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This paper investigates the value creation process in policy-driven cluster initiatives that are important policy tools for implementing Smart specialisation strategies. It aims at studying the evolution of the Croatian Competitiveness Clusters (CCC) to understand the role of sectoral specificities in affecting value creation within cluster initiatives. In this context, it looks at what services cluster initiatives should deliver to meet the expectations of members and generate value and what modes of cluster management and governance are the most conducive to value creation across different industries. The analysis relies on a survey of 250 CCC members. The results show that members’ preferences for support to the business activities are associated with different levels of perceived value creation. High-value CCC members are interested in innovation, infrastructure development, market analysis and training, while low-value CCC members are interested in lobbying and networking. Regardless of the sector, CCC with a higher share of private, small, and high-growth firms are more likely to generate public value by pursuing long-term activities with the emphasis on innovation, knowledge transfer, infrastructure, and market development, as compared to CCC with a high share of declining firms that see CCC as a platform for lobbying and networking and as such generate more private value, failing to achieve their ultimate goal. A high level of value is also created if members reach a consensus on the vision and activities of the CCC and work together to share knowledge, information and learning processes.

Patterns of value creation in policy-driven cluster initiatives: evidence from the croatian competitiveness clusters