Commentary: innovation policy for a new era.

Area of Science:

• Economics of Innovation
• Science and Technology Policy

Background:

• The commentary addresses recent articles by Sonderholm, Bird, and Flynn et al.
• It highlights a perceived crisis in innovation impacting scientific and technological advancement.

Discussion:

• The authors argue for more ambitious approaches to overcome the innovation crisis.
• Alternative R&D funding models, specifically prize incentives, are proposed as a viable solution.
• This perspective challenges conventional R&D investment strategies.

Key Insights:

• Current R&D frameworks may be insufficient to address the innovation crisis.
• Prizes offer a potential mechanism to stimulate targeted innovation.
• A paradigm shift in R&D funding is necessary for future progress.

Outlook:

• Further research into the efficacy of prize-based R&D models is recommended.
• Policy discussions should explore the integration of diverse R&D funding mechanisms.
• This commentary sets the stage for a broader debate on innovation policy.