Commonly, the innovation processes prioritized creativity (Alfaro, 2017a, p. 35) but not standardization due to the belief of the obstacles presented by standardization for the innovation (Alfaro, 2017b, p. 37; Castillo-Rojas, Karapetrovic, and Heras, 2012, p. 1085); however, in this chapter, the reader will learn that the standards, models, and methodologies for managing the innovations could accelerate the innovations with a real focus on value generation and not prioritizing the creativity processes by themselves, which commonly are not integrated with the strategic planning (Alfaro, 2017b, p. 32) and could be failures of diverse types and not only financial failures. This chapter includes the following themes: (a) problems associated with the lack of standards and methodologies for managing the innovation in the organizations, (b) standards for managing the innovation, and (c) models and methodologies for the innovation management. There are diverse problems related to (a) innovation processes, (b) innovation products, (c) innovative business models, (d) project management problems of the innovative projects, (e) lack of prioritizing of the value generation of the innovations, (f) lack of regulatory framework for norming the innovation processes, and (g) lack of investments for the innovation.