What is Specialty Coffee?

I remember being asked this question by my soon to be employer. It was during an interview for a position within their coffee company. “What is Specialty Coffee?” To be honest, I had never heard the expression before. I think I answered something along the lines of “A coffee with caramel" in it”. After some research, I was quite embarrassed of my answer. Although I came from a management position within a well known Australian coffee franchise; Specialty Coffee was a complete mystery to me.