Through the methodology of a case study, this paper presents a holistic analysis of the relationship between innovation capacity, entrepreneurial orientation, flexibility, and environmental factors. Three studies were conducted in the context of chemical-pharmaceutical industries, SMEs, in a small economy. Likewise, they analyze the relationship between the innovation capacity and internationalization of those companies. The studies provide further evidence of the relationships between areas of interest, where links among entrepreneurial orientation, flexibility, externalities (local and international), and innovation capacity are clear. Finally, this paper contributes to the theory-building on innovation capacity and internationalization from a scholarly perspective while presenting a practical view for practitioners.