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The book analyses the new innovation environment, particularly in order to investigate the 'black holes' of practice-based innovation, and puts forward guidelines for innovation policy suited to the demands of the new paradigm. It focuses on innovation policies, multi-actor innovation processes, user-driven innovation, 'related variety', communication in the creation and distribution of practice-based innovations, creativity, knowledge creation and new forms of expertise, value networks, evaluation of practice-based innovation, and innovation diffusion and absorptive capacity. The book presents novel knowledge and insights into the 'buzzword' innovation; the actual meaning and scope of concepts related to it and the ever-widening discourse concerning innovation, and challenges and opportunities in developing globally relevant practice-based innovation activities and policies. This knowledge will also advance the aim of promoting the long-term effectiveness of innovation policies.