Innovation and regional development are two topics that were (separately) very much discussed by scholars and in recent literature there have been attempts to examine how the former is connected to the latter. At the same time, different types of regional agglomeration systems have been developed and discussed. However, there is a significant gap in literature particularly concerning Innovation Zones. Thus, there is a need to look into this concept and examine the benefits that Innovation Zones can provide to the region to which they are affiliated. Consequently, it is necessary to examine who are the main actors of an Innovation Zone and the prerequisites for a successful Innovation Zone. This analysis will provide to the reader knowledge on regional development theories, the importance of knowledge and it would be especially useful to students or professionals that deal with issues related to innovation, regional development and knowledge agglomeration systems.