The development of a model to clarify the relationships among innovation activity (INVACT), collaboration level (CL), and technological capacity (TC) should contribute to better innovation management in construction companies. The main purpose of this study was to elucidate the relationships among CL, TC, and INVACT in construction companies. For the purpose four regression models were developed to clarify the moderating/mediating effects of TC on INVACT and CL in construction companies by using a moderated/mediated regression analysis. A questionnaire was used to collect data from 116 construction companies. The empirical results show that CL has a significant impact on INVACT which is mediated by TC. In contrast, the moderating effect of CL with TC on INVACT is considerably weak. In construction companies, CL has an indirect effect on INVACT. The proposed model serves as a starting point for better innovation-management models in construction companies. The primary contributions of this research are the development of a new moderator/mediation model for innovation management in construction, so a new theoretical framework and an emphasis that, in the construction industry, there is a strong need for new ways of thinking about innovation management.