This paper examines regional innovation policy from the perspective of the Triple Helix theory of innovation. It utilises this theoretical approach to analyse and evaluate innovation policies and programmes implemented in Wales, a weaker region of the UK. As well as utilising the Triple Helix theory to inform research into the Welsh innovation system, the findings from the Welsh case study are used to interrogate the theory itself and provide some insights as to its applicability in the context of a weaker region. It finds that Triple Helix approaches have featured prominently in Welsh innovation policy and programmes since devolution, with mixed success. Stakeholder evaluations revealed that Triple Helix approaches are generally popular with actors from the university spheres but do not feature highly on the agenda of the Welsh business sphere. We use these empirical findings to question the appropriateness of Triple Helix approaches in weaker region, finding that although they can provide a useful addition to the innovation policy mix it could be unwise for government to focus too heavily on universities as drivers of innovation and economic
development at the expense of the business sphere.