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While conventional innovation has boosted economic growth in certain regions, it has not contributed to closing the social and economic gap in most developing countries. Humanity is going through a historic moment of great challenges. One of them is social exclusion, a matrix of factors that prevent human beings from achieving well-being: poverty, hunger, inequality, lack of access to basic resources and services, and lack of social ties that help improve these circumstances, among others. This study holds two hypotheses: (1) in this context, inclusive innovation emerges as a response to the inability of conventional innovation to contribute to solve the persistent challenge of social exclusion and (2) universities—key actors in innovation dynamics—should play a fundamental role in the generation of inclusive innovation, especially considering their natural commitment to society. Although the role of the university in innovation has been widely acknowledged and studied, no formal theoretical model has represented inclusive innovation in developing countries adopting a systemic, complex, adaptive, and functional approach and incorporating a diversity of agents, interactions, capabilities, learning processes, knowledge, and directionalities—this would enable us to understand the role of the university in inclusive innovation. This paper argues that innovation dynamics should be understood from a systemic perspective and using computational modeling and simulation methods, so that the inherent complexity of these systems can be taken into account. The analysis of innovation scenarios based on a formal theoretical model and its …