The Innovation Learning Lab project aims to improve innovation collaboration between small and medium enterprises (SMEs) and Satakunta University of Applied Sciences (SUAS) in Finland from 2009-2012 using an open innovation approach. The goals are to develop innovation learning environments at SUAS, set up an innovation lab as an experimentation space, test new models of collaboration with SMEs, and develop new ICT tools to connect students and businesses. Outcomes include applying best practices in SUAS-SME innovation interaction and collaboration models beyond the project.