Innovation within organisations permits the transformation of knowledge into applications for the development of new knowledge and new organisations that are able to respond to the needs and changes of the society. However, how can we establish a framework for acquisition of the skills needed to manage successful initiatives for innovation in organisations and how can we guarantee the sustainability of these innovations? In order to provide an answer to these questions, this chapter presents a proposal for the promotion of sustainable innovation based on the engineering cycle of Observe, Conceive, Design, Implement and Operate (OCDIO). For this purpose, we reviewed examples of innovation in some world class universities, analized cases of education for innovation and developed a case study. We conclude that the OCDIO cycle was set up in a framework that enables the development of sustainable innovations through a permanent cycle of observation and adjustment of the systems designed to resolve problematic situations. The phase of observation allows the professionals facing the challenges of innovation inside organisations to obtain the relevant information for the conception, design, implementation and operation of sustainable engineering systems that take into account the relevant economic, social, technical, environmental and cultural aspects.