Innovation Strategies in Regional Economic Development
Summary
Innovation strategies in regional economic development encompass a suite of policies and practices designed to stimulate growth by leveraging local knowledge, networks and institutional assets. Central to these strategies is the notion of a regional innovation system, where universities, research institutes, firms and government bodies co-operate to facilitate the generation, diffusion and application of new ideas. Key approaches include the formation of sectoral clusters to deepen specialisation and knowledge spillovers, the enhancement of absorptive capacity through skills development and infrastructure investment, and the promotion of open and collaborative innovation via public–private partnerships and knowledge-sharing platforms. Recent emphasis has also been placed on tailoring interventions to the specific strengths and challenges of peripheral and rural areas, where digital connectivity and targeted support programmes can help bridge the urban–rural divide. Sustainable development, resilience to external shocks and the integration of green and digital transitions have become critical dimensions, driving policymakers to adopt multi-level governance frameworks that align local initiatives with national innovation agendas. The global significance of these strategies is evident in their capacity to foster inclusive growth, mitigate regional disparities and adapt to shifting competitive landscapes, from advanced manufacturing clusters to creative-cultural industries in marginal settings.
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Technical terms
Cluster: A geographic concentration of interconnected firms, suppliers and associated institutions in a particular field, fostering collaboration and competition.
Regional innovation system: The network of public and private organisations whose interactions generate, diffuse and utilise knowledge within a specific territory.
Absorptive capacity: The ability of a region or organisation to recognise, assimilate and apply external knowledge for innovation.
STI (Science-and-Technology-Based Innovation): Innovation modes driven primarily by formal research, R&D activities and scientific collaborations.
DUI (Doing-Using-Interacting): Innovation modes based on practical, experience-driven learning through usage, interaction with customers and incremental improvements.
References
- Innovation in the Periphery: A Critical Survey and Research Agenda. International Regional Science Review (2018).
- Business innovation modes and their impact on innovation outputs: Regional variations and the nature of innovation across EU regions. Research Policy (2020).
- Spatial implications of digitization: State of the field and research agenda. Geography Compass (2020).
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