Where should ICT startup companies be established? Efficiency comparison between cluster types

According to the triple helix model, the government, private companies, and universities play an important role in the development of the regional economy and the growth of clusters. Although balanced interaction with the three players is important in the triple helix model, our study points out that these three players have no choice but to compete. In this study, we conducted meta-frontier analysis (MFA) using three groups, the government, private companies, and universities, which are mentioned in the triple helix model to compare the efficiency of information and communication technology (ICT) startup companies. Therefore, we can see which ICT startup companies have grown up. As a result, the government-led cluster is the most efficient, followed by private company-led cluster and finally university-led cluster. Here, we compared all the clusters of ICT startup companies, unlike previous studies which only focused on a few clusters. Also, we provided another implication that the strengths of startup companies in each cluster can change depending on their geographic location.