This chapter provides background for how the innovation management system standard was developed, including its link with other international standards work. It also makes the case for why a standard is important for innovation management and outlines what a management system is. Innovation management fundamentals are covered in terms of definitions and different types of innovation. Descriptions for the eight innovation management principles (International Organization for Standardisation, ISO 56000) and seven key innovation management system (IMS) elements (ISO 56002) are provided. Finally, the benefits, challenges and call to action related to the use of a guidance standard are highlighted.