Smart Specialization of the Region as a Tool for Modernizing Innovative Development

Abstract

The article aims to study the international experience of smart specialization in regions and develop ways to improve it.The work uses methods of systematization, morphological analysis, graphic and empirical research.The authors investigated the essence, features and possibilities of smart specialization and schematically depicted it. The authors identified five principles of smart specialization, analyzed the foreign experience of smart specialization of regions. Based on the conducted studies of the European policy of unity and regional policy of the EU, they substantiated the expediency of introducing a model of smart specialization of regions to ensure sustainable regional development on an innovative basis and improve the living conditions of households.Based on the studied theoretical and methodological material, the authors developed ways to improve the smart specialization of regions, namely, an algorithm for substantiation of potential areas of smart specialization in the regions and the conceptual approach to the choice of strategic priorities for innovative regional development, taking into account the principles of "smart specialization".Recommendations are proposed for improving the processes of forming innovative regional strategies, taking into account the principles of the concept of "smart specialization", and the necessity of forming a map of unique, innovative competencies of regions and clusters of the country is substantiated.To visually reflect the state of smart specialization of regions, the authors proposed the use of two maps that neutralize each other's shortcomings and help make more balanced management decisions.