The U.S. scientific enterprise is often cited as being a critical factor contributing to the creation of high wage jobs and firm competitiveness. Yet our scientific understanding of the functioning of the scientific enterprise is extremely limited, which in turns limits our understanding of the consequences of different policy interventions. The Science of Science & Innovation Policy program at NSF was established in order to a better empirical and theoretical basis for science and innovation policy. The presentation will provide an overview of the current state of the program, the research, and a discussion of the future research agenda.