Smart Specialization is about creating economic development through a targeted support of Research and Innovation in a specific region. The basic idea behind Smart Specialization is that regions should identify their specific competitive advantages and best assets. This will help them prioritize their development efforts according to their areas of strength, which in turn will help their regional businesses to internationalize and compete in the global economy.
The strategy is based on a strong partnership between regional authorities, the business community and stakeholders from research and academia.
The outcomes of a Smart Specialization strategy can be summarized as follows:
- They focus policy support and investments on key national/regional priorities, challenges and needs for knowledge-based development, including ICT-related measures
- They build on each country’s/region’s strengths, competitive advantages and potential for excellence
- They support technological as well as practice-based innovation and aim to stimulate private sector investment
- They get stakeholders fully involved and encourage innovation and experimentation
- They are evidence-based and include sound monitoring and evaluation systems
Enter here for more information regarding Smart Specialization strategies.