In order to remain competitive in the market through renovations in their strategies and portfolio of products and services, companies are increasingly investing in innovation. This can be understood as the creation of sustainable value through a change in organizational paradigm. This work aims to present project management tools as factor for promoting a successful outcome in radical and/or incremental processes of innovation. It also addresses knowledge management as a development technique for the identification and idealization of products/services/processes and innovative results, and how this process occurs. A literature review was conducted to conceptualize the characteristics of organizational innovation, knowledge management and project management. In a second stage, a comparison was drawn between the stages of creating innovative products and projects and the structure of value creation of projects, which incorporates all the stages, from the strategic conception to the return of the benefits generated by it. The strategic position of the main roles (functions) of innovation projects is also allocated. Next, the study identifies the sage in which an innovation strategy starts off the life cycle of the project that will give rise to it and, finally, it discusses the importance of knowledge management as a management tool that encourages the process of identifying strategic opportunities and idealizing new innovative projects. As a result, it was identified that the use of project management techniques and tools is appropriate for developing radical and incremental innovations, as well as confirming the knowledge management as a tool that encourages strategic opportunities in the conception of new innovative projects.