The building of Innovation Management System (IMS), particularly in the integrated management systems (MS) context is rarely reported in the literature. Furthermore, the implementation of ISO 56002/2019 Innovation management system standard has so far only been described in a few organizational contexts. Therefore, this paper presents a case study of a global technology company, initially producing consumer electronics, experiencing a shift including new business, and collaborations with start-ups. As a result, the paper describes the IMS building process with challenges and learnings during 2012–2020, in an organizational context with integrated management system (MS) with existing ISO MS standards, prior to ISO 56002 launch. It reveals the rationale for proactively building an IMS, illustrates the motivation and challenges of building IMS in the constantly changing business environment, highlighting the top management as a key support. Moreover, it presents the gains of implemented IMS as regards to the achieved innovations.