This paper analyzes the capacity of innovation investments of ski-lift companies to create value. An empirical study is carried out in order to measure the impacts of technological innovation on French ski-lift operators’ productivity. The Malmquist productivity indicator based on the distance function is used. This methodology permits to characterize the change of productivity between two time periods and highlight technological change; it means the investments made in process innovation. Then, managerial implications are derived from this study. JEL Codes: D24