Organizations can implement an innovation management system in order to address the multidimensional challenges they often have in their practical innovation work. Until the ISO 56002 standard was released in 2019, there was no international standard for the design of innovation management systems. The standard provides support as a framework and highlights important systems elements. We studied two early adopters that have used this international standard to design their innovation management systems. Based on the study findings, we devised a practical approach for framing the design of an innovation management system. The approach includes a set of steps and critical considerations that include understanding a company’s innovation ambitions and direction, analyzing the systemic dimensions of the system (the elements and how they interconnect), and introducing a balanced set of control mechanisms.