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Knowledge, innovation and territory. The process of globalization and the knowledge-based economy pose new challenges for the development of cities and regions, due to the establishment of new organizational architectures and spatial networks of knowledge. The combination of local and distant networks of knowledge have profound implications on innovation and territorial development, requiring a renewed role in the action of regional and local institutions, traditionally trained to promote local dynamics of innovation. This article specifically discusses the issues of buzz, geographical proximity and agglomeration and distant innovation networks, and provides the theoretical “background” for the papers published in this special issue on the theme “Knowledge, Innovation and Territory.”