7%/*24(,74<.,/'()*

=.*>%3(?-*:((%#4;%(*+"(./"@*+418/'9)"*

!%-3'-34*5('#"/-'.6@*A6%.%*

01"23+&"4+%$3(5%6$3+%$)&'"7+#(+#813+.%$3$"#&'("+6&"+9$+:(5"4+&#;++8<.;==6&-9%147$#$68"(.()$>9)(73.(#>6(-=+

,&-9%147$?+@A+

0

200

400

600

800

1000

1200

1400

1600

1960 1970 1980 1990 2000

Num

ber o

f Hig

h Te

ch C

ompa

nies

,&-9%147$?+@A+

B7$"4&+

BC  D36*4/"*<$,-."/-*'1&%/.4(.*"(CE*–  F%&,$4/*&%$'<6*.%%$@*"<%(%1'<*9%G(.,/(@*%&"(*

'((%#4;%(@*<34()'()*/%$"*%7*,('#"/-';"-@*("G*<34$$"()"-*

HC  =%1"*"I&"/'"(<"-*%7*-,&&%/;()*<$,-."/- **–  J")'%(4$@*(4;%(4$@*'(."/(4;%(4$*

KC  A"6*<%(<$,-'%(-*–  L,/.3"/*'(7%/14;%(*

D(%#$%E3+4$F"1'("+&3+53$4+9*+@A+7(/$%"-$"#+

MN"%)/4&3'<*<%(<"(./4;%(-*%7*1"#$%G6(""$6#$4+<%1&4('"-@*-&"<'4$'-"9*-,&&$'"/-@*-"/#'<"*&/%#'9"/-@*O/1-*'(*/"$4."9*'(9,-./'"-@*4(9*4--%<'4."9*'(-;.,;%(-*P7%/*"I41&$"*,('#"/-';"-@*-.4(94/9-*4)"(<'"-@*4(9*./49"*4--%<'4;%(-Q*'(*&4/;<,$4/*O"$9-*.34.*6(-.$#$+8,.*4$-%*6(G(.$%&#$CR*

3S&TUUGGGC8"//C)%#C,VUG34.G"9%U/")'%(4$U<$,-."/-U&4)"KWKXYC3.1$*

H$F"1'("+(:+&+6)53#$%+IJK+

N"%)/4&3'<*<%(<"(./4;%(-*%7*'(."/<%(("<."9*<%1&4('"-*4(9*'(-;.,;%(-*'(*4*&4/;<,$4/*O"$9*

– 24(,74<.,/"/-*%7*<%1&$"1"(.4/6*&/%9,<.-*– L'/1-*,-'()*-'1'$4/*-V'$$-@*."<3(%$%)'"-@*%/*'(&,.-*– =,&&$'"/-*%7*-&"<'4$'-"9*'(&,.-*%/*'(7/4-./,<.,/"*

– =&"<'4$'-.*9'-./'8,.%/-*– 5('#"/-';"-@*./49"*4--%<'4;%(-@*./4'('()*&/%#'9"/-***

D'.3*.34(V-*.%*Z'$$*D'<V-.""9@*=[D*\.9*

H$F"1'("+(:+&+6)53#$%+ILK+

•  :(."/<%(("<;%(-*<4(*8"*4<;#"*%/*'(#%$,(.4/6*•  N"%)/4&3'<*<%(<"(./4;%(*]*'1&/"<'-"*<%(<"&.*

– +'.6*^,4/."/*P4(<'"(.*</4_*4(9*./49"*),'$9-Q*– +'.6*/")'%(*P:.4$'4(*14/8$"*4/%,(9*`"/%(4Q*

– D'9"*/,/4$*4/"4*Pa4&4*`4$$"6*G'("Q*– +/%--b8%/9"/*PN"/14(U=G'--*<3"1'<4$-Q*

D'.3*.34(V-*.%*Z'$$*D'<V-.""9@*=[D*\.9*

M5#+#8$*+6&"+/&"138;++:<"*74/1'()*c<$,-."/?*

P$4."*Bdee-Q*

F/%7"--%/*!%<.%/*+4/$*F4,$*N%f/'"9*#%(*\'(9"*

N$%*+6(-.)$O+.()16*+1335$3+

>%8*</"4;%(*#"/-,-*G"4$.3*</"4;%(*

J")'%(4$*'((%#4;%(*-6-."1-*

=<'"(<"*&4/V-*

Z,-'("--*'(<,84;%(*

a4;%(4$*#"/-,-*/")'%(4$*'--,"-*

:(9,-./'4$*&%$'<6*g(."/&/'-"*&%$'<6*

:((%#4;%(*&%$'<6*

L%/"')(*!'/"<.*:(#"-.1"(.*

c=,(-".?*#"/-,-*c-,(/'-"?*'(9,-./'"-*

F,8$'<*-,&&%/.*#"/-,-**7/""*14/V".*

`"(.,/"*<4&'.4$*

H1P$%$"#+.()16*+6("#$O#3+

•  !/'#"/-*–  >%8*</"4;%(*#"/-,-*G"4$.3*</"4;%(*– =3%/.@*1"9',1*%/*$%()b."/1*– \%<4$@*/")'%(4$@*(4;%(4$*%/*'(."/(4;%(4$*

•  +,//"(.*-'.,4;%(*– =./%()@*G"4V@*%/*&%."(;4$*<$,-."/*– g<%(%1'<*&/%O$"*%7*$%<4;%(*– L/""*14/V".*%/*&,8$'<*'(."/#"(;%(*

J>++Q8*+&%$+#8$*+1-.(%#&"#+"(CR+•  A$*+.&%#+(:+%$71("&)+1""(/&'("+=+$"#$%.%13$+=+1"453#%1&)+.()16*+–  :(*14(6*(4;%(-*–  :(."/(4;%(4$*<%1&";;%(*#"/-,-*<%$$48%/4;%(*

•  S6("(-16+4(C"#5%"+– J"<"(.*4(9*$%()b."/1*

•  ,8&"71"7+"&#5%$+(:+1""(/&'("+– h&"(*'((%#4;%(*– J%$"*%7*,('#"/-';"-*– a"G*<34$$"()"-*

3S&TUUGGGC<%1&";;#'."C)%,#C7/U****3S&TUU;(6,/$C<%1U6WiK9K9* **3S&TUUGGGC8"//C)%#C,VUG34.G"9%U/")'%(4$U<$,-."/-U&4)"KWKXYC3.1$ * **

T$35)#;+S/$%*("$+C&"#3+#(+9$+U1)16("+N&))$*+

•  U1)16("+V+

3S&TUU.8jC<%1U-'$'<%('4C3.1$*

… Alps, Alley, Bayou, Beach, Bog, City, Desert, Ditch, Dominion, Fen, Forest, Freeway, Glacier, Glen, Gulch, Hill, Hills, Holler, Hollow, Island, Isle, Mesa, Mountain, Necklace, Orchard, Parkway, Plain, Plains, Plantation, Plateau, Polder, Prairie, Rain Forest, River, Sandbar, Saxony, Seaboard, Snowbank, Spires, Swamp, Triangle, Tundra, Valais, Valley Forge, Valley North, Valley of the East, Vineyard, Wadi

+ many other {technology} {geographic feature}

Q8*+&%$+#8$*+1-.(%#&"#+"(CR+•  A$*+.&%#+(:+%$71("&)+1""(/&'("+=+$"#$%.%13$+=+1"453#%1&)+.()16*+–  :(*14(6*(4;%(-*–  :(."/(4;%(4$*<%1&";;%(*#"/-,-*<%$$48%/4;%(*

•  S6("(-16+4(C"#5%"+– J"<"(.*4(9*$%()b."/1*

•  ,8&"71"7+"&#5%$+(:+1""(/&'("+– h&"(*'((%#4;%(*– J%$"*%7*,('#"/-';"-*– a"G*<34$$"()"-*

,)53#$%3+&"4+$6("(-16+7%(C#8+

g+hah2:+*NJhD0k*

+h2Fg0:0:ha* :a`g=02ga0* :aah`l0:ha* =A:\\=* ga0gJFJ:=g*

FJh!5+0:`:0m*NJhD0k*

,)53#$%3+6&"+35..(%#;+

WC(+$O&-.)$3;+,(.1"7+C1#8+3#%56#5%&)+$6("(-16+68&"7$3+

•  X&"68$3#$%?+@A+– J4&'9*)/%G.3*9,/'()*'(9,-./'4$*/"#%$,;%(*– !"<$'("*– J")"("/4;%(*34-*'(<$,9"9*9"#"$%&1"(.*%7*1"9'4U:0*<$,-."/*

•  ,&-9%147$?+@A+– J,/4$@*4<49"1'<@*'-%$4."9@*/"-'-.4(.*.%*<%11"/<"*

– N/%G.3*%7*3')3b."<3*<$,-."/*'(*BWYe-*

BUT are clusters more resilient to shorter term economic shocks?

Q8*+&%$+#8$*+1-.(%#&"#+"(CR+•  A$*+.&%#+(:+%$71("&)+1""(/&'("+=+$"#$%.%13$+=+1"453#%1&)+.()16*+–  :(*14(6*(4;%(-*–  :(."/(4;%(4$*<%1&";;%(*#"/-,-*<%$$48%/4;%(*

•  S6("(-16+4(C"#5%"+– J"<"(.*4(9*$%()b."/1*

•  ,8&"71"7+"&#5%$+(:+1""(/&'("+– h&"(*'((%#4;%(*– J%$"*%7*,('#"/-';"-*– a"G*<34$$"()"-*

Q8&#+13+Y(.$"+1""(/&'("ER+•  MnCCo*'(p%G-*4(9*%,j$%G-*%7*V(%G$"9)"*

.%*4<<"$"/4."*'(."/(4$*'((%#4;%(@*4(9*"I&4(9*.3"*14/V".-*7%/*"I."/(4$*,-"*%7*'((%#4;%(*nCCoCR*

•  +3"-8/%,)3@*kC@*DC*`4(34#"/8"V"@*4(9*>C*D"-.@*"9-C*h&"(*:((%#4;%(T*J"-"4/<3'()*4*a"G*F4/49')1C*Heeq@*hI7%/9*5('#"/-'.6*F/"--C*

GGGC'71C"()C<41C4<C,VU<.1U.")U%&"('((%#4;%(C3.1$*

Research Development Commercialisation

Core Market Focus

Company Boundaries

Products in-sourced (e.g. Co-branding)

IP in-licensing

IP out-licensing

Technology Spin-outs

Ideas & Technologies

!%<3"/.6@*2C*PeeqQ@*F/'1"/*%(*ch&"(*:((%#4;%(?T*F/'(<'&$"-*4(9*F/4<;<"@*&914*PF/%9,<.*!"#"$%&1"(.*4(9*24(4)"1"(.*l--%<'4;%(Q*`'-'%(*Pl&/'$*eeqQ@*&&CBKbBYC*

+3"-8/%,)3@*kC*PeeKQ@*h&"(*:((%#4;%(T*03"*a"G*:1&"/4;#"*7%/*+/"4;()*4(9*F/%O;()*L/%1*0"<3(%$%)6@*Z%-.%(T*k4/#4/9*Z,-'("--*=<3%%$*F/"--C*

W8$+-(4$)+(:+Y(.$"+1""(/&'("E+

Q1#8+(.$"+1""(/&'("?+14$&3+&"4+.&%#"$%3+6&"+9$+&"*C8$%$+>>+

Z%+4($3+)(6&'("+-&<$%R+

•  +%1&4('"-*<3%%-"*.%*)(6&#$+1"+6)53#$%3+– a%V'4*PF4$%*l$.%@*k%$$6G%%9@*+418/'9)"@*".<Q*

– 2'</%-%_*PZ"'r'()@*='$'<%(*`4$$"6@*Z4()4$%/"@*".<Q*

•  +%1&4('"-*-""V*.%*4$/$)(.+6)53#$%3+4/%,(9*.3"'/*%G(*74<'$';"-*– F3'$'&-*Pg'(93%#"(*k'0"<3*+41&,-@*a\Q*– 5('$"#"/*P+%$G%/.3*F4/V@*5AQ*

Z.$"+1""(/&'("+8&3+.(#$"'&))*+3#%("7+)1"23+#(+6)53#$%3+

•  +$,-."/-*<4(*-,&&%/.*%&"(*'((%#4;%(*•  h&"(*'((%#4;%(*<4(*-,&&%/.*<$,-."/*9"#"$%&1"(.*

•  gI41&$"-T*– F3'$'&-@*g'(93%#"(*+41&,-*4(9*Z/4'(&%/.*– 5('$"#"/*4(9*+%$G%/.3*F4/V*– =,1'.%1%*+3"1'<4$@*+!0*4(9*+418/'9)"*

D81)1.3+[+\1W$68+,&-.53+S1"48(/$"+

@"1)$/$%+&"4+,()C(%#8+D&%2+

U5-1#(-(+,8$-16&)?+,HW+&"4+,&-9%147$+

•  :(Vr".*<$,-."/*-./%()*'(*+418/'9)"*

•  +5*-&'(b%,.*+!0*9"#"$%&"9*"<%-6-."1*%7*&4/.("/-*P$%<4$$6*4(9*'(."/(4;%(4$$6Q**.%*9"#"$%&*Fbh\g!*9'-&$46-*,-'()*'(Vr".*."<3(%$%)'"-*

•  =,1'.%1%*+3"1'<4$*G4-*$%()b."/1*9"#"$%&1"(.*&4/.("/*.3"(*4<^,'/"9*+!0C*

,8&"71"7+%()$+(:+5"1/$%31'$3+

•  g1"/)"(<"*%7*4*c.3'/9*1'--'%(?*– 0"4<3'()@*/"-"4/<3@*4(9*(%G*c4&&$'<4;%(?*

•  \%()b-.4(9'()@*<%/"*1'--'%(*%7*-%1"*,('#"/-';"-**– \4(9*N/4(.*,('#"/-';"-*'(*5=*

•  a"G*7%<,-*7%/*%.3"/*,('#"/-';"-*– 24(6*5A*,('#"/-';"-*'(*$4."*BWWe-*

•  5('#"/-';"-*<4(*&$46*V"6*/%$"*G'.3'(*<$,-."/-*– D34.E*k%GE*D36E*

Q1#81"+6)53#$%3?+5"1/$%31'$3+6&"+.%(/14$;+

•  F"%&$"*P"1&$%6""-@*'(."/(-Q*•  gI&"/;-"*P<%(-,$;()*-"/#'<"-Q*•  A(%G$"9)"*P.4<'.@*"I&$'<'.Q*•  J"-%,/<"-*P"^,'&1"(.@*74<'$';"-@*'(<,84;%(Q*•  F,8$'<*-&4<"-*P<%(7"/"(<"-@*(".G%/V'()Q*•  a"G*O/1-*P-&'(b%,.-@*-.4/.b,&-Q*

•  M5#+%132+(:+Y-1O$4+-1331("E++–  I&6&4$-16+=+6(--$%61&)?+38(%#G#$%-+=+)("7G#$%-KR+

]$C+68&))$"7$3+

•  +$,-."/-*7%/1"9*U*"1"/)"9*.%*499/"--*&4/;<,$4/*<34$$"()"-*– l&%$$%*1'--'%(-T*"C)C@*<$,-."/-*%7*V"6*-6-."1*-,&&$'"/-*P4</%--*5=Q*

– J"("G48$"*"("/)'"-T*"C)C@*<$,-."/-*'(*V"6*$%<4;%(-*PG'(9*s*G4#"*."<3(%$%)'"-**%(*<%4-.4$*$%<4;%(-Q*

•  +4(*<$,-."/-*8"*c9"&$%6"9?*P%/*c<%(#"/."9?Q*.%*499/"--*&4/;<,$4/*<34$$"()"-E*

W8%$$+6)53#$%+$O&-.)$3+

•  +418/'9)"@*5A*– \%<4$*<$,-."/*G'.3*'(."/(4;%(4$*&/"-"(<"*

•  g4-.*%7*g()$4(9@*5A*P/")'%(4$Q*– J")'%(4$*(".G%/V*%7*<$,-."/-*

•  g'(93%#"(b\",#"(bl4<3"(*0/'4()$"*Pg\l0Q*– +/%--b8%/9"/*(".G%/V*%7*<$,-."/-*

,&-9%147$?+@A+

D'.3*.34(V-*.%*l$4(*Z4//"$$@*3S&TUUGGGC4$4(84//"$$C<%1U*

B+%5%&)+3$^"7+>>+

D'.3*.34(V-*.%*l$4(*Z4//"$$@*3S&TUUGGGC4$4(84//"$$C<%1U*

B+:&-(53+5"1/$%31#*+>>+

0

200

400

600

800

1000

1200

1400

1600

1960 1970 1980 1990 2000

Num

ber o

f Hig

h Te

ch C

ompa

nies

B+8178+#$68+/$"#5%$+Y.8$"(-$"("E+

U#&%#G5.3+&"4+3.1"G(5#3+

X5)'"&'("&)+6(%.(%&'("3+ ,("35)#&"61$3+

_$&#5%$3+(:+,&-9%147$+6)53#$%+

•  5('#"/-'.6*-./"().3-*'(*cJ?*•  +%11"/<'4$*-./"().3-*'(*c!?*

– !"-')(@*9"#"$%&1"(.@*&/%.%.6&'()@*84.<3*&/%9,<;%(@CC*

•  N%%9*$'(V-*U*7"G*84//'"/-*8".G""(*.3"*cJ?*4(9*c!?*–  Jt!@*-.,9"(.*&/%r"<.-*PBqK*$%<4$$6*&U4Q@*/"</,'.-@*&/%8$"1*-%$#'()@*<%1&4(6*</"4;%(@*./4'('()*

– l<;#"*(".G%/V'()@*G'$$'()*<%$$48%/4;%(*•  Z/4(9**]*:(#"-.1"(.*14)(".*PL!:@*`+Q*•  F"%&$"*P4(9*.3"'/*<%(("<;%(-Q*

–  M!%'()*G"$$*4(9*9%'()*)%%9R*

U.1"G(5#3+&%$+&+:$&#5%$+(:+#8$+6)53#$%+

Spin-outs from Cambridge Consultants Ltd (CCL)

+%&6/')3.*u*mC2C26'(.*b*6C16'(.vr'1-C<41C4<C,V@**

_)(C+(:+.$(.)$+13+2$*+

,HW+=+U5-1#(-(+,8$-16&);+++DGZ0SH+W$68"()(7*+S6(3*3#$-+

IP & Technology Centre

Manufacturing Development Centre

PLED materials

Polymer deposition

Device physics

Process equipment

Manufacturing process

Device electronics

CDT Dow Chemical (USA)

Covion (Germany) Sumitomo Chemical (Japan)

Bayer (Germany) Melville Polymer Lab. (UK)

Oxford University (UK)

Litrex Corp. (USA) Toppan Printing (Japan)

CDT Cavendish Lab. (UK)

Tokki (Japan) Ulvac (Japan)

OTB (NL)

CDT

Optics enhancement

CDT Cavendish Lab. (UK)

ST Microelectronics (France)

=%,/<"T*+!0*\.9*

!-.(%#&"6$+(:+Y`(1"1"7+#8$+4(#3E;+4</%--*G3%$"*<$,-."/*

GGGC"/8'C<%C,V *GGGC<418/'9)"(".G%/VC<%C,V*

!-.(%#&"6$+(:+Y`(1"1"7+#8$+4(#3E;+G'.3'(*,('#"/-'.6*

GGGC"(."/&/'-"(".G%/VC)/%,&C<41C4<C,V*

!-.(%#&"6$+(:+-1O1"7*

D%(/131("+(:+3.&6$+#(+35..(%#+3$%$"41.1#*?+6())&9(%&'("?+"$#C(%21"7+

W8$+\&53$%+_(%5-+

S&3#+(:+S"7)&"4+"$#C(%2+(:+Y6)53#$%3E+&"4+Y8593E+

•  i*14r%/*c<$,-."/-?*•  BX*c3,8-?*•  k%G*.%*</"4."*#4$,"E*

– 5(9"/-.4(9'()*4(9*"(34(<'()*<%/"*-./"().3-*

–  Z,'$9'()*-<4$"*–  =./"().3"('()*$'(V4)"-*'(."/(4$$6*4(9*"I."/(4$$6*

3S&TUUGGGC-.r%3(-C<%C,VU("G-UHeeWUdU/")'%(4$b."<3(%&%$"b/"&%/.U*

S1"48(/$"G0$5/$"GB&68$"+W%1&"7)$+

•  >%'(.*'((%#4;%(*-./4.")6*

•  Z"(<314/V'()@*&/%1%;%(*4(9*"#4$,4;%(*

•  0"<3(%$%)6*t*8,-'("--*<%11,(';"-*

•  +%4<3'()*"(./"&/"(",/-*4(9*'1&/%#'()*4<<"--*.%*'(#"-.%/-*

3S&TUUGGGC"$4.C%/)U*

A$*+6("6)531("3+IJK+

•  g#"/6%("*G4(.-*.%*8"*c='$'<%(*`4$$"6?*– a""9*-&"<'4$'w4;%(*4(9*<%1&$"1"(.4/';"-*

– `"/6*-'1'$4/*&%$'<"-*'(*&$4<"*4/%,(9*.3"*G%/$9*

•  F%$'<6*4)"(94-*7%/*&/%1%;()*<$,-."/-*4/"*1'I"9*–  >%8*</"4;%(*#"/-,-*G"4$.3*</"4;%(*– =3%/.b."/1*#"/-,-*$%()b."/1*– J")'%(4$*#"/-,-*(4;%(4$*#"/-,-*G%/$9*#'"G-*

A$*+6("6)531("3+ILK+

•  0/"(9*.%*%&"(*'((%#4;%(*CC*–  CC*-,&&%/.-*<$,-."/*9"#"$%&1"(.*–  CC*8"("O.-*7/%1*-./%()*<$,-."/-*–  CC*146*3"$&*.%*499/"--*8')*<34$$"()"-*G'.3*<$,-."/-*

•  =,&&%/.*7%/*<$,-."/-*–  F$"(.6*%7*c.%&*9%G(?*'(';4;#"-T*/"4$*-,<<"--*146*-."1*7/%1*c8%S%1*,&?*4&&/%4<3*

–  F/%1%."*'(."/1'()$'()*%7*&"%&$"T*G'.3'(*4(9*8".G""(*<$,-."/-T*,-"*%7*,('#"/-';"-*4-*c&,8$'<*-&4<"-?*

–  =,&&%/.*-'1&$"*P"4-6*'(@*"4-6*%,.Q*&/%r"<.-*-,<3*4-*-.,9"(.*&$4<"1"(.-@*),"-.*$"<.,/"-@*<%1&";;%(-@*".<C*

_5%#8$%+1":(%-&'("+

•  T$3(5%6$3+:(%+#813+.%$3$"#&'("+&%$+&#;+– 8<.;==6&-9%147$#$68"(.()$>9)(73.(#>6(-=+

!"#"$%&'()*!"#$%"&'("&))*+,(-.$''/$++$,-."/- !!

!/*0'1*2'(-34$$*5('#"/-'.6*%7*+418/'9)"*:(-;.,."*7%/*24(,74<.,/'()*

=.*>%3(?-*:((%#4;%(*+"(./"@*+418/'9)"*

!%-3'-34*5('#"/-'.6@*A6%.%*

01"23+&"4+%$3(5%6$3+%$)&'"7+#(+#813+.%$3$"#&'("+6&"+9$+:(5"4+&#;++8<.;==6&-9%147$#$68"(.()$>9)(73.(#>6(-=+