The more topical the issues and the importance of innovations get, the higher the interest in theoretical clarification and empirical study of various aspects of the innovation capacity of enterprises. The number of scientific publications in these areas of research is growing. However, a number of important issues require additional research, which justifies the need to conduct new studies in certain areas. Such an area of research is the study of the impact of the factors of innovation capacity of enterprises on their innovative activity. In view of the above, the aim of this paper is to present the findings of an empirical study of the impact of the factors of innovation capacity on the innovative activity of some industrial enterprises in Bulgaria. The authors hope to initiate a discussion on these issues and other similar questions related to the topic, the results of which will aid enterprises in taking managerial decisions on both streamlining innovative efforts and investment, and developing strategies for further growth.