Many regions are either without technology clusters or in early stages of their development. This paper uses a micro-foundations perspective to understand the potential for technology development, new venture creation and market creation to occur in these regions. The study surveys people from two city-regions in the Global South — Medellin, Colombia, and Johannesburg, South Africa. The results show that in these two cities that have developed different reputations for innovation, different micro-foundation profiles are present. General support is found for our hypothesis that regional micro-foundations may drive the progress toward technology cluster formation.