Innovation capacity is an added value given by synergies of technology implementation and regional economic growth.
The advanced materials or sustainability innovations can create a profound societal impact. The transition from research to market is generally an effort over several years.
Such transition impact is also the aim of Smart Specialization which is created by European Commission to create economic growth in Europeans regions . In Smart Specialization, regions will focus more efforts in areas where they are strong. The focus areas will build value chains. However, the value chain is also a key feature for technology development.
Technology Transition and Smart Specialization thus have similar goals. There should be synergies between technology projects and Smart Specialization implementation. However, there is very little expertise that has knowledge both in advanced materials and sustainability technologies, and smart specialization tools and experiences.
Synergies of technology and Smart Specialization will align resources and save development time as well as costs. Technologies will be implemented more efficiently and contribute faster to goals, for example in sustainability. Researchers will understand more of innovation in a larger context, and can position their research so it is more clear how it creates impact. Innovators will understand how their results fit in a value chain and regional context, and economic growth. The SMEs and industries will establish closer links with research and regional activity. All combined, there is additional impact by exchange between technology transition and Smart Specialization.