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We investigate the role of both internal and external co‐inventor networks in regional diversification. The impact of co‐inventor networks on regional technological diversification is tested for a data set containing 1,495,699 patents in 643 technologies in 290 European regions at the NUTS‐2 level, between 1987 and 2016. Our results show that both internal co‐inventor network connectivity and external co‐inventor network linkages could benefit regional technology entry and prevent regional technology exit. However, too inwardly oriented or outwardly connected co‐inventor networks would hamper patent production. Regarding regional diversification, we find that both internal and external co‐inventor networks could facilitate the entry of related technologies and restrain the exit of complex technologies. This paper contributes to the literature by initiating the integration of the complexity dimension into analysing the role of co‐inventor networks in regional diversification. This research bears significant policy implications for the advancement of Smart Specialization Strategy in the European Union. [ABSTRACT FROM AUTHOR]