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The purpose of this paper is to apply such a technology to develop an innovation strategy for the pilot clusters defined by the state, which would allow to make flexible management decisions. The proposed method for this involves the use of a compound real option, which includes the following components to be applied in the following order: 1) an option to reduce and exit the cluster strategy, 2) an option to develop and replicate the experience in the cluster, 3) an option to change over and temporarily stop the cluster strategy, and 4) an option to delay the start of the new cluster strategy. Combining a compound real option exactly as presented avoids unreasonable managerial decisions to withdraw from the current cluster strategy, which would include multiple tactical cluster development opportunities that have already been implemented. In other words, a put option is first added to the evaluation of the current strategy. This is an option to reduce and exit the cluster strategy. And then if the current strategy continues, the next three call options are added to it.

Using a Compound Real Option to Develop an Innovation Strategy for an Industrial Cluster