Innovation is the driver for sustaining competitive advantage and growth. Innovation management is vital to small businesses, and requires clear plans, processes, and measures. This study examines key dimensions for innovation potential that can be utilized by small- and medium-sized enterprises (SMEs). Based on an extensive literature review, eight dimensions pertaining to innovation potentials were identified. Each of the eight dimensions was assigned a set of symbols or codes. To ensure content validity, the codes were validated by utilizing the summary applications of 15 recipients of the Malcolm Baldrige National Quality Award (MBNQA). In addition, the application summaries were used to verify dimensionality. Validated codes were the foundation for performing a computer-aided textual analysis (CATA) of 880 scholarly publications, the results of which were used to indicate the relative importance of each dimension. Also, principal component analysis (PCA) revealed the relative contribution of each dimension to the total variability and suggested two meta-dimensions: “idea generation” and “marketing capabilities.” These meta-dimensions offer a foundation for developing a methodology for evaluating the innovation process and quantifying the risks involved in new projects.