Standards play an important role in technological diffusion. Empirical evidence shows that standards have a positive influence on innovative potential. Standardization is a key part of microeconomic infrastructure that may serve as a foundation for knowledge and innovation-led growth. In recent years, steps have been taken at different levels toward the development of standardized approaches regarding innovation-related fields of activity, including that of innovation management. The purpose of this paper is a critical review of the European innovation management system developed as a technical specification by the European Committee for Standardization (CEN) in perspective of the Quadruple Innovation Helix model and the Knowledge Triangle concept. Research has a conceptual character. The Quadruple Innovation Helix model and the Knowledge Triangle concept are the point of departure for further deliberations on innovation management standardization. Findings show that although the European innovation management technical specification does not sufficiently address issues stressed in the Quadruple Helix and the Knowledge Triangle approaches, there are some common points: collaboration and creativity. The European innovation management technical specification may be also regarded as a vehicle of transformation ideas and research outcomes into innovation carried out by educated and motivated labor that is consistent with the Knowledge Triangle approach. An improved technical specification of innovation management system (IMS) should incorporate the Knowledge Triangle and the Quadruple Helix approaches to avoid the isolation of a company performing innovation activities.