Construction clients need to strengthen their capacity for innovation to promote sustainable development. An important aspect of this is to understand how different innovations provide different benefits for different beneficiaries, that is, stakeholders. This chapter explores innovation both conceptually and empirically from key stakeholders’ perspectives. More specifically, we discuss central features of clients’ innovation needs, in terms of benefits and beneficiaries of the innovation outcomes and the actors involved in the innovation processes. The long-term benefits for external stakeholders are especially important as the construction industry is increasing attention to innovations related to societal and environmental concerns. Consequently, in order to pursue and implement sustainability-related innovations effectively, clients must understand the benefits and beneficiaries of innovation and involve suitable actors in the innovation process. We conclude the chapter by proposing ways to enable clients to analyse innovation needs in the project-based construction industry more systematically.