Rural regions have traditionally been dominated by areal industries such as agriculture and forestry, i.e. industries that, for over a century, have been characterized by shrinking employment numbers. Agriculture is traditionally one of the most important economic activities in rural areas and the concept of Smart Agriculture has been included in the European Union growth strategy Horizon 2020, related to the goals of smart, sustainable and inclusive growth. The implementation of smart development strategies in rural areas must take into account the specificities of innovation models and the types of resources available in these territories. For firms in rural regions, knowledge acquisition and dissemination seldom take place through collaboration with universities and research institutes, but rather with other types of organizations and firms. The supply of nature- and culture-based amenities seems relatively more important in explaining new firm formation in rural regions, compared to urban regions. The chapter also presents an overview on the key concepts discussed in this book.