abstract
Beyond R&D and competitiveness theories of innovation, various conceptual broadenings have recently been proposed to tackle the complex, multidimensional and multi-level dynamics of innovation at stake in the transformation of the economy and society towards new sustainable development regimes. This paper proposes a reading ofthese conceptual broadenings as a matter of‘valuation’. In line with pragmatic theories of socio-economic value and market construction, it is argued that value creation is not the result or byproduct of innovation. In contrast to traditional regulation and R&D policies, which confine themselves to framing innovation, valuation policies are endogenous triggers of the transformation of a value regime. Value creation is aboutinquiring into new values in society,translating them into social and technological solutions andmaking themvaluable inmarkets.Inthisperspective,pilot anddemonstration (P&D) projects in current transition policies can be interpreted as fundamental inceptions of new values that are not predetermined by innovation but actuated through complex processes of value co-creation in society and markets, and which engage policies as agents of change. By focusing on the purpose behind the sustainability transition rather than the factors that contribute to it, a valuation policy approach offers new insights for future research and policy.