Regionalizing innovation strategies in Peru based on smart specialization: implications and challenges

Abstract

The article builds on the case study of Piura (Peru) to analyse the implications of developing an innovation policy strategy based on decentralization and the concept of smart specialization strategy in emerging economies with limited institutional capacity and low rates of innovation activity. Two main conclusions from the case are derived: regional innovation policy can usefully serve as a catalyst to foster dynamism among stakeholders, enlarging the potential for research and innovation, but it requires a capacity-building process; and specialization must be understood as an inclusive concept where agents undertake inclusive innovation projects based on their territorial challenges and comparative advantages.