This paper makes a comparative study and relational levels and technological advances that lead society to a more efficient use of productive resources and transform new ideas into viable solutions through products and services, paradigms and processes with development of the new technological revolution, innovation understood in this work as a new idea or approach applied in new ways to create value for the organization and other stakeholders in the good of humanity. The value of innovation requires organizations to develop internal technological capabilities and knowledge capacity. This article describes the process of how you can´t always see the results of empirical studies are consistent and in fact the lack of significance of innovation to productivity is not exclusive to Latin American economies. Discussion of how it can be due to different circumstances surrounding innovation and its effects in the long run , the fact that companies are far from the technological frontier and weak or no incentives to invest in innovation arises .