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.