Reforms of the vocational education and training (VET) system in Spain are committed to a closer relationship between the VET system and companies’ needs. One of these needs is for a greater contribution of the VET system to innovation in companies, especially SMEs, which have limited resources to innovate. This contribution could materialise through a closer relationship between VET centres and SMEs, and also through a greater participation of employees with VET qualifications in innovation in SMEs. This article examines the role of these employees in SME innovation processes. We present the results of a survey of industrial SMEs in two Spanish industrial regions with high levels of experimental cooperation between VET centres and SMEs. The results point to the existence of obstacles to this participation. However, other factors that enable greater participation of this employee profile in SME innovation were also observed.