The article looks at how obstacles in the market and finances affect innovation in companies in Uruguay. The study used data from surveys of firms in different sectors. The results show that barriers like market, financial, knowledge, and context issues reduce companies' willingness to innovate and how much they invest in it. These obstacles have a similar impact on both industry and services firms. However, institutional factors don't seem to hinder innovation. Different types of investments, like in equipment or research, are affected in various ways by these obstacles. Overall, financial and market-related barriers have the biggest impact on innovation outcomes, while obstacles don't seem to affect labor productivity.