Micro and Small Enterprises (MSEs) contribute to the economic development of countries. The aim of the present study was to establish the incidence of contextual and technological factors in the creation of innovative Micro and Small Enterprises in emerging economies. The approach used was quantitative, with a non-experimental design. The population consisted of entrepreneurs of MSEs, totaling 6.1 million MSEs. Using intentional nonprobabilistic sampling, 180 MSE entrepreneurs offering commercial services in Lima were selected during the year 2023. The instruments were validated and reliable, with contextual factors scoring 0.955, technological factors scoring 0.922, and the variable of creation of innovative MSEs scoring 0.812 points. It was concluded that contextual and technological factors influence 70.8% in the creation of innovative Micro and Small Enterprises in emerging economies. Additionally, according to Wald=40.498; p=0.000, technological factors better predict the creation of innovative Micro and Small Enterprises in emerging economies.