Product development companies engage in standards creation since standards influence timely development, introduction and acceptance of their products. For a telecom product supplier, standards involvement becomes critical since standards are essential for interworking and interoperability across telecommunication systems. Drawing from twelve archived standards stories, fifteen standards practitioner surveys and six completed standards creation research cases, the research develops a grounded theory to account for success measures and success factors for standards creation involvement in a large telecom product development company. The research identifies a typical telecom standards creation lifecycle. The research proposes seven success measures and nine success factors of standards creation involvement in a large telecom product development company. It also identifies nine circumstances that mediate the effect of success factors on success measures of standards creation involvement. Finally, the research proposes evaluation criteria that standards practitioners can apply to predict likelihood of success of standards creation involvements and identify potential issues.