This chapter presents the analysis of a project that evaluated the innovation enhancement capabilities in the small-scale fishing sector in the Gulf of Fonseca, observing the three countries concerned: El Salvador, Honduras and Nicaragua. To address the issue the author focuses on the innovation systems literature, combining it with essential elements of the literature on global commodity chains. He also introduces the concept of inclusive growth. Each of these concepts provides a particular contribution to the analysis. The author also uses the notion of the innovation policy dance to consider the interactive learning processes among actors in different spheres. The study has shown that the conditions of governance within the value chain hinder the options to innovate. Many of the ideas that could improve economic performance in the short term could seriously compromise the sustainability of the fishery resources. Other ideas cannot be put into practice because the innovation system does not provide financial resources or conditions to generate and transmit knowledge. Innovative initiatives that have the most potential are located in the framework of the diversification of production to other activities, especially within the tourism industry or agricultural production.