‘Innovation’ is often used as a shorthand for improved technical, economic and social processes. However, any specific innovation involves the redistribution of costs and benefits, creating winners and losers. For some, regulation of technology should be avoided in case it hinders innovation, while, for others, regulation is an essential measure to mitigate risks. However, regulation and innovation are not a zero-sum game. Debates about regulatory (in)action and its impact on innovation would benefit from greater specificity about which innovation paths are considered desirable, for whom, and how policy choices would help to achieve them.