Innovation does not only demand new ideas, financial resources, and knowledge of supplier and user systems, but also social capital. Social capital facilitates interaction in business networks. However, social capital is often vague, at times described as a “catch-all notion”.  In this paper an operational definition of social capital is suggested to enable network management of business innovations. Three underpinning dimensions of social capital are empirically tested in a regional strategic network – the socio-economic, the network and the actor-oriented dimensions with a focus on the latter one. Empirical case data were collected in 2004 and 2010. The application of the concepts and the comparisons between these two points in time enhance understanding of how social capital can be used to promote innovation processes.