Lean management and innovation management both play important roles in today's business success by reducing waste and increasing profit. However, as previous studies show, conflicting ideas exist in the philosophies of these two areas, and being too lean may deteriorate a company's innovation capability in the long term. To achieve an optimal balance between lean and innovation, several core concepts in both areas need to be studied and compared. In this paper, we focus on bringing the definition of value in lean management to be in line with the definition in innovation management. Based on such a definition, innovation-driving activities can be properly incorporated into the value stream mapping process in a company's lean practice. As part of the improved value system, effective rewarding system and management style that encourage innovative activities in a lean organization are also suggested.