The more competitive external economic environment and challenges brought by a long-term growth can only be solved by investment in research and development, innovations and human capital. Developed countries try to stimulate research and development in all important fields by forming special institutions and organizations, adopting clear policies and concrete measures. The European Union has made smart specialization strategy as platform to focus on development investments in area where Europe

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... has critical mass of knowledge, capacities and competencies that are innovative potential for maintaining the highest positions of competitiveness at world markets. One of the most important tools in implementation of strategy are Centres of competences aimed to increase of small and medium entrepreneurship capacities that are in lack of own capacities for research and development. This paperwork will analyse how much countries are aware of importance and readiness to create national strategy of smart specialization. How ready they are to start transformation of national economies through forming and strengthening innovation chain of value i.e. how ready they are to be lead by the principle: "Research is transformation of money in knowledge, and innovation is transformation of knowledge in money." What is current condition and how are perspectives in Bosnia and Herzegovina regarding incentives for innovation and technology development, creating better business conditions of new and growing companies, promoting partnership and synergy in order to create value chains, ensuring continuous modernization of industry and solving social and regional competitiveness that are the main challenges of the EU. Encouragement of growth and competitiveness for economic development and goals of the Europe 2020 Strategy belongs to the most important priorities of the Commission and the EU member countries after crisis. The Europe 2020 Strategy is focused on solving structural disabilities of existing growth models by creating conditions for smart, sustainable and inclusive growth.