Innovation Clusters are “groupings of independent undertakings, (innovative start-ups, small, medium and large undertakings, as well as research organisations), operating in a particular sector and region and designed to stimulate innovative activity by promoting intensive interactions, sharing of facilities and exchange of knowledge and expertise and by contributing effectively to technology transfer, networking and information dissemination among the undertakings in the cluster”. In addition: knowledge - driven, specialise in innovative activities of high added - value and strongly oriented towards international markets. In order to develop sustainable development and successful entrepreneurial ventures due cluster, we can implement innovative strategic model such as Blue Ocean Strategy approach. Blue Ocean Strategy suggests that an organization should create new demand in an uncontested market space, or a “Blue Ocean”, rather than compete head-to-head with other suppliers in an existing industry. The cornerstone of Blue Ocean Strategy is ‘Value Innovation’. A blue ocean is created when a company achieves value innovation that creates value simultaneously for both the buyer and the company. The innovation (in product, service, or delivery) must raise and create value for the market, while simultaneously reducing or eliminating features or services that are less valued by the current or future market. Into this specific paper there is going to be examined how we should apply the ‘blue ocean’ concept in a Greek typical region, to enforce cluster development, to implement a new business model and to identify reliable directions for innovation policy development.
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