AI-Generated Summary
Frankfurt's Smart Specialisation project, developed through the European URBACT programme 'In Focus', is a strategic economic development initiative that uses the smart specialisation concept to identify and strengthen the city's competitive advantages in innovation-driven sectors. Led by Frankfurt Economic Development GmbH, the project established an URBACT local group of stakeholders that developed actions for smart economic development in four key areas: cluster-based economic development, startup ecosystem strengthening, innovation for SMEs, and city branding.
The project recognised that Frankfurt's traditional strengths in finance, logistics, and international business provide a powerful platform for smart city innovation, but that the city needed to more deliberately cultivate its technology startup ecosystem and support SME digitalisation to capture the full economic potential of the urban innovation economy. Actions developed through the project include the creation of innovation spaces and accelerator programmes, the establishment of cross-sector innovation networks connecting established financial and logistics companies with technology startups, and the development of a city brand narrative that positions Frankfurt as a centre for digital innovation.
The smart specialisation approach ensured that Frankfurt's economic development strategy was evidence-based, drawing on detailed analysis of the city's industrial structure, research capabilities, talent availability, and competitive positioning within the European urban economy. The URBACT partnership with nine other European cities, led by Bilbao, enabled Frankfurt to learn from cities facing similar structural challenges and to benchmark its innovation support ecosystem against European best practices.
The project has influenced Frankfurt's approach to economic development and smart city investment, ensuring that digital infrastructure and innovation ecosystem development are integrated into the city's broader economic strategy rather than treated as separate policy domains.