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Given all these positive effects, innovation became a central target of policymakers. Many countries implemented national strategies to promote innovation and enhance its economic impact. Moreover, in 2000 the EU created the Lisbon Agenda to make Europe the most competitive and the most dynamic knowledge-based economy in the world. However, after nearly twenty years of innovation policy it has become obvious, that there is no simple switch that policy can turn to push innovations. Actually, the success of innovation policy has been quite different across countries, regions and time and it is difficult to identify individual factors for success or failure. What is clear is that there is no single policy method to promote innovation, but rather a mix of policies. Among them, the accumulation of human capital in schools and universities, basic research, public infrastructure and private research activity play a very important role. To support innovation, policy must improve the regulatory and institutional framework for innovative activities. In addition, public investment in science and basic research is needed to develop general-purpose knowledge and technologies that build the foundation for further applied research and innovations. Finally, in particular to create employment and growth effects, it is necessary that basic research is transferred into industrial applications (OECD 2007). To some extent the transfer is in the interest of individual firms and therefore takes place without public support. However, as research and innovation activities often have positive externalities, there are good reasons for giving public support to private innovation activity. Here, a mix of direct and indirect instruments such as tax credits, direct support and designed public private partnerships might be appropriate (cf. Aghion et al. 2009: 681). The speed of transfer from new ideas to innovative products, services and production processes differs between industries and firms of different size. In general, high-tech industries and larger firms manage the transfer more quickly than smaller firms and low-tech industries (Baesu et al. 2015). One reason is that they are more used to innovation, i.e. they have internal research capacities and they are better integrated in research networks. The concept of innovative capability was therefore recognised as the explanation of innovations success (Cohen and Levinthal, 1990). The concept is especially important when it comes to an evaluation of publicly funded R&D programmes. Absorptive capacity is one of the most important aspects of the innovative capability of a company or organisation in general. Cohen and Levinthal describe absorpABSTRACT

The Concept of Innovative Capacity and its Impact on Innovation Outcomes. Illustrated by the Example of the German Aerospace Industry