The Synergies Influence of Clustering and Smart Specialization Strategy: Do They Really Stimulate Entrepreneurship and Regional Development?

Abstract

This paper reveals on the significance of clustering concept and smart specialization strategy as an effective tool that stimulates entrepreneurship and creates regional value. The worth of linking different firms, people, and knowledge at the regional level- are one of the ways of making regions, organizations and institutions more innovative and competitive. The mode of a classifying clustering impression to be the voice of smart specialization for developing strategic goals and criteria related to regional growth. Thus, the result of this study shows clustering in addition to smart specialization strategies are powerful instruments to foster industrial competitiveness, institutional innovation, and provincial growth due to their intrinsic competence. Both clusters and smart specialization are gaining its prominence in the EU's regional policy discourse, owing to its role in the new program period of the EU structural policy from 2014 to 2020. This paper suggested some recommendations based on the highlighted research assumptions that the added value of the regional knowledge development process will lead the regions and enterprises to achieve their competitive advantages through the transfer of specific individual knowledge to the collective knowledge, and vice versa.. Keywords: Clustering, entrepreneurship, regional development, smart specialization strategy. Â