How do universities support the business model innovation of small and medium-sized enterprises?

Universities and small and medium-sized enterprises (SMEs) are increasingly engaging in collaborations that translate academic knowledge into practical business applications, thereby contributing to innovation, competitiveness, and development. For SMEs, which often face resource and capability constraints, partnerships with universities can provide important support for business model innovation (BMI), either as a process or an outcome central to value creation, delivery, and capture in dynamic environments. However, the role of universities in enabling the BMI of SMEs remains underexplored, with insights dispersed across fragmented studies and limited reviews addressing this intersection. This study addresses this gap through a review of 73 articles published between 2001 and 2024. Employing both descriptive and content analyses, the review examines the evolution of university–SME collaborations and identifies five categories that capture the principal mechanisms through which universities contribute to the BMI of SMEs. The findings highlight areas of development, including misalignments that may hinder collaborative effectiveness. By consolidating fragmented knowledge, this study provides a more comprehensive understanding of university–SME interactions and their role in supporting BMI. It further offers implications for academics and practitioners, while outlining promising directions for future research to enhance university contributions to SME business model innovation.