Innovation is considered crucial for enterprises survival and current economic environment demands the best ways of achieving it. However, the development of complex products and services require the utilization of diverse know-how and technology, which enterprises may not hold. An effective strategy for achieving them is to rely in open innovation. Still, open innovation projects may fail for many causes, e.g. due to the dynamics of collaboration between partners. To effectively benefit from open innovation, it is recommended the utilization of adequate risk models. For achieving such models, a preliminary conceptualization of open innovation and risk is necessary, which includes modeling experiments with existing risk models, such as the FMEA.