This paper analyzes the predominant innovation capabilities of startup companies, based on the innovation capabilities model of Zawislak et al. (2013), which analyzes development, operation, management and transaction capabilities. This exploratory study was conducted with six companies: four startups and two established firms that also had also begun as startups. The results show, firstly, that the startups have development and transactional capabilities, while firms have all four capabilities developed. The operational and management capabilities, initially nonexistent or underdeveloped, become part of the routines of the startups once the company is established and grows as an organization. It is also highlighted that the network of relationships is one of the most important factors in the early years of the startup, as it needs to gain access to investors and potential customers.