This chapter examines how Cemex, one of Latin America’s most internationalised multinationals, has developed innovation capabilities while operating largely outside the formal structures of its national innovation system. Drawing on the Innovation Systems from Below (ISFB) framework, the analysis traces how the company has strategically built internal platforms, selectively engaged with external partners, and harnessed transnational learning through mergers, acquisitions, and venture collaborations. The chapter explores multiple dimensions of Cemex’s innovation model, including business strategy, global knowledge sourcing, internal coordination, limited academic ties, and diplomatic engagement, to show how the firm constructs innovation pathways beyond the state. Using an enhanced version of the innovation space map, the chapter argues that Cemex’s case illustrates how firms in developing economies can drive innovation through strategic coupling with institutional, technical, and territorial environments, even in the absence of strong innovation policy support.