Abstract: This article presents a review of recent research in order to discuss a new research agenda on the role of innovation, with focus on its relevance for regional development in a European context. The research question addressed is: what are the theories in recent literature on innovation in the perspective of regional development in order to develop policy-oriented conclusions? The analysis is based on a literature review of 15 articles published in 2012-2013 and is a further literature review analysis from 2011 and 2012. Results are indicating that there is an increasing role for regional policymakers e.g. that policymakers must both recognize and develop policies for forms of knowledge that have not traditionally been considered central to their activities, and an increasing role due to existing multi-level governance. Furthermore; the learning region concept needs to be developed; a broader view and development of a heterodox approach to innovation including not only technological but also other types such as social and public innovation and the importance of networks and social capital for regional innovation are stressed.