The study seeks to understand, how managers rationalize decisions on innovation. The phenomenon of innovation is examined through the decision-maker perspective in a qualitative way. It is argued that the manager’s frames of reference determine the perceptions and beliefs, which influences their decision-making. Four managerial and two expert-interviews tend to support this. The findings indicate that they make them context related, according to one’s beliefs, and based on their own frames of reference. Success, which is monetary-measured, is the base of the rationalization of decisions, while the elaborations add the individual aspect.