Developing and implementing a smart specialisation strategy at regional level: some open questions

The smart specialisation strategy (S3) requires the identification in each region of one or more thematic areas where R&D and innovation policy should be focused on to create and sustain a competitive advantage. Not necessarily the chosen areas will belong to the core, general purpose technology that are generally identified as high-tech sectors (ICT, biotech, etc.). For most of the (peripheral) regions the application of the S3 will involve the identification of production domains in which general purpose technology can be applied and adapted. The aim of this paper is to discuss the theoretical underpinning of the S3, focusing the analysis on three concepts: embeddedness, relatedness and connectivity. The analysis is carried out by reviewing the available documents about the definition and implementation of the smart specialisation strategy and the early proposals developed by some European regions. S3 is an important advancement in the design of regional innovation policy. A better clarification of its theoretical basis and implementation problems can improve its effectiveness.