When it comes to "smart specialization", then we are talking about a kind of approach of the European Union to regional innovation policy. Smart specialization is being introduced with the aim of strengthening innovation-related investments by selecting public resources, as well as local assets and entrepreneurial capacities. It was designed by the Expert Group "Knowledge for Growth" in 2005, author and scientist Janez Potočnik. His thought on this came from Dominique Foray's "Structuring the Policy Response" to the "Great Challenge". It is initiated by the Entrepreneurial Discovery Process (EDP) in which stakeholders from the so-called "Triangles of knowledge" or "quadruple spirals". The ultimate goal of smart specialization is to provide answers to questions about location-based policies. EU funds provide about 80% of funding through various programs in European Union countries. The European Commission supports the financing and organization of projects that contribute to the positive impact on the implementation of European Union programs and policies. Any funding is approved through a call for proposals and projects. A special JRC platform for smart specialization has also been designed, which contains all the strategies of countries or regions from 2014 onwards.