Many Reports have been published over the past decade stating that Universities have a critical part to play in the continued growth of a knowledge-based economy. The relationships between them, and Business, needs better to be nurtured to support the creation of sustainable global competitiveness. Simultaneously, University curricula and pedagogy need to reflect the needs, nature and structure of modern economies. Targeted State intervention can help to achieve the quest for multi-lateral knowledge exchange, and this paper considers one innovative scheme, mini-innovation vouchers, which is designed to encourage university-business partnership and collaboration.