Before the current situation, companies are located in a market more competitive business, becoming an urgent adjustment or modification of its management. We know that is through innovation that companies can be competitive, so it is important to its ongoing implementation and consequently demand for new products and new production processes, in order to cope with competition and maintain its competitive position . Given the importance of studying the topic of innovation in enterprises, this article aims to analyze the different perspetives of innovation in small and medium enterprises (SMEs) of Beira Interior of Portugal. In the methodology we used as an instrument of research questions in the CIS III in 2008 and statistical processing of data was prepared based on a fator analysis. From the analysis of data showed that managers innovate taking into account three perspetives very important: on one hand with the objetive of reducing costs and ensuring environmental sustainability, on the other by the need to update, and second, a perspetive to guide the market.