Abstract
Regional development is becoming increasingly important due to globalization and the transition to the knowledge economy. The use of new methods of regional development is crucial for increasing the competitiveness of these territories and ensuring the effective use of their resource potential. The concept of smart specialization is one example of developing a regional development strategy based on each region's unique competitive advantages, scientific base, and capacity for innovation. This study aims to investigate key elements of smart specialization and to justify its effectiveness as a strategy to stimulate regional development in Ukraine that meets European standards for innovation policy and supports sustainable economic development. The purpose of this study is to study the theoretical foundations of reasonable specialization and outline its basic principles and mechanisms for implementing the concept in the context of regional political systems. A review of smart specialization strategies (RIS3) used by the European Union countries shows that the application of such strategies has contributed to changing the structure of the economy, increasing innovation activity and maximizing the use of resources. It was also determined that the key components of smart specialization are entrepreneurial discovery, interaction between business and science (as well as government), and a focus on modernizing the economy through technological advances. According to the results of the study, smart specialization turned out to be an effective means of building innovative models of regional development by concentrating investments in industries with high potential, clustering and increasing economic activity. The need to improve Ukraine’s institutional environment, as well as increased cooperation between actors involved in innovation and the development of appropriate methods to support research and development, are important if Ukraine intends to implement smart specialization.
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