Smart Specialization

Smart Specialisation is a pan-European project focusing on raising the level of business innovation by countries and regions. Development Fund has been championing Smart Specialisation in Estonia with the aim of improving the cooperation between Estonian businesses and science.

Smart specialisation is a new section in the EU structural funds 2014-2020 funding period that aims at defining the business sectors with a higher-than-average growth potential and added value, as well as opportunities to achieve a competitive advantage through investing into research and development.

The European Commission has placed smart specialisation in the heart of research and development as well as innovation strategies and sees it as a prerequisite for funding. The growth areas that are selected in the process of smart specialisation will be prioritised in the 2014-2020 funding period. When selecting the growth areas, the present specialisation fields of the Estonian economy and science are taken into account and an enterprising discovery process and trends in the world economy are seen as paramount.

The process of smart specialisation influences strategic choices taken in the research and development and innovation strategy and entrepreneurship growth strategy that are compiled by the Ministry of Education and Research as well as the Ministry of Economic Affairs and Communications.

Smart specialisation monitoring and analysis in Estonia is carried out by Development Fund.

Read the smart specialisation analysis here.