The research followed a three-step methodology to determine the intertwining between "innovation" and "internationalization" in elite business schools. First, linear regression (OLS) to understand the correlation between internationalization and innovation. Second, one-way multivariate analysis of variance (MANOVA) to understand the effect of country of origin. Finally, pairwise comparison and post hoc (Tukey HSD) determine the differences considering the location of the programs. The study found no correlation between innovation and internationalization in MBA programs, but there is a positive correlation in Executive programs. The manuscript also found that the impact of location on internationalization and innovation varies significantly.