Adopting a New Approach Towards Industrial Cluster Development

To avail the benefits of a cluster, government/cluster development authority has to select an appropriate model for cluster development. There are several cluster development models offered by the cluster development practitioners/agencies around the world. Notable cluster development models are the UNIDO Cluster Development Approach-1 & 2 offered by the United Nations Industrial Development Organisation (Murali & Banerjee, 2011); Five Phase Twelve Steps Model for Cluster Development offered by the Cluster Navigator-New Zealand (Ifor, 2005); Cluster Development approach in Republic of Croatia offered by Maxwell Stamp Plc. (Maxwell Stamp, 2013); Cluster Development Model offered by the International Trade Department, World Bank (World Bank, 2009); Cluster Map of an Agri-business cluster offered by the World Bank; Cluster Based City Economic Development Concept offered by the ADB (Choe and Roberts, 2011) and more. Besides these there are contributions of Cluster Pulse-India and TCI Network-USA in cluster development models.None of these models are fully implementable in a least developed country like Bangladesh due to limitations in access to finance, technical knowledge, technological adaptability, and managerial capacity to dedicate to cluster development. With all these limitations in mind "Joynal and Mizan (JM) Model for Cluster Development" was designed with flexibility, check and balance mechanism and expected outcome of each phases. This model would be equally effective in least developed, developing as well as developed economies