The concept of smart specialization, although relatively new, is crucial for economic and innovation strategies at both regional and national levels. Initiated by the European Union, smart specialization is a process through which regions identify and develop their unique competitive advantages, focusing on economic sectors where they have the potential to excel in the global market. Smart specialization is based on the premise that no region has enough resources to be competitive in all fields; therefore, it is much more effective to identify areas where a region can make a difference in global competition and then focus innovation efforts on those areas. Where did the idea came from? The concept of smart specialization was introduced as part of the Europe 2020 Strategy, aimed at promoting smart, sustainable, and inclusive economic growth. In a context where globalization has caused regions to compete not only among themselves but also with global actors, the European Union recognized that not all regions can be competitive in every sector. Thus, the need arose to identify areas where each region has exceptional potential and to channel resources towards innovation in those sectors. In the 2021-2027 financial period, this concept is supported through the strategic investment objectives of the European Union’s Cohesion Policy, particularly through Policy Objective 1 “A Smarter Europe, by promoting innovative and smart economic transformation.” What does smart specialization involve? Smart specialization involves several key stages: 1. Identifying competitive advantages: Regions analyze the economic sectors with the highest potential for growth and innovation. These may include sectors such as health, information technology, energy, agriculture, or advanced materials. 2. Concentrating resources: Once identified, regions concentrate their financial, human, and technological resources to support the development of these sectors. 3. Collaboration and innovation: Smart specialization encourages collaboration among the public, private, and academic sectors, creating an innovation ecosystem. This leads to the creation of new jobs, innovative products, and advanced technologies. The goal of Smart Specialization The main goal of smart specialization is to stimulate sustainable economic growth and improve the competitiveness of regions in the global market. By focusing innovation efforts on specific fields, smart specialization enables regions to become leaders in their areas of excellence, attracting investment, creating jobs, and promoting sustainable development. In the long term, smart specialization has the potential to transform regions from traditional economic areas into hubs of innovation and technological development, capable of competing on the international stage. This approach is a significant step forward for the European Union's innovation policy. Although there have been many positive achievements, we must continue to develop them and address areas that still need improvement.