Smart Specialisation is conceptualised as research and innovation policymaking encompassed in a holistic place-based view of development. It combines an organisational bottom-up approach with a structural approach, stressing interactions among local and international actors that participate and facilitate reflexive learning processes. The issue of governance is key and multi-level governance is instrumental for advancing with the goal of the strategy on the ground. The need to connect top-down EU policies with place-based facts and ambitions that translate into competitive advantage, generating growth and jobs, makes governance the cornerstone of the Smart Specialisation process. In the context of the revision of the existing strategies the need to reassess the coherence of policy intervention is of crucial importance to address the local but also the global challenges faced by EU territories.