This study seeks to understand how micro, small, and medium-sized enterprises (MSMEs) can be innovative while developing their reputation. In doing so, this study focuses on companies classified as promoters of Colombia’s “orange economy,” which relates to the country’s cultural and creative diversity. Firms with a non-technological emphasis also require knowledge, innovation, and reputation to perform better. In this regard, the study is based on the work of Hormiga and Garcia-Almeida (2016) who proposed the relationship between accumulated knowledge and innovation as background of reputation. In this paper, the purpose is to understand the internal reputation-building process carried out by MSMEs and the variables that intervene. Therefore, this research accounts for how MSMEs can build their reputation through innovation and accumulated knowledge. For this, a survey was conducted in 320 orange economy MSMEs located in Bogotá, Colombia, and the relationship of these variables was statistically tested through a quantitative analysis of multivariate data. Innovation was found to not impact the performance of companies, but this can be associated to factors that were not considered in this research. However, it is proposed to refine the original model by considering the manager’s perspective. It is recommended that entrepreneurs invest resources in accumulating internal (tacit) knowledge to improve skills that enhance reputation.