ABSTRACT:- In this paper, we assessed whether standardized innovation management systems framework matter for innovative capability and business performance of companies. Our results were based on two hundred and seventeen (217) surveys distributed predominantly to research and development and technical managers. Within the sample of companies assessed, two diverse groups are identifiable – companies with OECD and ISO certifications. Findings of our study showed that standardized innovation management systems have significant positive link with innovative capability and business performance. The results of the study are relevant as they revealed for the first time that significant connections exist between standardized innovation management systems, innovative capability and business performance. While the findings will be of utmost value to companies, they may be most valuable for small and medium enterprises (SMEs), as this knowledge could assist such enterprises to enter into the culture of innovation while efficiently structuring the multifaceted and frequently chaotic innovation process. In addition, standardized innovation management system should be adopted by companies in their practices while companies that are yet to are encouraged to do so, as this study conclude that standardized innovation management systems augment innovation capability and business performance of companies.

Keywords: Standardized innovation management system; Innovative capability; Business performance; corporate competitiveness Total quality management
JEL Classification: M1, M12, M19