Research has identified factors promoting innovative behavior (IB) among employees in organizations. However, the effect of knowledge sharing behavior (KSB), self-regulated learning (SRL), and course design characteristics (CDCs) in developing IB among information technology (IT) students in universities is not well understood. The purpose of the study was developing a structural equation model (SEM) of the drivers of IB among IT students. As very little research simultaneously explores the determinants of undergraduate students' IB, one of the study objectives is to plug the literature gap by examining how SRL and CDCs act as antecedents of IB, via the mediating action of KSB. The findings are summated in a KSB-IB SEM. The results largely support all the hypotheses and suggest a significant indirect relationship between SRL and IB, fully mediated by KSB. The indirect relationship between CDCs and IB was significantly and fully mediated by KSB. The results of the study reveal that both CDCs and SRL act as drivers of KSB and IB among IT students.