There is a considerable body of literature available to aid understanding of the concept of social capital and the identification of its presence. Overall objectives and mission of the chapter are to compile an up-to-date and academically grounded study providing a theoretical perspective taking into consideration the theories, concepts and processes in the area of social capital and innovation. The methodology used involves the construction of a conceptual framework regarding theories, concepts and processes. This involved a thematic analysis of social capital, innovation, and related concepts. The qualitative method for building the conceptual framework involved phenomena linked to the multidisciplinary body of work in the areas of social capital and innovation. The potential contribution of the chapter has been to bring together findings on the facets of social capital which are generally acknowledged to include trust, collaboration, cooperation, as well as bridging and bonding social network ties, and reciprocity, in terms of innovation.