Transformative Innovation Policy (TIP) contributes to the new challenge-led frame for science, technology and innovation policy, by emphasizing both the technological and the social aspect of transformative change. TIP presents five key features: (1) challenge-oriented, with explicit consideration for the direction of change embedded in innovations; (2) understanding of systemic innovation as a multi-level process; (3) participatory coordination and governance processes; (4) second-order learning (reflexivity) and experimentation; and (5) continuous monitoring and formative evaluation. An actionable framework has been developed to support and seize the transformative potential of projects, programs and organisations addressing societal challenges, which uses a set of twelve ‘transformative outcomes' (TOs) to implement and evaluate transformative change. One avenue for future development is the elaboration of the concept of transformative mission-oriented innovation policies, which would merge transformative innovation policy with the notion of innovation missions.