Innovation plays a key role in the economic growth of companies, sectors, and countries, sparking widespread interest in innovation research. Based on innovation literature, the present research seeks to validate the influence of innovation on the performance of exporting firms in emerging economies. This study contributes to research in the field of strategic innovation management and to practice in the design of public policy and exporting firm strategy, especially in emerging economies such as those in Latin America. The authors analyze the effects of organizational and marketing innovations (non-technological innovations) on the market performance of exporting firms through data collected in firms in fast growing South American emerging economies—Colombia, Peru, and Chile—with a final sample of 299 completed surveys and test hypotheses with Structural Equation Modeling (SEM). The results show that organizational innovations (new or improved organizational methods) have more influence on market performance than marketing innovations. These findings confirm the importance of innovative performance as a mediator between organizational innovation and market performance.