• 1 The Bucharest Academy of Economic Studies / Academia de Studii Economice din Bucureşti

Though almost onecentury old, the Schumpeterian statement that innovation is the true driver of welfareenhancing economic development captures the essence of today's knowledge economy. In his acceptation innovation refers to new combinations conducive to new products, new production processes, new markets, new organizational forms, and the discovery of new resources. Currently the fierce global race challenges nationstates and transnational corporations (TNC) to engage in the management of innovation in order to secure competitive advantages, hence their recurrent initiatives in science and technology (S&T)/innovation policies, and regional development. In a bestcase scenario this endeavour produces innovative milieux underpinned by vibrant interactions among major players (companies, research organizations, local communities, regional and central governments, etc.), and integrates them into other networks spawning knowledge externalities.