The virtual world connects information, knowledge, skills and people across space, time and cultures. As this virtual world has grown, some thinkers have argued that people and businesses will become less concerned about where they choose to locate. In reality, however, we are seeing two trends. One is the ability to do business with anyone anywhere in the world via global supply chains that link advertising and design in London with research intensive universities in the US and manufacturing plants in China. The other is that cities, business hubs and industrial clusters have been steadily growing in importance for many parts of the economy. The City of London and Madison Avenue are good examples of why, even in today’s digital world, proximity still matters. To appreciate this, we need to understand the ‘know what’, ‘know why’, ‘know how’ and ‘know who’ of the internet.
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