AbstractInnovation in basic science is often a cause for won­der and excitement. Those associated with a new development are quick to point out the anticipated benefits: a cure for cancer or dementia, an end to unsafe water or hunger. These advocates are slower to draw at­tention to the possible costs, which may become known only much later. It is always hard to have an accurate overview, as it is almost impossible to predict the total effects of the widespread adoption of any new technology and, especially, its longer‐term or cumulative effects, as as­bestos and CFCs demonstrate. For this reason, some policy‐makers or members of the public hope that we can apply “the precautionary principle” to innovation. Unfortunately, if one is looking for a principle that can guide action, then, strictly speaking, there is no pre­cautionary principle. One might better speak of a “pre­cautionary approach,” although even this needs to be unpacked.