Economic development of company in creative cluster

Abstract

The article aims to create an economic model of a company and thus introduce a dynamic perspective in strategic decision-making of a company which is trying to enter a cluster of companies focused on creative industries. The research problem is the projection of future company development, including the model of key factors contributing to company success, such as cooperation of companies within the cluster, gathering information, improved access to innovations. The main research method is the system dynamic modelling that enables the study of complex feedback systems with the objective to manage these systems. This method opens new possibilities to research the effectiveness of tools encouraging the development of company economy with respect to the benefits the company gains from participating in the cluster activities. A subject for discussion is the comparison of companies' economic performance presented on two models: a company doing business without participation in the creative cluster and a company that became a part of the cluster and benefits from its activities. The model also counts with soft parameters caused by the cluster activities: impact on the company's product innovation, growth of business and job opportunities and staff education. The resulting economic model presented in the article is a proposal of a new system of doing business in culture and creative industries. It also aims to demonstrate the advantages of being a creative cluster member and the impact of cluster activities on the company's future economic prosperity.