This chapter highlights the results of an international study on innovation processes supported by communication in 29 Brazilian and Colombian companies. Today, innovation is defined as a smart process that functions as a pillar for companies from emerging economies like Brazil and Colombia allowing them to compete on equal terms in the global market for products and services. This descriptive and exploratory study encompasses a qualitative content analysis of interviews carried out with representatives of 16 Colombian and 13 Brazilian companies. Four categories were defined to analyse the results: innovation process, open innovation, relations with stakeholders, and communications support. The results reveal that, although strategic alliances at some companies have culminated in innovative and sustainable solutions for the business and society, in the majority of the companies the respective communications teams are yet to play a direct role in their innovation processes. Findings suggest that open innovation has contributed to the organisational competitiveness of the participating companies, by fostering stable and permanent relationships with their stakeholders throughout the process of innovation.