This paper aims at bringing the analysis of innovation from a macro perspective down to the level of SMEs activities (micro perspective), pointing out their outputs to the economy. For that purpose, a study was been conducted based on the full population of certified SMEs accordingly to a RDI (research, development and innovation) standard in one EU country, using statistical data from Eurostat and other sources, complemented with an opinion study set on criteria established upon practical and theoretical models. The criteria were established upon current worldwide-accepted concepts (Oslo Manual) and new theoretical developments in the understanding of innovation on the creation and generation of value and technological and cultural innovation. A panel of experts from the fields of value management, innovation, economics, quality assurance and management systems auditing, performed an opinion study using the focus group methodology. A closer analysis of innovation at the micro level (SMEs) gives insight to potential innovation and innovation management outputs and to new innovation strategies and policymaking. A better understanding of how innovation impacts value creation and generation, how the technological innovation process affects outputs, and how SMEs may take advantage of cultural innovation, may be drawn from the conclusions of the study.