The Law of the Direction of Innovation. This agenda-setting project sets forth a framework for thinking about the full variety of legal structures that contribute to setting the direction of innovation. These include not only intellectual property but also, and probably more importantly, mechanisms of private law such as VC contract choices and principles of corporate governance as well as public law tools like grants, spending, and industrial policy. This paper argues that the direction of innovation is the result of a complex set of interactions among these legal structures, which in turn arise not naturally but through the exercise of specific choices resulting from power arrangements and dynamics.