Universities are under increasing pressure globally to both diversify revenue streams, and develop a role beyond simply teaching and research and, particularly in the technological disciplines such as our own, to act as agents for economic development and change. This diversification of roles naturally creates tensions between investigator led curiosity driven research and applied research that has the potential for more immediate economic impact. The introduction of research quality measurement frameworks such as those in New Zealand and Australia exacerbate this tension. In this talk I will give a personal perspective on how these tensions can be mitigated, in the process generating a win-win partnership with industry. This requires compromises on both sides of the industry academic divide but can be immensely rewarding in both an academic and a financial sense. I will use case studies from my own group?s work to illustrate, focusing on a software engineering research project that has resulted in a very successful product development with strong economic and academic outcomes, and an internship which resulted in creation of a new spinoff company. I will, in addition, discuss some of the current initiatives we have underway at Auckland to further develop industry partnerships.