Evaluating Innovative area performance, an application to Science and Technology Park of Crete

This article aims to describe the application of a suitable set of factors to evaluate small business regional innovative performance. The questionnaire survey method was used to collect data from a sample of fourteen business executives, representing companies established and operating in the innovative area of Science and Technology Park of Crete (STEP-C). STEP-C is located in Heraklion in the Island of Crete in southern Greece. An analysis was deployed to evaluate cluster performance using eleven different factors associated with cluster progress and development. The set of factors proposed in this paper aims to support the formulation and implementation of regional cluster initiatives. Each cluster scores a different value on each of the eleven factors empowering the cluster managers to establish a solid perception about the strands that need development in each cluster.