A new nature of innovation is emerging. In order to formulate appropriate innovation policyencompassing a new nature of innovation, it is important to understand how the nature ofinnovation is changing. Innovation is no longer mainly about science and technology. Firms can innovate in other ways. Co-creation, user involvement, environmental and societal challengesincreasingly drive innovation today. Collaborative, global networking and new public privatepartnerships are becoming crucial elements in companies’ innovation process.