It was established by British economist Christopher Freeman in 1971 and is regarded as the leading journal in the field of innovation studies.

[6] It is listed as one of the 50 journals used by the Financial Times to compile its business-school research ranks.

[17] Based on research conducted by Joseph Schumpeter, Freeman worked to demonstrate the importance of innovation and R&D for economic development.

[19] In 1966, Freeman founded the Science Policy Research Unit at the University of Sussex and became its first director.

Phillips Professor of Science Policy and as the main editor of the journal, a post he would hold until his retirement in 2002.