It happens every time there’s a big announcement about a national or regional innovation policy that will lead us into the future: We are presented with schemes to strengthen intellectual property rights, enlarge the pool of risk financing, and upgrade the universities while pushing them to collaborate more with industry. If we are truly lucky, we are told about a new science park to be built just around the corner.

There is only one question that is never asked or answered: Why?

Why should a specific place — a region, a city, or even a country — want to have an innovation policy?

This is a nonsensical question, you might argue. It is perfectly clear why: Innovation is the main engine of sustained economic growth; therefore, if you want to ensure a vibrant economy you must excel in innovation.

This, sadly, misses the main difference between innovation policies and economic growth policies.

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