Within the framework of the Europe 2020 strategy programme, Smart Specialization Strategy is a new regional policy concept stimulating smart growth by creating the necessary framework for a well-performing national/regional research and innovation system. It defines a fresh strategy process that ensures smart investment and a more effective use of public funds. The Smart Specialization Strategy (S3) rationale reflects the need for Regions, to concentrate resources on the most promising areas of comparative advantage – in other terms to become specialized e.g. on existing or emerging sectors and cross-sectoral activities, specific clusters, eco-innovation, key enabling technologies, high value-added markets or specific research areas. As such, national and regional authorities will have to develop specialisation strategies. Smart Specialisation Strategies fully reflect the EU priorities ensuring a more effective use of EU funds and other public investments in the regions, focusing scarce human and financial resources in a few globally competitive areas in order to boost economic growth and prosperity with the result of avoiding unnecessary duplication and fragmentation of efforts and ending the proliferation of juxtaposed local initiatives.