This study focuses on how innovation capability can be developed within a company and how information
capability is integrated into the innovation process. Innovation, helped by elements that generate and share
knowledge, is generated through different practices. Thus, the present study develops an analysis of the role
of information capability in innovation through the assessment of the direct experiences of managers from
innovative companies located in Spain through grounded theory methodology. Our findings suggest that
strategy promotes the appropriate culture and values that are aligned with innovation in the company.
Strategy also establishes and acquires the resources, both internal and external, that an organization
needs in order to achieve competiveness through innovation. Moreover, the organizational culture and
resources support the information capability, and this information capability in turn supports the knowledge
management which supports and develops innovation. The contribution of this research is the proposal of
a framework that explains the elements that underlie innovation management in companies. The paper
contributes to a deeper understanding of how to use information capability and knowledge management as
potential sources of innovation.