This paper explores the evolving landscape of innovation policy in response to rapid technological change. Shifting from post-war national models, OECD countries now emphasize regional and local innovation systems, fostering firm networks and local capacities. Policies aim to mitigate industrial disruption and facilitate technology absorption through skill development and entrepreneurial support. The paper reviews two primary policy approaches: centralized research centers and region-specific initiatives, while addressing challenges posed by disruptive technologies like AI and robotics. It underscores the need for dynamic, adaptable policies tailored to local conditions, highlighting the complexities of managing technological transitions in diverse regional contexts.