There are six known and generally accepted generations of innovation models. Innovation models transform from simple, linear models, to integrated and networking models that are dynamic and interactive. Each generation of innovation models is presented in this paper with their characteristics as well as drawbacks. The main goal of this paper is to show the transformation path of innovation models and create a framework for a new innovation model on a company level, that could be used by companies to increase their innovative activity and performance. Innovation models define the innovation process and its phases. The framework for the new innovation model includes feedback that was lacking in the first and the second generation of innovation models, but is included in the other generations. It also includes integrated and networking activities which are a characteristic of the third and fourth generation of innovation models. Another component of the model is the usage of information and communications technology (ICT) to facilitate the process of innovation, which is one of the characteristic of the fifth generation of innovation models. It uses a process approach and is based on the open innovation model, which is the signature model from the sixth generation of innovation models and best represents the complex system and characteristic of innovation. The model is supposed to help companies generate innovative ideas and select them through a predetermined process with four main components that act as control points. The purpose of this model is to create a continuous culture for innovation and to set up official procedures. These will help companies to accomplish their innovative ideas and activities.