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Vitality of a smart region depends on the network of closely interconnected actors (individuals and institutions) seeking common goals of development and their capacities to ensure effective knowledge creation and exploitation. This network (a regional innovation system (RIS)) empowers processes of absorptive capacity—knowledge access, anchoring and diffusion, contributing to regional innovativeness and competitiveness. Absorptive capacity is considered an important object of scientific research. However, there is still a lack of research providing specific tools that are adaptable for assessing the regional absorptive capacity in a small country. Existing differences among countries and even regions inside a small country require adjusted and modified methods and instruments. Consequently, the goal of this research is to present and substantiate the methodological approach of assessing the RIS's absorptive capacity giving evidence from a smart region (Kaunas County) of a small country (Lithuania). The mixed-method approach of the research (combining qualitative and quantitative research strategies) was used to substantiate the presented methodological approach. A smart region of a small country can be characterized by a denser institutional infrastructure and higher results (outcomes) of innovative activities. Smartness of the region can be understood as a consequence of the higher level of absorptive capacity.

Assessing the Regional Innovation System’s Absorptive Capacity: The Approach of a Smart Region in a Small Country