The Theory and Practice of Innovation Policy
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The Theory and Practice of Innovation Policy

An International Research Handbook

Edited by Ruud E. Smits, Stefan Kuhlmann and Phillip Shapira

This comprehensive Handbook explores the interactions between the practice, policy, and theory of innovation. The goal is twofold: to increase insight into this dynamic process, searching for options to improve the effectiveness and efficiency of both policy and innovative practice, and to identify conceptual or empirical lacunae and questions that can guide future research. The Handbook is a joint project from 24 prominent scholars in the field, and although each chapter reveals the insights of its respective authors, two overarching theoretical perspectives provide unique coherence and consistency throughout.
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Chapter 18: An Outlook on Innovation Policy, Theory and Practice

Philip Shapira, Ruud Smits and Stefan Kuhlmann


Philip Shapira, Ruud Smits and Stefan Kuhlmann INTRODUCTION Innovation - especially innovation aimed at turning scientific and technological potential into successful products, services and solutions - has risen up on the agenda of both developed and emerging economies over the past three decades. Structural changes in the world economy, including the growth of low-cost yet capable production locations in Asia and elsewhere, have forced advanced countries to shift increasingly away from cost-based competition to strategies built on added value. R&D and knowledge-based innovations are at the core of strategies to sustain economic leadership positions in an era of international markets and at the same time offer the promise of solutions to broader societal and environmental problems that, in turn, may stimulate further economic opportunities. These transitions in corporate and national strategies have been accompanied by parallel shifts in approaches to the innovation process and to innovation policymaking. The linear pipeline of R&D leading through to the manufacture and marketing of new products has given way to models of innovation that draw on broader sources of knowledge and network linkages and which have a wider array of outcomes, including innovations in organizations and business models as well as products and process. Similarly, older policies which emphasized public R&D spending have been succeeded by systemic approaches to policy that seek to address the multiple factors, institutions and relationships that influence innovation performance. It has been recognized that R&D investments alone do not suffice to improve the innovative capacity...

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