ABSTRACTFormer Socialist Central and Eastern European Countries are working to achieve economic self‐sufficiency. The creation of high‐value‐added jobs to retain their skilled workpeople and the achievement of international economic competitiveness are major challenges they face. In this article the author proposes the strategy of regional economic development through entrepreneurial innovation, with emphasis on technological companies. The viability of this approach, and the lessons learned from it, are assessed using case study material from Poland and Uk