Smart Specialization Concept and the Status of Its Implementation in Romania

Smart specialization, a relatively new concept, has been actively promoted as an important tool for the Europe 2020 Strategy. It stands as a key solution for avoiding dissipation of the EU research funds and for focusing the research, innovation, human and financial resources on those innovative sectors which are highly performant, socio-economically important or attractive for investors. Given the novelty and complexity of this concept, more theoretical and methodological consideration should be given to further concept clarification, for the use of policy makers and for its effective implementation in various countries, each of them with its R&D and innovation background and economic context. This paper aims to survey the literature of the field in order to relieve theoretical and methodologic elements addressing their application in Romanian context, with an assessment of implementation opportunities and of necessary instruments, according to Innovation Union objectives.