Knowledge Exchange Mechanisms and Innovation Policy in Post-Industrial Regions: Approaches of the Basque Country and the West Midlands

Many countries and regions struggle with utilization of knowledge assets and they developed over the years research and innovation infrastructure to enhance innovation in the private sector. The objective of this study is to review the innovation policy initiatives promoting innovation and cooperation between the regional knowledge base and private sector based on the experience of post-industrial regions of the Basque Country and the West Midlands characterized by similar economic history and challenges in regaining competitiveness. In addition to the mechanisms promoting innovation and knowledge exchange, the study presents the regions' economic background, innovation performance, and institutional framework of innovation policy. The article ends with conclusions and policy implications for other regions.