The paper illustrates a set of best practices used by successful IT managers to manage IT enabled business innovation. In IT intensive business a key point is to build innovative IT solutions for business innovation sometimes without formal requirements. Based on a panel of the largest and most innovative corporations in Telecommunications, Energy, Utilities and Media we sketch out some best practices to solve this innovation dilemma. Also we discuss best practices for project delivery and operations management, that make a framework of IT management for companies with an aggressive IT strategy. The resulting IT management framework defines a new profile for an innovative, proactive CIO profession.