Drawing on the author’s experiences in public and private sector needs assessment; university, government, and industry partnerships; and resourcing such partnerships, this article highlights some of the challenges and opportunities facing university-based boundary units and faculty operating in the domains of public policy, business strategy, and economic development. It compares the characteristics and behavior of universities to those of the private and public sectors; presents seven case studies to highlight useful processes and outcomes; and summarizes key lessons that may help guide activities beyond the traditional walls of higher education in building mutually beneficial partnerships. The article concludes with recommendations in such areas as leadership, reward strategies, team building, funding, value creation, communication, and enterprise sustainability.