The concept of absorptive capacity has already been considerably studied from a theoretical perspective, but few, if any, attempts at operationalizing the concept have been studied in ways that would allow its full assessment. The more specific focus provided by the four dimensions identified in some recent literature – acquisition, assimilation, transformation and exploitation – opens up some promising avenues for operationalizing the concept. This exploratory research studies and describes case studies of ten innovative companies using a cross-sectional research design. In the first part of the article, we re-examine the concept of absorptive capacity in terms of dynamic capabilities and provide a review of the relevant literature. The second part describes the work accomplished to operationalize the concept of dynamic capability and analyses the possible relationship between the business strategies adopted by the companies studied and their particular strategic capacity.