Smart specialisation: The concept and its application to EU cohesion policy

Briefing 11-01-2016

The persistent gap between European regions as regards research and innovation performance provides a strong case for policies tailored to the local context that foster structural change. This is where smart specialisation comes into play, providing a path for innovation-driven differentiation and economic transformation, building on local assets and comparative strengths. To achieve maximum impact, efforts and investments are expected to focus on a limited number of priorities, identified through a discovery process in which entrepreneurs play a central role. This place-based approach and logic of prioritisation have been found to be broadly consistent with the overall reforms of EU cohesion policy, aiming to improve spending efficiency and impact. Consequently, having a research and innovation strategy for smart specialisation (RIS3) in place has become a prerequisite to receiving funding from the European Regional Development Fund. The link between RIS3 and cohesion policy is the subject of a report currently in preparation within the European Parliament Committee on Regional Development. Initial assessments of smart specialisation strategies, carried out in early 2015, have so far delivered a mixed picture, notably regarding the choice of priorities, often considered as too generic or insufficiently connected to the regional economic and innovation structures. In 2016, a high-level conference will provide an opportunity for further, and more informed, evaluation of the implementation of the smart specialisation approach in the European Union.