The present work deals with the use of innovation indicators in the decision-making process. It intends to contribute to the discussion on the construction, use and analysis of indicator systems and also to evaluate its weight on decision-making in innovation. The goal is to help understand how innovation indicators can influence technology policy and through it, society at large. This work will start by analysing the use of indicators (their problems and consistency) and other sources of information that contribute to build the opinions of innovation decision makers. This will be followed by a survey and interviews with main innovation actors. The results will shed light on the impact of the use of indicators by the innovation community – both in terms of technology policy and in the social sphere. Proposals and implications for the future will be advanced, hopefully adding new contributions to the governance of the science, technology and innovation field.