University-industry collaboration produces networks that may be capable of innovations, such as novel products and services. The collaboration projects also need to benefit student learning, yet teachers have little clarity with regard to innovation competence development. Individual innovation competence is a set of personal characteristics, knowledge, skills and attitudes that are connected to create concretised and implemented novelties via collaboration in complex innovation processes. The paper reports on the findings from the development and validation of an individual innovation competence assessment tool. The aim is to determine which individual innovation competences are significant in university-industry collaboration and which of these competences are sensitive to educational interventions. The study used a three-phase method involving development of the questionnaire items, validation in teacher and student panels, and a pilot pre- and post-survey study. All seven domains of individual innovation competences were significant and sensitive to educational intervention (a multidisciplinary innovation project conducted with industry). The most responsive competence domains regarding change were concretisation and implementation planning skills, and project management skills. The paper concludes with application opportunities for the tool and recommendations for further research.