The aim of this paper is to examine how innovation policy (IP) can foster open innovation (OI) and trigger change in the business model (BM) of the organization. Then, through a case study, it is intended to illustrate the close relationship among IP, OI and BM at the Brazilian university. The research is an exploratory and qualitative that adopts the reflective methodology and case study. The main research findings are:  (a) based on literature review, source of resource, collaboration, intellectual property, technology transfer and new organizational forms are five kinds of close relationships among IP, OI and BM; (b) the case study illustrate that the five kinds of close relationships among IP, OI and BM have their origins in IP, foster OI and trigger changes in the BM of the university. The findings are innovative and have practical implication for scholars and practitioners.