Smart Specialisation: Towards the Potential Application of the Concept for the Local Development

The concept of Smart Specialisation includes different propositions of how to become smart. However, there are gaps in understanding of potentiality of this concept. The paper reviews an area of emerging research on smart specialization. The core idea and main objective of this paper is to analyse the potential implications of this approach for the local development, particularly for latecomers. The paper discusses several theoretical and practical insights, future research directions are suggested. The concept map characterising the complexity of decision making in the development of smart specialisation strategy for the competitiveness of local economy is proposed.