Successful mission-oriented innovation policy requires a government policy mix and budget that are both targeted and sufficient to support transformative goals. Dedicated multi-year funding provides companies with certainty about the government’s commitment and can be flexibly used across programmes and ministries. Austria’s Transformative Missions use a centralized budget structure to allocate funds to specific missions, enabling clear accountability and strategic alignment. France’s Acceleration Strategies rely on extra-budgetary resources managed centrally, allowing flexibility in funding research, training, and market legitimacy activities. Industry stakeholders often play formal roles in monitoring and decision-making, exemplified by Japan’s Cross-ministerial Strategic Innovation Promotion Programme, where programme directors from industry lead initiatives, and public-private consortia manage projects. Circular Flanders implements its roadmap via six thematic agendas, governed by a committee representing government, industry, research, civil society, and finance.
In Denmark, decision-making authority for mission funding is delegated to academic-industry consortia called Innomissions, which independently run calls for proposals after a state aid check. Sweden’s Strategic Innovation Programmes are hosted by established organizations and overseen by boards that develop mission agendas, support proposals, and rank projects for funding. Maintaining private sector engagement is a continuous challenge, as initial interest often wanes when businesses are asked to commit resources. Ongoing engagement through annual conferences, stakeholder events, and communications ensures awareness of mission objectives, builds momentum, and encourages sustained participation, as seen in Norway’s National Missions and the United States’ Energy Earthshots initiative.
Active mission management is critical to generate projects that address gaps in mission goals. Austrian and Swedish programmes regularly review supported projects and issue targeted calls to address remaining needs. Norway’s Pilot-E and Denmark’s Innomissions provide tailored guidance and networking opportunities to ensure alignment with mission objectives. Many missions support consortia rather than individual projects, making matchmaking events and capacity-building essential, particularly for smaller companies seeking collaboration with larger partners. Co-creating research projects with industry ensures that academic output is relevant and commercially viable, fostering long-term partnerships.
Public finance alone is insufficient to meet the scale of mission objectives, and governments have had limited success attracting private sector investment. Some countries, like the United Kingdom, formalize partnerships with private innovators and venture funds to provide entrepreneurial training and capital. Governments also engage with banks, foundations, and investors to share risk information, promote mission-aligned investments, and apply regulatory instruments to steer finance towards societal objectives. State development banks further support private investment by offering loans, equity, and guarantees, as seen in Flanders with PMV and in Korea through the Social Venture Impact Guarantee Support System, mobilizing capital to fund innovative technologies that create social and economic value.
