Research and innovation strategies for smart specialisation : cohesion policy 2014-2020

National/Regional Research and Innovation Strategies for Smart Specialisation (RIS3 strategies) are integrated, place-based economic transformation agendas that do five important things: They focus policy support and investments on key national/regional priorities, challenges and needs for knowledge-based development. They build on each country/region's strengths, competitive advantages and potential for excellence. They support technological as well as practice-based innovation and aim to stimulate private sector investment. They get stakeholders fully involved and encourage innovation and experimentation. They are evidence-based and include sound monitoring and evaluation systems. This factsheet is one in a series highlighting key elements of the future approach.