Functionality of Innovation Systems as a Rationale for and Guide to Innovation Policy

Abstract

This chapter discusses an approach to the rationale and operations of innovation policy \nfrom a 'systems' perspective, focusing on functions performed by an innovation system. \nThe systems approach stems from a key insight of innovation studies, which is that \ninnovation by firms cannot be understood purely in terms of independent decisionmaking \nat the level of the firm. Firms' strategies are central to innovation, but strategic \noptions are shaped and constrained by environmental factors such as collaborative \npatterns, regularory systems and customary practices which persist in systemic ways \nand which influence how innovation may occur. These environmental conditions are \noften specific to technological, regional or national contexts, but they are also dynamic: \ntheir forms of operation change with political conditions, changing technological \nopportunities, economic integration processes and so on.

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