Assessment exercises of research, technological development and innovation measures within the cohesion policy framework do not provide up to now consistent results. Our impression is that the lack of consistency depends on the fact that assessment exercises are developed with no reference to the regional context in which research, technological development and innovation funds are spent. The present paper tries to overcome this gap by providing an assessment of the relevance and utility of research, technological development and innovation which takes into consideration alternative regional innovation contexts. Results indicate that research, technological development and innovation funds are in general relevant to increase innovation. However, our findings warn on the utility of research, technological development and innovation initiatives for socio-economic growth in regions lacking internal scientific research and technological activities. Interesting policy suggestions emerge which go in line with what has been conceptualized in the debate about the regional innovation smart specialization strategy.
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