Innovation has been strategic for stimulating the development process. Aware of this, Brazil has been formulating guidelines to promote its ability to develop technology and innovate, but the results over the years are still modest. This paper aims to allow a logical and discursive discussion on the adequacy of innovation for leveraging the development of underdeveloped economies in the current situation. The study was organized in the form of a theoretical essay, dialoging with the literature that articulates innovation as an element for development, and with data that explore the Brazilian reality. It was identified that Brazil has a trajectory of initiatives to expand and mature its innovative conditions; however, the absorption of these by a structure of underdevelopment is thought-provoking. This aspect is in contrast to the innovation discourse put forth by so-called developed countries, treated critically in this paper. Finally, we argue that for innovation efforts to guarantee higher levels of development for Brazil, it is necessary to overcome historical obstacles and delays, with the understanding that they are barriers to the desired innovation.