This work tries to combine different theoretical approaches (with no conflict of principles): the Evolutionary and the Transaction Cost approaches with the contributions of Michael Porter in a search for new elements that could shed light on the comprehension of the construction of firms' strategy. In that way it also seeks the discussion about the coherence concept developed by Dosi, Teece and Winter (1992) that emerges as one of most important theoretical contribution to understanding the historical process in the building of technological capabilities. These will define the boundaries of the firms and the arrangement strategies and the inter-firm partnership in search for a competitivity advantage. The article highlights the importance of the innovation process as a motor element of this dynamic arrangement.