Recently Sverre Herstad (NIFU STEP, Oslo) and myself finalized a short paper about titled “Entrepreneurship and Regional Development”. The paper will be the basis for a keynote at the Business School Ostrava (CZ) later this week. This paper discusses entrepreneurship and regional development from three different viewpoints: regional innovation systems, related variety and open innovation. It distils two major insights for regional development. Heterogeneity and entrepreneurship are to be fostered to support innovation led regional growth. Finally the discussion arrives at one conclusion: regional development strongly hinges on the understanding of regional innovation systems, the heterogeneity of their actors and their entrepreneurial activities. Finally it depends on how these actors interact in generating and exploiting knowledge.