Abstract
This paper attempts to analyze innovation factors of innovative cluster and to forecast regional growth of the Korean economy based on the new growth theory. The paper specifies that regional innovation comes from innovative cluster(R&D investment, human capital, venture businesses) and network infrastructure among the elements. These innovation factors tend to concentrate on the more developed regions which means that disparities in regional economic growth becomes deepening over time. The paper suggests R&D investment allocation policy and control of network infrastructure allocation policy in order to mitigate the disparities. Also, the result of the policy analysis indicates that the R&D investment allocation policy is more meaningful in reducing the disparities.