Abstract
In the discussion of regional development factors in recent years, more and more importance has been attributed to territory, locality, site specificity and endogenous resources, as evidenced on theoretical grounds by the concept of territorial capital (Camagni 2008) and regional, place-based policy. This article aims to identify the elements of territorial capital that play a key role in the process of changing the development path of an underdeveloped region - Podkarpackie - as well as ascertaining what consequences territorial capital has for development planning within regional policy. The research highlights the importance of the immobile and intangible development factors - a high level of social capital, extensive networks and the ability to cooperate - which have helped to eliminate the limitations resulting from the weakness of other factors (especially material factors, such as private capital and low GDP).