Drivers of Innovation in Specialized Regions

In the current socioeconomic context, innovation is considered a key factor that drives business competitiveness and economic development. However, although the main drivers of innovation are well established in the literature, less attention has been paid to how these drivers interact within specific regional and sectoral contexts. The primary objective of this research is to conduct an empirical analysis of the impact of regional clustering on firms’ innovation, and of the mediating role of entrepreneurial orientation and the degree of cooperation with external agents. The electricity supply sector in Spain is analyzed, through a sample of 197 companies, using the PLS-SEM technique for data analysis. The findings present empirical evidence that supports a positive and statistically significant relationship between the variables analyzed. The location in specialized environments can favor the development of a proactive approach to innovation, the constant search for new opportunities and solutions, and the creation of a collaborative ecosystem that promotes the sharing of valuable resources for the achievement of shared objectives, which boosts the likelihood of success in the development of innovations, especially for those companies that show a greater entrepreneurial orientation. It is concluded that this kind of environment can drive businesses’ entrepreneurial orientation and the establishment of cooperation agreements, encourage a proactive attitude and promote the joint exploitation of valuable resources in favor of shared objectives, thus boosting the probability of success in the projects undertaken, especially in terms of innovation. This research has important theoretical and practical implications for academicians, policymakers, and managers.