This chapter explores different forms of strategic relationships between companies and universities for the purpose of research and innovation. Initially, the chapter highlights key attributes of a research-focused alliance between a single company and a single university. Then, it discusses university-driven consortia models—advisory boards, Corporate Affiliate Programs (CAPs), and university-based research centers. These models fall on a continuum as university partners integrate companies into the research and workforce development missions of the university. With the increased complexity of additional partners with disparate missions and reporting structures, the partnership infrastructure needs to evolve to manage the alignment of shared goals and resources. As such, the chapter concludes by looking at the most complex form of a consortium—an innovation hub. Innovation hubs bring together specific research expertise, workforce development programs tailored to the focus of the innovation hub, support for startups and entrepreneurship, and community-based programs to support the hub’s success. This chapter illuminates the strategic alliances and strategies that drive successful innovation hubs. The information herein is based on the authors’ multiple decades of experience creating sustainable, purpose-driven, university-industry alliances and consortia.