In the early days of Silicon Valley, one of the entrepreneurial hot spots that spurred innovation was Buck's Woodside restaurant (I recommend a visit if you are ever in the area). It's the place where entrepreneurs cut deals with venture capitalists (from nearby Sand Hill road) to launch many of the most successful technology companies in the world. However, in today's environment, a concentrated hot zone like Bucks or a Silicon Valley isn't viable (or wanted).
Instead, we are seeing highly decentralized hot spots of local innovation. One such place is Claire's restaurant in Hardwick VT (recently mentioned in the NYTimes). Local entrepreneurs meet at Claire's to jointly and cooperatively innovate. The main focus of their effort is to remake Hardwick (a failed mining town) into a vibrant community through a revival of local agriculture. To do so, they are building a complex hybrid of local agriculture, business, technology, finance, and community connectivity. For example, they share equipment, capital ($300,000 so far and counting), and insight. They even do business with each other and have joined cooperatively to create a 30 farmer community supported agriculture (CSA) program. Essentially, the effort underway at Claire's is building the foundations for a resilient community.
If there isn't a "Claire's" in your town, make one.