Article at a glance:

Do-it-yourself Silicon Valley: Using business plan competitions to spur economic development

Many regional and national governments have tried and failed to recreate the cluster of technology start-ups that mushroomed into thriving high-tech communities such as Silicon Valley or Boston's Route 128. To be successful, governments must cooperate with private-sector interests to sponsor business plan competitions that bring together researchers, entrepreneurs, private industry, and venture capitalists.

The take-away

Business competitions are most effective at promoting innovation and economic growth if they are part of a long-term commitment by government agencies and local corporations, universities, and foundations.