Innovation Policy refers to the strategies and actions taken by governments or organizations to promote and support the development of new ideas, products, and technologies. This policy aims to create an environment that encourages research and development, collaboration between businesses and academic institutions, and investment in innovative projects. Effective Innovation Policy can lead to economic growth, job creation, and improved competitiveness on a global scale. It often includes funding for research initiatives, tax incentives for companies investing in innovation, and support for startups and entrepreneurs, fostering a culture of creativity and progress within society.