The study focuses on a phenomenon of growing interest for Small companies in Brazil; the formation of Regional Clusters [Arranjos Produtivos Locais (APL)], with aim to heighten their chance of survival. The centre of the analysis is based on the fact that, according to current statistics, the rate of mortality of small companies in Brazil, within their first years of existence, is high. The object of this research was the Cluster of Intimate Wear Producers of Nova Friburgo, one of the most recognized Regional Clusters in Rio de Janeiro. With basis on documental research and interviews with the Clusters’ participants, there was an attempt to identify its main characteristics, difficulties and benefits observed. The results suggest that one of the main benefits comes from the possibility of a better publicity for the companies in the Clusters, while one of the main difficulties lies on the lack of integrated vision among the participants, who tend to see each other as competition and notice that the advantages of the benefits are not evenly spread out for all participating companies.