The aim of this study is to analyse innovation networks in European regions using the 2023 Regional Innovation Scoreboard (RIS). To study how European NUTS II regions ranked in terms of innovation networks, cluster analysis and the mean comparison test were applied to find out which factors are associated with the best network dynamics. Subsequently, multiple linear regression was used to realise that collaboration networks influence the regions’ capacity for innovation. The results show that three clusters of regions with different network dynamics were identified: cluster 1, with 53 NUTS II, has strong network dynamics, cluster 2, with 88 NUTS II, has medium network dynamics and cluster 3, with 98 NUTS II, has weak network dynamics. The most dynamic clusters in collaboration/cooperation networks are associated with stronger performance in innovation outputs (Innovation Index, product and process innovators, business process innovators, PCT patent applications, trademark applications, and design applications), human-resources framework conditions (population with tertiary education, lifelong learning, digital skills, and IT specialists), and innovation impacts (employment impacts and sales impacts). It is also concluded that collaborative networks influence the innovation capacity of regions, particularly that Innovative SMEs collaborating with others and Public-private co-publications have a very positive effect on the innovation capacity of regions and that International scientific co-publications have no influence on this capacity.