Most prior innovation research has focused on factors that affect innovations, primarily rate, speed and benefits. More recent research has examined innovation as a system-based, firm-wide orientation toward innovation. Along with this broader perspective comes a need for understanding outcomes of the orientation, both positive and negative. This paper uses grounded theory methodology to develop such a framework of outcomes of an innovation orientation based on interviews with executive experts. The study results provide guidance to practitioners considering a firm-wide innovation orientation and avenues for further study for academics.