Time is a crucial yet scarce resource in innovation management. However, the way in which entrepreneurial enterprises (SMEs) allocate temporal resources in innovation remains largely unexplored. We propose a conceptualization of innovation polychronicity, which is defined as the extent to which a firm’s innovation culture promotes simultaneous engagement in multiple innovation activities. Based on this conceptualization, we propose that either low or high levels of innovation polychronicity lead to better firm performance. Analysis of data gathered from a survey of 127 SMEs and archival sources provides support for the proposed U-shaped relationship. We further find that innovation synchronization moderates this relationship. The findings contribute to the broader literature on innovation and temporality in organizations.