The subject of this chapter is law and its role and impact in various areas of innovation. The relative openness of law and its ability to respond to new challenges in innovative areas are emphasized. It is not law as such that inhibits or promotes innovation. Rather, it is how law is framed and applied that matters, which in turn depends on the specific contexts. However, access to information and knowledge about the possibilities and consequences of desired innovations and the avoidance of risks are often linked. Dealing with foreseeable unpredictability is therefore a particularly challenging task. The text deals with legal frameworks that enable and support favorable innovations and avert or minimize the risks associated with innovations. The text also emphasizes the importance of nonlegal contexts for the creation and application of law. The European Union’s specific legal framework for artificial intelligence serves as an important example. The regulations are aimed at enabling and securing favorable innovations but also at avoiding risks. They are founded on a “risk-based approach”: the regulatory requirements are especially tailored to the respective risk level (unacceptable risks, high risks, limited risks, no risks).