Since 2013, more than 70 experts from 50 countries gather international Standardization Office (ISO) Technical Committee (TC) 279 to create a new set of international standards on Innovation management: the ISO 50500 series, with publication expected in 2018. These standards will facilitate the transition of organization's innovation strategy into effective actions. In particular, ISO 50501 standard proposes recommendations for innovation management system and to develop external collaborations boosting innovation projects. To reach this goal, ISO TC 279experts have decided to share a common vision of innovation builds upon 7 innovation management principles that are covering the new stakes regarding the field of innovation. In this paper, we present the rationale for the ISO 50501 and its 7 innovation management principles. Then we show how this new standard is aligned with the concept of open innovation as originally defined by (Chesbrough 2003) and suggests that firms can enhance their innovative performance by both acquiring knowledge from external sources and benefit financially from internally generated technologies that do not fit the current business model (Enkel, Gassmann and Chesbrough 2009). We consider the open innovation in the specific context of large group and start-ups relationships. Then, we present the core principles of the innovation management proposed by ISO TC 279 experts: i. Realisation of value ii. Future-focused Leaders iii. Purposeful direction iv. Innovation Culture v. Exploitable insights vi. Mastering uncertainty vii. Agile management Finally, we provide the rationale of each principle through business examples. Business examples cover interactions between large corporations and start-ups. Through these examples, we show the relevance of these 7 principles, and how