Summarising observations gathered in earlier studies, the effects of EU Structural Funds on regional research, technological development and innovation (RTDI) activities as well as on regional innovation policies are investigated. It is by no means clear that the subsidies granted for RTDI through the Structural Funds have resulted in the emergence of innovations. In order to do so, more effort should be devoted to the upgrading and creation of RTDI capacities, particularly among SMEs, and to fostering technology transfer. Nevertheless, one of the major benefits attributable to the Funds is strategic thinking among regional players. Strategic discussions have helped to optimise technological assets and to avoid spreading resources either too thinly or too broadly.