Applying Regional VRIO Model to Island Regions: An Evaluation of RIS3

Abstract

This research aims to evaluate the stakeholders’ perception on the areas of smart specialization strategy (RIS3) defined for a given region. A quantitative methodology was followed through questionnaires applied to different stakeholders from two Portuguese island regions (Madeira and Azores); regional VRIO model was tested for these regions. The results of the research indicate that stakeholder perception is not the same as its policy makers in the areas of smart specialization defined in the RIS3 of the region where they belong. Our research provides support to policy makers in regional strategies modeling, assessing, and measuring island regional performance. Furthermore, this research suggests measures to conduit the gaps found in the island regions’ smart specialization strategies.