This paper analyzes the conceptual bases of innovation studies at the micro- and meso-levels of analysis. The analysis is carried out from a theoretical perspective and highlights the need to study the business unit (micro-unit) and the regional/local scope (meso-unit) as an indissoluble whole in which value creation and competitive advantages are reinforced and sustained, thereby creating winning regions. Likewise, this paper helps us understand the systemic aspect, nature, and dynamics of innovation, and the influence of the historical, social, economic, and technological contexts that affect it. Finally, this paper highlights the study of the micro- and meso-areas of innovation, including their main schools and research.