Smart Specialization Strategies: Contemporary Challenges of its Design and Implementation

The global financial crisis was a trigger that had an influence on the economic policy on a national level all over the globe. EU sent a unique message to national economies emphasizing the strengthening of the industry. Smart Specialization Strategy (S3), as a new industrial and innovation policy approach, tries to boost innovation performance and systems so that they are better equipped to respond to competitive pressures or societal challenges. This message is especially important for EU and neighboring countries, such as the South Eastern European countries, where a weak manufacturing sector exists, mainly outside the European production and technology networks, which are only partly integrated into the global economy through buyer-driven value chains.
 
The conference will be partly based on knowledge accumulated during the SmartEIZ project "Strengthening scientific and research capacity of the Institute of Economics, Zagreb as a cornerstone for Croatian socioeconomic growth through the implementation of Smart Specialization Strategy". What is certain from this project is that the success of S3 depends on the recognition of the relevance of the context of a national economy where S3 is implemented, as it also depends on the strength of institutional frameworks in these economies, which are able to properly analyze its implications.