Since the late 1980s, there has been no explicit regional policy in Canada. Indirectly, though, equalization payments, industrial policies, as well as regional agencies encouraging the adoption of federal industrial and innovation policies, impact regional economies. In 2017, the federal government appeared to alter its approach: the Supercluster initiative was announced, drawing upon the idea that localized networks of interrelated firms can generate innovation and local development. In this paper, we discuss the mechanisms through which spatially focused industrial innovation policy can lead to regional development. We then focus on Canada's Ocean Supercluster initiative. The question we address is as follows: to what extent can this initiative (and, more widely, Canada's Supercluster policy) be understood as a regional development strategy driven by a coherent rationale for regional intervention? Apart from the fact that each Supercluster focuses on a pre‐existing core of firms located within a region, there is little evidence that the Supercluster initiative has regional development objectives or impacts. Key messages: In 2018, Canada's federal government implemented the Supercluster policy. Five regionally focussed clusters were selected for support for business‐led innovation initiatives.Superclusters were presented as a means both to develop regional economies and to enhance Canada's global innovation impact, in a manner similar to Europe's smart specialization.Despite the initial regional dimension, Superclusters are geared towards national, not regional, objectives and do not focus upon regional development processes. [ABSTRACT FROM AUTHOR]