Classic innovation policy is broken.
Why? Because innovation nowadays is totally different (and in contrast) than it used to be only 15 years ago. It is unpredictable, rapid, unplanned, granular, driven by several drivers (not only technology, but also design and business models). Traditional approaches to innovation policy (based on foresight, focus on specific fields, investing in massive projects and big institutions, and a cycle of calling-screening-controlling proposals) do not really work.
New innovation policies must focus on people instead of institutions, support unpredictable bottom up initiatives, and be based on an iterative experimental cycle of small experimental initiatives.
My reflections with the RISE group as an advisor to EU Commissioner Carlos Moedas.
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