203International Studies in Entrepreneurship 53, https://doi.org/10.1007/978-3-030-94273-1_11 J.-E. Bergkvist et al.

202Introduction

The past couple of decades have seen a shift in innovation policy toward increasingly addressing grand societal challenges. Policy agendas are no longer solely aimed at increasing the supply of Research and Development expenditure (R&D), generating more entrepreneurial ventures, or strengthening national competitiveness in certain sectors. Instead, policy programs are increasingly crafted to accomplish systemic transformation of the economy toward environmental and social sustainability. Initiatives with such ambitions are sometimes described as the third generation of innovation policy (Schot & Steinmueller, 2018). This chapter departs from