This article presents a brief discussion and the results of research on the synergy of the combination of factors of social capital and innovation as determinants of competitiveness in SMEs in strategic productive sectors of Valle del Cauca. The discussion focuses mainly on two studies in this field, the first by Landry, et al, University of Laval, Canada, who explored empirically the hypothesis that firms located in contexts characterized by high levels of trust and therefore social capital are more likely and likely to innovate and second, by Tsai and Ghoshal, who studied and tested how social capital contributes to the ability of firms to create value in the form of product innovations. Finally, we present the main results of the research which confirms to innovation and social capital as key factors for the development of SME competitiveness in the region.