This chapter explores the diverse approaches that make up the bioeconomy as an interdisciplinary field. One major approach focuses on agriculture and forestry, aiming to substitute resources sustainably. The other, a broader political-economic strategy, seeks a fundamental transformation of economic systems. Both are well-rooted in the EU, and numerous other countries worldwide. But the bioeconomy discourse goes beyond merely channeling attention toward material flows in economics and politics. The metaphor itself is powerful: “bios” meaning “life” evokes a vision of the bioeconomy as an alternative to a tech-driven, mechanistic society. In this way, the bioeconomy is positioned as a corrective, offering a balanced, life-centered view. This chapter traces the evolution of these two primary visions within bioeconomy and highlights the pivotal role of innovation—both as technical progress and as socio-cultural transformation.