After a detailed survey of the scientific literature, it was found that several characteristics of dynamic capabilities were similar to those of innovation capability. Therefore, with a deeper study of the first ones, it could be possible to design a model aimed to structure innovation capability. Thus, this work presents a conceptual model, where the innovation capability is shown as result of three processes: knowledge absorption and creation capability, knowledge integration and knowledge reconfiguration. Furthermore, taking into account that dynamic capabilities are underpinned on actors, physical resources, structures and systems, and organizational culture, the model uses variables that integrate each one of these four subconstructos in order to facilitate the measurement of innovation capability in future researches. Moreover, the model separates knowledge exploitation and exploration activities. Applying this model, firms will be able of structuring and identifying the more important activities in the process of continuous innovation. Finally, model validation is done by means of an exploratory multiple-case study, which is applied on three technology-based companies of the audiovisual sector.