Abstract
There is a growing interest in a better understanding of the logic and design of innovation policies. Although many different innovation base theories have tried to explain the innovation phenomena, the systemic innovation approach constitutes a reference point for scholars and policy makers. However, this perspective also finds difficulties in its application, mainly concerning the formulation and design of innovation policies. To overcome these inconveniences, we have reviewed the market failure theories, the functional and the activities approach in an attempt to provide a framework of reference for the implementation of innovation policies. Finally, we have introduced the case of the EU as a paradigmatic example of the formulation and implementation of innovation policies in a unique scenario with multiple National Members States, regional bodies and a common coordinating mechanism of policymaking.
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