Prof. Dominique Foray's new economic concept adopted by the EU
Prof. Dominique Foray, member of the expert group of the European Commission “Knowledge for Growth” has developed the “Smart Specialisation”concept.
This working group aims to decrease the deficit of the European research and innovation vis-à-vis Japan and the US.
The “Smart Specialisation” has been proposed by Dominique Foray and two of his co-authors as a solution that can fill in this gap, not by always favoring the most developed regions, but by supporting all regions to develop their own particularities.
“It’s a discovery process emanating from the entrepreneurs themselves and not from the regional or national governments” states Prof. Foray.
The “Smart Specialisation” suggests that regions specialise not within a precise sector (tourism, fishery e.g.) but in R&D and innovation of that particular economical sector.
Rather than imposing a strategy from the top, the “Smart Specialisation” implies that companies, research centers and universities collaborate to identify the most promising specialisation areas, but also to define which are the weaknesses that slow down innovation.
Some examples of application are ICT tools for the fishery industry in the Baltic Sea, IT knowledge management about the maintenance of archeological and historical patrimonies in Italy, or biotech applied to the exploitation of maritime resources in Galicia.
The big novelty for this concept is the “bottom-up” approach. “Specialisation isn’t just a state decision anymore, but emerges from industrial dynamics. Innovation emanates thus from entrepreneurs” explains Prof. Foray.
Looking for solutions to stay competitive internationally and to develop an efficient research and innovation system, this new approach came at just the right moment for the EU.
The European Union was seduced by this concept which enlivens an old debate about the specialisation of economical structures and decided to inscribe it in their Strategic Document “Europe 2020 Flaghsip Initiative-Innovative Union”.
The “Smart Specialisation” can therefore ensure a more effective use of public funds and can stimulate private investment. All actors and regions being involved in the innovation cycle, this approach would allow more diverse production than a regime in which each region produces the same thing in an imitative manner.
As very few economical theories lead to a concrete application, the “Smart Specialisation” can be proud of having quickly convinced the politicians of its usefulness. Dominique Foray is therefore more and more solicited to present his concept in the numerous discussion platforms and conferences on the implementation of the “Smart Specialisation” strategy.