This document provides a summary of a report exploring concepts of open innovation and its potential applications to the space sector. Open innovation refers to collaborations that strategically share ideas and resources between organizations to create value. The report examines how open innovation could help lower costs, share risks, accelerate timelines, and introduce new ideas to space projects. As a case study, the report analyzes how open innovation techniques at different phases could benefit private asteroid mining companies. While open innovation provides benefits, it also carries risks like loss of control and intellectual property issues that would need to be addressed for its use in space.