The digital transformation is giving place to revolutionary changes in the innovation system, affecting industries, universities and public institutions. Institutional responses and previous practices need to be redefined in view of the advent of Cyber Physical Systems and the Internet of Things. Likewise, business models need to be adapted or newly created in view of Big Data Analytics capabilities. Products become smart and merge more and more with digital services provided along with goods. Employees need to build new skills to master all those digital challenges. In light of this digital revolution, a subject that has become central is to what extent existing legal tools to foster innovation as well as economic rationales behind innovations need to be adapted. A number of connected questions rapidly arise, including those relating to the models for successful exploitation of digital intellectual property, the future of patent law vis-à-vis creative computers, or the regime of data ownership and privacy in the big data environment.