Science and Technology Parks (STPs) as a kind of innovation cluster have been established to strengthen the national capabilities in science and technology by many governments and universities. However, many of the government initiated STP projects do not succeed, not because of insufficient investment but because of poor management skills and not having the right governance structure. Many governments do not pay proper attention to the management master plan compared to the attention given to hardware infrastructure building. In this paper, relevant literature was reviewed to identify the success factors of STPs. In addition, the cases of Korean innovation clusters were reviewed and evaluated, including Daedeok Innopolis and several technoparks. The experience of Korea shows that the right management practice and right governance structure are critical success factors for STP development.