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Purpose – The purpose of this paper is to identify relevant gaps in human capital (HC) related to innovation performance, which might be the basis for creation of more effective innovation strategies. Design/methodology/approach – The proposed approach contains the following four steps: HC survey, assessment of HC value drivers, identification of gaps related to the HC value drivers and recommendations for an innovation strategy based on identified gaps. The HC survey includes 554 managers from Serbian companies within seven different industries. Findings – The biggest gaps in observed Serbian industries are related to crucial HC value drivers for innovation process, such as innovativeness, education and knowledge sharing and social skills. Research limitations/implications – Although there are limitations in measuring HC and innovation drivers, this approach seems to be valid in recommending more effective innovation strategies/policies on micro and macro level. Practical implications – This research reveals potentials and barriers within HC in different Serbian industries, crucial to innovation, pointing to the initiatives which might improve innovation performance across Serbian industries. The identification of HC gaps across industries is valuable for gathering sounder intelligence of the sources of innovation and fine-tuning of national innovation strategy according to specific features of industries. Originality/value – The proposed approach integrates a new perspective into current innovation measurement paradigm. It includes gaps within HC in the assessment of innovation performance, which might foster intangible innovation potential. [ABSTRACT FROM AUTHOR]