Universities play a key role in realising the UK's Industrial Strategy through their contributions to local economies. They attract private investment and develop talent, while founding businesses and connecting to global networks. However, universities face expectations to demonstrate economic and social impacts across all sectors. Building strong innovation ecosystems requires collaboration between universities, businesses, investors, and other stakeholders to share skills, funding, services, knowledge and ideas. Universities must balance their roles in research, education, and business engagement by configuring teams around partners' challenges without compromising excellence and by learning best practices from one another.