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In this study we examine the innovation efforts, accelerated internationalization, and relational triggers of companies in Latin American countries. It is the first time a study jointly and empirically assesses the perception of the seriousness of institutional obstacles and innovation efforts, considering as a unit of analysis a large number of firms from Latin American countries. We used a database from the World Bank (Environment Surveys) with 14,064 companies from 20 countries in Latin America, which answered questions related to their innovation efforts from 2006 to 2018. Introduction of new or significantly improved products and processes and investments in research and development (R&D) had the greatest validity and quality power in factor analysis performed for the construct “innovation efforts.” We observed positive patterns of correlation between age, size, perception of the seriousness of institutional obstacles and innovation efforts. The results contribute to the structuring of professionalization, expansion, and maturation programs for Latin American businesses.