Although there have been many studies of the relationship between innovation and exporting among SMEs, two significant gaps in understanding remain. These concern, first, the specific forms of innovation and exporting SMEs undertake and, second, the role of industry in differentiating between these. This paper addresses these two research gaps by investigating whether there is a systematic variation in the specifics of the innovation-exporting business models adopted by SMEs according to their industry membership. The sample of 180 firms includes an equal number of SMEs actively engaged in exporting and located in the clothing, software and biotechnology industries across six economies. The results indicate that SMEs in each industry follow distinctive business models with respect to innovation and exporting. It is concluded that industry is an institutionalized socio-technical system of considerable consequence for the internationalization behavior of its member firms.