The paper examines the smart specialization concept and its application to European Union (EU) cohesion policy. It explores the challenges of applying this originally sectoral concept to a spatial and regional context, and discusses how it can be adapted to serve as a building block of a reformed EU cohesion policy. The smart specialization concept emphasizes the importance of regional innovation systems, the relevance of domain size, and the connectedness of regions. It argues that while the concept was initially developed to address productivity gaps between the US and Europe, it can also be used to promote regional growth and development. The paper highlights the need for regional policies to focus on technological diversification, knowledge spillovers, and the interconnectedness of regions. It also discusses the challenges of implementing smart specialization in regions with limited resources and the importance of designing policies that promote learning and innovation. The paper concludes that smart specialization can be a valuable tool for EU cohesion policy, but it requires careful implementation to ensure that it addresses the needs of all regions, including lagging ones. The paper also emphasizes the importance of public-private partnerships, monitoring, and evaluation in the successful implementation of smart specialization policies.The paper examines the smart specialization concept and its application to European Union (EU) cohesion policy. It explores the challenges of applying this originally sectoral concept to a spatial and regional context, and discusses how it can be adapted to serve as a building block of a reformed EU cohesion policy. The smart specialization concept emphasizes the importance of regional innovation systems, the relevance of domain size, and the connectedness of regions. It argues that while the concept was initially developed to address productivity gaps between the US and Europe, it can also be used to promote regional growth and development. The paper highlights the need for regional policies to focus on technological diversification, knowledge spillovers, and the interconnectedness of regions. It also discusses the challenges of implementing smart specialization in regions with limited resources and the importance of designing policies that promote learning and innovation. The paper concludes that smart specialization can be a valuable tool for EU cohesion policy, but it requires careful implementation to ensure that it addresses the needs of all regions, including lagging ones. The paper also emphasizes the importance of public-private partnerships, monitoring, and evaluation in the successful implementation of smart specialization policies.