Merits, problems and paradoxes of regional innovation policies

Public investments in innovation and research assets have been recently perceived by policy makers as an effective tool for the development of less developed regions. This has been particularly true in the case of the European cohesion policies and the structural funds expenditures. However, the expectations have not always been matched by effective results. This article will examine the problem in three main sections. In the first we will review the debate about whether regional imbalances can be corrected by market forces and what is, eventually, the role that regional innovation strategies can play within cohesion programmes. In the second we will discuss the so called 'regional innovation paradox' and the problems of designing and implementing strategies within less developed regions. In the third we will identify 10 criteria that programme managers at EU, national and regional levels should consider as they try to solve those problems.