This research article focuses on innovation, which has become apparent to organisations' executive management as a means of creating and sustaining competitive landscape for the next millennium. Most companies have in house a formal process to manage both the downstream and upstream parts of the business. Unfortunately, managing innovation in those firms still lacking. This reflects management's fear of stifling what is still often perceived as a soft and intangible factors such as creativity, knowledge, learning and culture. This article proposes a general model that encompasses these factors. Other factors such as information, technology, communication, and the organisational structure are also considered. The paper also discusses the different stages of the innovation process within the organizational environment.