Innovation policy

Definition
Innovation policy is the government policy that seeks to balance the rights of owners of information with the need for innovation and technological advancement.

IP Law
Innovation policies are especially important within IP law and is the reason, for example, that patents have a limited duration, and trade secrets are limited to those secrets that provide some form of economic benefit. Too much trade secret protection can stifle innovation in others, where too little can deter those that would innovate in the first place.