This article aims to investigate and describe how startup businesses located in the CUBO - a co-working space located in the city of São Paulo - develop dynamic capabilities, and how these capabilities contribute to innovation in their business models. In order to fulfil the proposed objective, this exploratory-descriptive research adopted the qualitative approach with the multiple case method, as well as semi-structured interviews as a strategy for the data collection. The data were analyzed using content analysis. Based on the four cases investigated, it was found that in general, the development of dynamic capacities was operationalized through the company's ability to perceive and then seize opportunities and manage threats, combining and recombining assets. It was also found that process of innovation business models itself acts as a dynamic capacity, contributing to the formation and creation of processes, routines and organizational behaviors for the innovation and development of the business in a systematic and purposeful way. It is concluded, therefore, that dynamic capacities can stimulate innovation in business models, especially in highly competitive, technological environments.