The purpose of this paper is to present a review of recent research theories and to draw some conclusions for a new tentative research agenda on the role of innovation with focus on its relevance for regional development in a European context. The paper is more policy-oriented than theory-oriented. The analysis is based on a literature review of 15 articles published in 2012 or 2013 and is a further study of a literature review analysis based on selected literature from 2011 and 2012. The method has an explorative approach that is primarily concerned with generating knowledge for building theory. Some tentative implications for a new research agenda are suggested although results imply that for some of the most innovative European regions, innovation does not always pay off.
It is suggested to apply a broader view of the concept of regional innovation including not only technological but also other types such as social innovation. Further it is suggested that a region no longer should be viewed as a bounded territory with a set of characteristics but as a space of professionals and social networks. A more proactive role by regional governance is advocated. It is argued that there is an increasing role of regional policymakers, not least to develop policies for different types of knowledge that have not traditionally been considered central to their activities. A constructed regional advantage approach based more on the uniqueness of the capabilities of regions and not only on the basis of R&D efforts is still argued for. The importance of cross-sector knowledge interactions and the importance of combining different types of knowledge for driving innovation are suggested. Further, the concept of “learning region” is criticized and needs to be developed. A theoretical framework towards a suggestion for operationalization of the concept of “learning region” is presented.