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.