SMART SPECIALIZATION STRATEGY AS AN INNOVATIVE BASIS OF GLOBAL ECONOMIC DEVELOPMENT: EUROPEAN EXPERIENCE

Abstract

The strategy of smart specialization rightly serves as a key reference point for the economic development of individual industries and regions. This study is aimed at analyzing the European experience in applying the strategy of smart specialization as an innovative basis of global economic development. It is becoming increasingly clear that the strategy of smart specialization can fundamentally change the rules for many industries. The research focuses on the fact that by focusing on specific areas of knowledge and developing targeted capabilities, businesses and organizations can find unique niches and gain a competitive advantage. The smart specialization strategy also has drawbacks, as it requires a deep understanding of the industry and a willingness to invest in specialized skills and resources, or may need to move away from broader, more general strategies to achieve smart specialization. However, it is emphasized that the benefits of smart specialization are clear when it comes to standing out in a crowded marketplace, building deeper relationships with customers, and ultimately driving growth. As industries continue to develop and become more complex, the strategy of smart specialization does not lose its relevance, and the European experience of its implementation will be useful for Ukraine.