“…Territorial capital includes all physical and non-physical, tangible and intangible -immaterial-local values. [19] As OECD described it, territorial capital refers to the stock of assets which form the basis for endogenous development in each city and region, as well as to the institutions, modes of decision-making and professional skills to make best use of those assets. [20] It includes the area's geographical location, size, factor of production endowment, climate, traditions, natural resources, quality of life or the agglomeration economies provided by its cities, but also includes its business incubators and industrial districts or other business networks that transaction costs.…”