ABSTRACT
This chapter discusses the basic concepts of smart specialisation strategies, and how these might be employed to enhance innovation led growth and outlines the extent to which European Union (EU) smart specialisation initiatives are being adopted in lagging regions. Many of the building blocks for smart specialisation strategies were already evident in different forms of modern regional innovation policies. Importantly, the identification of potential local strengths and market opportunities which can be developed via the entrepreneurial discovery processes is crucial, as boosting R&D alone is not necessarily a solution. The European Commission has made serious efforts to assist EU regions in their priority-setting and policymaking activities, and this role is spearheaded by the smart specialisation Platform based at the EU Joint Research Centre at Seville. The RIS3 platform combines research with the policy-making experience of numerous different regions, allowing regions to share experiences, best-practice and to foster mutual learning processes.