Classic innovation policy is broken. Why? Simply because innovation nowadays is totally different (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). The 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. The new innovation policies must focus on people instead of institutions, must support unpredictable bottom up initiatives, and must 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.