The lack of recognizing Food Valley's potential and the lack of incorporating open innovation into food industry strategies are serious obstacles that debilitate their sustainability and viability. A mixed method approach was used to answer the question of “what are the external and internal factors in a SWOT analysis to evaluate the possibility of establishment of a Food Valley in Iran”. Data was collected using structured interviews with 16 entrepreneurship and food industry experts. The SWOT matrix was based on 42 identified factors, drawn into four categories of strengths, weaknesses, opportunities, and threats. A total of 17 strategies were presented to establish Food Valley, including 5 offensive strategies, 5 revision strategies, 3 diversity strategies, and 4 defensive strategies. The results found that building trust, creating joint professional workgroups in food companies, having cooperation contracts for the exchange of skilful workforce, sharing information, developing continuous relationships with scientific centers and academia are among the most important strategies for establishing the Food Valley in Iran. Prioritizing alternative strategies illustrated that, since Food Valley is a critical factor in the field of food security, this study contributes to the literature on food security. Policymakers could design special plans to promote strategies for launching and establishing Food Valley and the adoption of open innovation by the agri-food industries and (Small and medium enterprises) SMEs and emphasize the effects of this paradigm to improve innovative products and services.