The long-term evolution of the French research and innovation system reveals a form of normalization that brings it close to the international standard, although there remain some specificities from its history, marked by post-war technological Colbertism. One of the weak points of the system remains the capacity of businesses, in particular the smallest ones, to overcome the stages of the process of innovation. The lack of innovation does not necessarily come from a lack of creativity or entrepreneurial spirit, but often from the difficulties in financing in the investment phase. The solution to this problem is, to a certain extent, beyond the control of instruments of innovation policies that can put public powers in place. This is because such financing depends largely on private actors and the general institutional context of the country. JEL Codes: O38, O31