The purpose of the paper is to describe existing possibilities and to propose new possibilities for a permanent improvement of an innovation process as an integral part of the core business processes. This article focuses on the definition and design of the draft reference model of the innovation process as a base for developing a methodology for implementation of an innovation reference process in terms of BPM (Business Process Management) and its related standards. The paper also analyzes the methodology and proposes its implementation in business using a common collaboration area and also an innovation zone. Practical verification of implementing the reference innovation process will be demonstrated by its implementation in a particular organization.