Concept Of Smart Specialization Research Articles

Concept of Smart Specialization as a Strategy for Sustainable Regional Development

The subject of this paper is a review of previous research on smart specialization as a concept which is one of the strategies for sustainable development of regions. Innovations are considered as one of the key drivers of growth. Recognition of innovation which was central point of strategy ‘Europe 2020’ where ‘smart specialization’ needs to make possible for the regions and countries pursue those industries in which they hold a comparative advantage and which have basis for further innovations. The main purpose of this paper is defining smart specialization and its role on the regional development. Analysis and comparison of the scientific literature and applications of smart specialization were used as methods for this paper. The main findings of this paper show that the basis of smart specialization are innovation, knowledge and research which are pillars of smart, sustainable development. Smart specialization means identifying the unique characteristics and potential of each country and region, with the aim of achieving competitive advantages and excellence. It also includes strengthening regional innovation systems, increasing knowledge exchange and spillover the benefits of innovation throughout the regional economy. By comparison method of the scientific literature this paper will contribute to the development of theoretical background of smart specialization as a strategic concept formed by a group of European Union experts with the aim of reducing the gap in competitiveness between the European Union and the United States, which arises from the lower economic and technological specialization of European countries, especially at the regional level. Also it will promote smart specialization as a concept that can contribute to strengthening regional innovation policy and regional development.

Smart specialization: origin and state of the art

Purpose: is to identify state of the art, key aspects and distinctive characteristics of the smart specialization concept based on a study of the current state and the initial prerequisites for its formation, including linkages with other theoretical approaches. Methods: theoretical provisions of regional and spatial economics, innovative development, and economic geography by Russian and foreign scientists were used for conducting the research. Тhe methods of bibliometric, statistical and content analysis of literary sources constituted a methodological framework for the study. A systematization of publications for 2012–2021 was grounded on thematic samples from eLIBRARY.ru, Scopus and Web of Science databases. An analysis of text array content was conducted with the aim of further critical interpretation of the revealed patterns and identifi cation of promising research directions. Results: it was found, that despite the fact that the concept of the smart specialization was based on many previous theoretical approaches, it made a signifi cant contribution to the new political vision of regional development. It is shown how the initially sectoral approach, through the use of the postulates of economic geography, was transformed into the territorial concept. The conducted bibliometric and content analyses of literary sources made it possible to identify the inherent characteristics of the concept, principles and tools for its implementation, as well as formulate the author’s defi nition of the smart specialization approach. Conclusions and Relevance: the importance of smart specialization consists of the following aspects. Firstly, substantiating the need for differentiated regional policy for various types of regional innovation systems. Secondly, scientifi c and practical substantiating the importance of the related diversifi cation approach to regional development to stimulate structural changes that are signifi cant for economic dynamics. Thirdly, focusing on interregional interaction to ensure complementarity of scientifi c and technological regional development.

Smart specialization of regions as a basis for sustainable development of the Russian Federation

The article is devoted to the implementation of the concept of "smart specialization" of regions for the purposes of sustainable development of the Russian Federation. The purpose of the study is to justify making adjustments to the issues of strategic planning and territorial management at the federal level for the effective implementation of the principles of smart specialization in the regions. The current macroeconomic conditions prevailing in Russia have led to the formation of a strategic course of socio-economic development of the state in the public administration system, which is based on diversified specialization and sustainable development of the subjects of the Russian Federation. This article offers recommendations on the formation of the concept of smart specialization of the subjects of the Russian Federation at the strategic level. The subject of the research is the concept of smart specialization for sustainable development and the possibility of its reflection in the strategic documents of the Russian Federation. The relevance of the research topic is beyond doubt, since the issues of sustainable development of the subjects of the Russian Federation are still topical. The present study is based on the dialectical method of cognition, which includes such methods as comparative, institutional analysis, synthesis, induction, deduction. This methodology provided an opportunity to study this problem through the prism of theoretical and practical aspects. It was concluded that "smart specialization" will make it possible to most effectively identify and implement the vector of regional development, select specific measures that are most effective for each of the subjects of the Russian Federation. One of the important tasks when using this approach is to minimize competition between regions, implement the transition from competition for investment and business to joint development of value chains by regions and strengthen interactions between enterprises. The necessity of developing and implementing institutional and methodological foundations for detailing and updating the most economically promising specializations of the regions was justified. The results of this study, the conclusions drawn and the formulated proposals can be used to improve the strategic foundations of territorial management with a view to their sustainable development. The scientific novelty of the research lies in the proposal to make changes to the fundamentals of strategic planning for the territorial development of the regions of the Russian Federation, which will contribute to the implementation of the principles of smart specialization in practice.

Forecast of changes in the macroeconomic situation in Ukraine: smart economy of the future

Aims: to theoretical development of methodological tools for selecting national priorities for sustainable economic development based on the concept of a smart future economy. Methodology. This article uses a systematic approach to the study of change processes in the fields of macroeconomics, analysis and synthesis, induction and deduction, quantitative and qualitative scientific abstraction, comparison and analysis. Based on the modeling method, the article proposes a model for planning economic growth based on the indicators of socio-economic, investment, and innovation development of Ukraine and major countries of the world. Results. The paper proves the complexity of the problem of choosing the country's development priorities and its specialization, which is observed in many works of Ukrainian scientists and researchers from other countries. For this purpose, 40 scientific papers by foreign and domestic scholars were analyzed, and macroeconomic statistics data presented on official statistics websites were used. Based on the analyzed sources, the main problems of the socio-economic development of the country are determined, and the model provides a systematic approach to the formation and implementation of strategies for sustainable socio-economic development. The knowledge industry was developed, and a model was created for the selection of national innovative development priorities based on two main parameters: Overview of the national structure of innovative and specialized industries. The approach of information and communication platforms as a methodological tool for the formation of strategies for local socio-economic development is proposed. Scientific Novelty. With the help of the developed model, it is possible to determine the factors affecting the growth of Ukraine's GDP and forecast the growth of the country's economy. It is found that the transition to a smart economy and the use of the latest innovative smart technologies have the greatest impact on national economic growth. The proposed model for forecasting and evaluating the national socio-economic, investment, and innovation policy can provide the main directions for resource allocation and budgeting. Conclusion. The proposed proposals will contribute to the further development of an innovative program for socio-economic development of the country by applying the principles of the European concept of smart specialization to the Ukrainian economy. Implementation. The research materials can be used as methodological support for demonstrating the directions of regional socio-economic development.

Energy transition: the future of energy on the base of smart specialization

Purpose. To justify the prerequisites of the energy transition as a necessary condition for the implementation of changes in the energy sector and the importance of the concept of smart specialization as a potential for generating investments for the implementation of measures within the framework of the energy transition. Methodology. The method for calculating the average annual rate of growth of renewable energy capacities was used. To substantiate the growth potential of investments in the energy transition in regions, the compound interest method was used, and an investment forecast was made based on the growth rates of foreign investments in Ukraine and the growth rate of global investments in low-carbon energy. Findings. The necessity of energy transition for Ukrainian energy industry is substantiated, and it is proposed to implement the policy of smart specialization for the implementation of energy changes. An example of coal-mining regions was considered, and attention was drawn to the importance of the development of the coal industry to ensure energy security, while the priority of the development of renewable energy sources was emphasized. Originality. The relationship between the implementation of the energy transition policy and the regional policy of smart specialization is substantiated, taking into account the provisions and content of modern regulatory acts on regional development and energy transition, as well as familiarizing with the experience of foreign countries. Practical value. The expediency of considering the issue of energy transition together with the implementation of the concept of smart specializations at the regional level is substantiated. This will make it possible to focus on energy sector to explore the prerequisites for the implementation of energy changes and to attract additional investments, taking into account the world experience of investing in low-carbon energy.

SMART SPECIALIZATION OF THE REGION: FUNDAMENTALS OF FORMATION, DEVELOPMENT AND DISSEMINATION

The article is devoted to the development of theoretical foundations of the concept of smart specialization at the regional level, the search for "smart" strategies and the dissemination of relevant processes, as well as of prerequisites that contribute to the sustainable development of regions. It is determined that the theories of uneven development and regional imbalance serve as a basis and starting point for the formation of smart specialization processes in the regions. The main postulates of the development of smart specialization in terms of economic schools, which emphasize the importance of technological progress for the growth of the economy and the country's competitiveness, are systematized. The main stages of the development and dissemination of smart specialization in the market space are highlighted. It has been established that smart specialization is an innovative tool of the EU, which contributes to the progressive development of the regional economy due to strategic approaches to the regional environment. The European Commission considers the renewal of European industry and the economy in general through the development of smart specialization strategies. The main criteria of modern regional innovation strategies in terms of the formation of smart specialization have been identified. Possibilities of smart specialization in the development of the country's regions have been proven. 
 Thus, smart specialization contributes to the transformation of regions into world-class European regional clusters through strategic growth priorities, which is reflected in relevant theories and concepts of regional development. In view of wide prospects offered by smart specialization, as well as taking into account the need to deepen cooperation between our country and EU countries within the framework of the European Good Neighbor Policy, it is necessary to disseminate the innovative culture of regional development and cooperation in Ukraine. The experience accumulated by European countries, which have a successful experience of implementing smart specialization in the regional economy, should be adapted and implemented in the regions of Ukraine to ensure sustainable development and improve the welfare of the country. It is possible to achieve the desired level of the development of the country under the condition of forming a favorable innovation climate within each region and introducing a system of mutually beneficial cooperation of all participants within the framework of smart specialization.

Development of the Smart Specialisation Concept: Theoretical Aspects

The article examines the development of the concept of smart specialisation with determination of the sequence and directions of evolutionary changes, reveals the essence of the concept of smart specialisation and provides the results of its terminological analysis. The article shows the growing popularity of the smart specialisation concept in the world, which is confirmed by the data on the frequency of use of the term “smart specialisation” in the global Internet space and the number of published works included in the Scopus database for the period 2011-2022. The prerequisites and sequence of conceptualisation of smart specialisation as a new management approach in the system of regional governance of the EU member states are established. The article analyses a selection of scientific and methodological publications by developers and promoters of the smart specialisation concept and concludes that its theoretical and methodological development is in three main directions: specification of the process methodology, political deployment and instrumental direction. Based on the results of the terminological analysis, the essence of smart specialisation is clarified, including consideration of its semantic foundations – “smart” and “specialisation”. Attention is focused on the change in the subject area of specialisation with the development of the concept of smart specialisation. The author’s vision of the conceptual relationship between the concepts of smart specialisation and diversification is presented. It is concluded that it is advisable to use the latter in two aspects: as a component of the smart specialisation process and as its result. Based on the results of the analysis and study of the development of the concept of smart specialisation, five semantic constructions of smart specialisation are allocated, which reveal the content of this polysemic term in various aspects, namely, the smart specialisation approach, the smart specialisation process, the smart specialisation strategy, the smart specialisation policy and the smart specialisation as a tool. The essence of these concepts and a certain logical connection between them are revealed. The author makes a conclusion about the role and importance of smart specialisation for the Ukrainian economy as a tool for uniting regional stakeholders, developing innovative ecosystems and interregional and cross-border partnerships, and attracting investments to ensure the recovery and development of the national economy on an innovative basis.

The innovative potential of scientific and research units in the process of entrepreneurial discovery — examples from selected eu regions

Abstract The entrepreneurial discovery process (EDP) is an element of the Research and Innovation Strategy for Smart Specialisation (RIS3) concept, which is the basis for activities carried out in European Union (EU) regions in the area of innovation policies. The process requires the creation of an institutional structure (cooperation network) that allows for coordinated and continuous cooperation between representatives of entities that create regional innovation systems. These include: authorities, scientific and research units, entrepreneurs and civil society. The purpose of this article is to present the role of scientific and research units in the cooperation network, as well as the possibility of using their innovation potential when conducting EDP. On the basis of market research in 10 regions, the authors identified practical examples of cooperation carried out in selected seven EU regions (partner regions participating in a project called Beyond EDP).

A training centre for intraocular pressure metrology

The eye-tonometers are the important medical devices with measuring function which are necessary for the screenings of the intraocular hypertension (a serious risk factor for the glaucoma). However, it is not an easy task to ensure their correct metrological traceability. There is needed not only a wide range of various equipment but also the relevant know-how. Hence, a training centre for this quantity was established at the Czech Metrology Institute (CMI) within the framework of a smart specialisation concept for the intraocular pressure (IOP) metrology. The paper briefly outlines its history, scope, methodologies and future development plans

SOCIO-ECONOMIC DEVELOPMENT IN THE CONTEXT OF USING REASONABLE SPECIALIZATION IN THE ECONOMY OF UKRAINE

. The article analyzes the uneven economic growth in the regions of Ukraine and proposes the development of regional policy based on the use of the smart specialization idea. As a tool for analyzing the uneven economic development of regions, we used a method based on the comparison of regions by gross regional product per capita, which formed the basis for determining the funnel of backwardness of the region among others in terms of economic growth. The analysis was conducted for 2010 and 2020. The calculations made it possible to identify areas that differ significantly in development potential. It is proposed to use the ideas of the smart specialization concept as a new model of the Ukraine’s regions economic development in order to equalize interregional disparities. Revealed the essence of this concept implementation on the example of the Carpathian region economy in 2020 is revealed. It is determined that the formation of educational, tourist and construction clusters in the region are the foundations that will form a long-term strategy for its development. The main measures for the introduction of construction and educational clusters are proposed. The components that determine the innovative development of Ukraine on the basis of the Global Indices of Competitiveness and Innovation are analyzed. Proposed the formation of economic policy, which is aimed at solving strategic tasks of the regions socio-economic development - ensuring economic growth and quality of life in Ukraine. It is justified that the application of the smart specialization approach in long-term regional strategies will contribute to a synergistic effect for both human and innovative development, which is the goal of the new regional economic policy.
 To solvethe tasks used general and special research methods, namely: theoretical generalization to clarify the essence of smart specialization), statistical, comparative, comparative and strategic analysis (to calculate and build the dynamics of GRP per capita by region of Ukraine), graphical (for a visual representation of the results of the analysis). In addition, the visualization method was used to build the algorithm for forming the regional policy of Ukraine.

Development of cluster approach based on the concept of smart specialization: theoretical aspects

Development of cluster approach based on the concept of smart specialization: theoretical aspects

СТРАТЕГІЧНІ МЕХАНІЗМИ ПОВОЄННОЇ РОЗБУДОВИ ПРОМИСЛОВОСТІ: ГАЛУЗЕВИЙ ТА РЕГІОНАЛЬНИЙ КОНТЕКСТ

The problem of maintaining the effectiveness of industrial policy is one of the most important not only in Ukraine, but also in most countries of the world. It is emphasized that the development of structural and fundamental factors should focus on the formation of promising competitive advantages based on knowledge and technologies, which will allow changing the structure of the national economy, overcoming its technological backwardness. Such branches of industry as machine building, iron ore and metallurgical industry, chemical and pharmaceutical industry, as well as a modern and powerful military-industrial complex should become strategically important for the national economy in the post-war period. It is emphasized that mechanical engineering in industrial policy needs special attention from the state, as this branch is a powerful moderator of the development of the entire economy of the country, creates a long economic chain of added value. The concept of smart specialization is relevant for implementation, which has an economic basis with a focus on regions through the identification of factors that can influence economic, scientific, and technological specialization within the framework of regional policy or within the framework of their impact on the mechanism of productivity, competitiveness, and economic growth. The problems of Donetsk and Luhansk regions – a region that needs modernization based on an innovative development model, sustainable development of territorial communities, stimulation of entrepreneurial activity, and strengthening of interregional ties – are considered. The reconstruction program should also focus on the restoration of industrial production with the mass introduction of new technologies and provide for the use of special tools for the restoration and modernization of industry, as a key area for generating the flow of income and increasing the employment of the population. Also, for a country that is rebuilding after the war, it is important to monitor and control financial flows aimed at the development of industry, in order to avoid the concentration of funds in the hands of one corporation or firm that will only care about its own profits.

Smart Specializations from the Standpoint of Leading Schools of Economic Theory

Focus on smart specialization is a key element of regional development strategizing in Ukraine, which, for example, is reflected in the State Regional Development Strategy for 2021-2027. But a comparative analysis of individual indicators of the economic development of the EU, the USA and China shows that smart specialization itself is not a competitive advantage on a global scale. At the same time, the researchers note that there is a gap between the theory and the practice of strategizing on the basis of smart specialization. Although theoretical issues related to smart specialization are not overlooked by researchers, the direct understanding of smart specialization processes from the standpoint of specific schools of economic theory is extremely limited. Therefore, the goal of the study is to reduce the essence of the concept of smart specialization from the standpoint of leading schools of economic theory. For the analysis, a classification was chosen, according to which 9 schools of economic theory are distinguished: (1) Classical, (2) Neoclassical, (3) Marxist, (4) Developmentalist, (5) Austrian, (6) Schumpeterian, (7) Keynesian, (8) Institutionalist, (9) Behaviouralist. Of the nine considered leading schools of economic theory, almost half of the schools (Classical, Developmentalist, Schumpeterian, and Institutionalist) significantly influenced the formation of the essence of smart specialization. Smart specialization has been moderately influenced by Neoclassical, Marxist and Keynesian schools. Austrian and Behaviouralist schools are characterized by a slight influence on smart specialization. Thus, smart specialization to a significant or moderate degree corresponds to individual provisions of 7 out of the 9 leading schools of economic theory considered in this study. Smart specialization synthesizes the positions of different schools of economic theory. Two alternatives follow from this: either the concept of smart specialization is a “constructive” tool for combining the “best” practices of various schools of economic theory, or it is an eclectic combination of ideas that are fundamentally incompatible. An unambiguous solution to this dilemma is possible on a practical level in the long term. Keywords smart specialization, schools of economic theory, definition, reduction.

Smart specialization of regions as an innovative vector of industrial policy

It is proven that the country’s post-war recovery policy should take into account previous development miscalculations, and the recovery itself should be considered as a “window of opportunity” for the formation of a new highly productive and high-tech “smart” and “green” economy, an important component of which should be modern industry. It is substantiated that smart specialization involves not so much the stimulation of innovations as the activation of long-term structural changes in the region’s economy with an orientation to the future, that is, the formation of such a policy that will enable the region to occupy important niches in global markets. The experience of implementing the strategy of smart specialization in the European Union is considered. Together with the development of entrepreneurship and the cluster structure of industry, it is part of the economic decentralization of Ukraine. Attention is focused on the fact that, against the background of a slight increase in the share of high-tech industries in the overall structure of the country’s industry, there is a decrease in the specific weight of medium-tech industries and an increase in the share of low-tech industries. The results of the application of the smart approach to the strategic planning of the development of regions should be the modernization of industry and its transition to a new technological structure, the activation of the innovative technological and “digital” potential of the territories. The necessity of implementing the concept of smart specialization for effective synergistic use of public investments, supporting countries/regions in building their innovation potential while simultaneously focusing limited human and financial resources on several competitive areas in order to promote economic growth has been proven. Ways to achieve and tasks of implementing the smart specialization approach in the national economic strategy are systematized. The strategic vectors of ensuring sustainable development and smart specialization of industry are substantiated.

ВИЗНАЧЕННЯ СЕКТОРАЛЬНИХ ПРІОРИТЕТІВ НА ОСНОВІ КОНЦЕПЦІЇ SMART-СПЕЦІАЛІЗАЦІЇ В КОНТЕКСТІ ІННОВАЦІЙНОЇ МОДЕЛІ РОЗВИТКУ УКРАЇНИ

The innovative model of economic development allows to move to a new technological level, create new jobs in science-intensive industries, ensure sustainable long-term growth and ensure a competitive position in the world market. The introduction of the concept of smart specialization for Ukraine is actualized by the ability to carry out structural transformation of the economy on an innovative basis. It is a new approach to state support for structural change in the country's economy and combines elements of regional, innovation, industrial and educational policies. The concept of smart-specialization involves the identification and development of new industries or economic activities that are the specialization of the regions, taking into account their characteristics within the national economy. This necessitates the identification of sectoral priorities on which scientific, intellectual and financial resources should be focused. The aim of the article is to study the essence of the concept of smart specialization based on the analysis of domestic and foreign literature, highlighting the criteria for determining sectoral priorities and determining sectoral priorities for Ukraine in the context of innovative development model. The achievement of the purpose set in the article is carried out with the help of the following research methods: analysis and synthesis, logical generalization, grouping and classification, structural analysis, scientific abstraction, statistical methods. It is substantiated that the selection of sectoral priorities should be based on criteria that are specific, measurable, achievable, relevant and limited in time. It is established that such criteria may be: the industry's contribution to macroeconomic growth, industry innovation, competitive advantages of goods (services) in foreign markets, the multiplier effect of industry development on other sectors of the economy, characterized by specificity, measurability, reach, relevance and time constraints. Criteria indicators were calculated and brought to an integrated index, as a result of which priority types of economic activity in the primary, secondary and tertiary sectors of the Ukrainian economy were identified.

Smart Specialization as a Comprehensive Territorial and Sectoral Approach to Determining Regional Development Priorities

The relevance of the study is due to the active spread of the concept of smart specialization as a comprehensive territorial and sectoral approach to the development of territories not only in the EU but also in other countries, as well as the emergence of new directions and modifications. The article analyzes the ten-year evolution of the concept of smart specialization from a predominantly sectoral approach to a comprehensive balanced territorial-sectoral approach to determining the priorities for the development of regions based on unique competitive advantages based on entrepreneurial search in the context of interregional and macroregional interaction. The possibilities and prospects of using a smart specialization in the implementation of regional development policies of developing countries for the formation of innovative and technological industrial models of development and integration into global value chains have been evaluated. It has been established that at present the concept of smart specialization continues to develop and should consider such modern trends as technological connectivity of industries, digitalization, and convergence of technologies, blurring and increasing transparency of regional and state borders, glocalization, the development of interrelated processes of "competition", "co-evolution", and "co-specialization" of territories.

Conditions for smart specialization of regional innovation clusters

The article considers the possibilities of implementing the concept of smart specialization in relation to regional innovation clusters in the Russian Federation. The geographical structure of the regions that meet the requirements of smart specialization is presented. Groups of leading regions for innovative development and levels of specialization development are identified. The article discusses the possibilities of implementing the strategy of smart specialization for regional innovation clusters. The sequence of steps for the development of innovative strategies of regional innovation clusters based on the principles of smart specialization is determined. Examples of successful implementation for the smart specialization concept of regional innovation clusters in the Russian Federation are given. The characteristics of smart specialization and the fundamental approaches to the implementation of the specialization concept are considered. The classification of broad specialization regions as multisectoral and regions of narrow specialization with a concentration on specific areas of activity and industries is presented. The necessity of implementing innovative strategies of regional innovation clusters based on the principles of smart specialization is justified.

Smart specialization for the development of small and medium-sized businesses in the Republic of Kazakhstan

The article deals with the development of small and medium-sized businesses, taking into account the concept of smart specialization. The article presents a combination of data from the “quad spiral”, aimed at the formation and intensification of network interactions of business-state-science-civil society components for the creation of evolutionary, “smart”, sustainable entrepreneurship, growth of the economy of regions and the country as a whole. The analysis and classification of regions by the level of production of the gross regional product is carried out, the set of specialization is defined. The monitoring of targets for achieving key indicators of innovative development of the country was carried out. The sequence of work with smart specialization is presented. Conclusions are drawn on the further development of small and medium-sized businesses in the Republic of Kazakhstan.

The Impact of Economic Specialization on Regional Economic Development in the European Union: Insights for Formation of Smart Specialization Strategy

The smart specialization concept was implemented in the EU in 2014, stating that regions have to specify specialization areas for development of innovations. Economic specialization reveals a comparative advantage in that field. However, there are different arguments linking specialization to economic development. This study analyzes these arguments and aims to investigate the impact of economic specialization on regional economic development and to give insights into identifying prospective areas in regional economies. A panel fixed effect estimation of industry-level regional data suggests that economic specialization in broader regional employment, called relative specialization, is ambiguously associated with economic development. Our findings suggest that neither economic specialization nor economic diversity are a clear-cut solution for ensuring economic growth. Economic structure in EU regions differs, and there is no one answer for which approach is better for economic development. Specialization measures, particularly the location quotient, cannot fully capture the dynamics in the industry structure that could be essential for formation of regional development strategy.

POTENTIAL OF CHERKASY REGION IN THE IMPLEMENTATION OF SMART SPECIALIZATION TECHNOLOGIES

The article is devoted to reflections on what principles, approaches and diagnostic methods should be based on the choice of the type of economic activities, which will be accepted as the basic to implement smart specialization. The purpose of the article is to assess the potential ability of Cherkasy region to rapid innovative development through the implementation of the principles of smart specialization. The article determines the need and expediency of the transition to new regional administration technologies, among which smart specialization on the example of European countries has shown the highest performance. The time of origin and the context of using the term "smart specialization" in the Ukrainian legislative field have been analyzed. The principles and requirements, the observance of which will contribute to ensuring the efficiency and effectiveness of the implementation of the concept of smart specialization in the region, are highlighted. The content of the Development Strategy of Cherkasy Region for the period 2021–2027 has been analyzed. It has its focus on the implementation of the principles of smart specialization. An assessment of the potential opportunities for implementation in the region of the areas of smart specialization announced in the Strategy through the characteristics of the region's ability to innovate growth has been carried out. The assessment is based on twelve groups of indicators, which comprehensively characterize the volume of labor and the cost of its maintenance, the regional product and the net profit of enterprises, the intensity and personnel provision of research and development processes, the intensity and effectiveness of the innovation activities of the region. The "Rank" function in Microsoft Excel is selected as the main tool of quantitative evaluation. According to the results of the study of the preconditions for the implementation of a new instrument of regional governance for Ukraine, the conclusions have been made about the potential of Cherkasy region in the field of human resources and innovative activities of industrial enterprises. At the same time, scientific and educational spheres require substantial development, which could be an obstacle to the successful implementation of the concept of smart specialization in Cherkasy region.