This review presents a description and analysis of literature regarding Smart Specialisation (S3) in Europe, as well as making observations about its application in other parts of the world, including Australia. It is one of the ‘foundation’ documents prepared to inform the commencement of the S3 process in Gippsland, Victoria.

Creating a sustainable bioeconomy—which takes advantage of unused or underexploited bio-resources, turns them into replacements for fossil-based fuel, energy, and products and contributes to the reduction of greenhouse gas emissions and the protection of local environments—is a truly monumental task. It depends on companies entering into an uncertain field where they do not know if...