Emerging markets represent the new source of economic development. Yet, most innovation management research has centered only on newly developed economies such as Brazil, Chile. This manuscript focuses on exploring innovation activities on mid-range emerging markets i.e. Ecuador, Colombia. These types of markets are particularly relevant as have quickly moved from traditional emerging economies but are not considered yet newly developed economies. This paper focuses on the value creation activities at SMEs in the Ecuadorian market. Ecuador is categorized as a mid-range emerging economy as it has a high institutional development but a low infrastructure and market development. The findings of our paper reveal SMEs in mid-range emerging economies design strategies to create value for customers from emerged markets, use alliances to access the necessary material e.g. natural resources, products. Our study contributed to the growing literature on emerging markets and disentangles various strategies use by SMEs to succeed in developed economies.