Lean and Innovation have both been touted as transformational strategies that are essential to long term survival of organizations. The question of whether the two constructs can be used simultaneously remains unanswered. This paper is the first step at deriving a theory of lean systems of innovation that combines the notions of lean transformation with that of innovation. The descriptive understanding of Rockwell Collins developed in this paper, draws on publicly available material to support the identifications of the key elements of a strategic system of innovation. Our analysis highlighted the successful use of technology scanning, internal R&D, and open innovation at Rockwell Collins. These approaches were supported by the existence of a shared value proposition, a strong organizational culture that recognized and rewarded innovation, and the requisite organizational infrastructure.