A large number of research shows that innovation directly impacts the economic development of countries. This article aims to analyze the innovation gap between some Latin American nations such as Brazil, Chile, Colombia, Mexico and Peru, with reference to South Korea identifying the most important variables of pillar 12 of innovation of the World Economic Forum model. The study methodology, based on multivariate factor analysis, is fed with information generated for the seven variables of pillar 12, in the period 2011-2017. As the main result, it is found that the most prominent variables are: Investment by companies in research and development, the quality of research institutions, applied patents, the ability to innovate, university-industry collaboration and the availability of scientists and engineers. It is concluded that Brazil, Mexico and, especially, Chile, have managed to develop some innovative capacities, especially in terms of the participation of companies in research and development, in the quality of research institutions and in applied patents; but they have neglected the government's efforts for their productive sectors, a fundamental requirement to crystallize their position in the innovation ranking.