While there is an abundance of studies examining the collaboration between government agencies and private business, only scant attention has been directed to “town and gown” cooperation. This is a pity, since the involvement of knowledge institutions in public governance, service production, and the construction of co-creation platforms may help to ensure that new governance solutions are based on new and updated scientific knowledge and that public research is informed by societal needs and public concerns. Drawing on document studies, qualitative interviews, and participant observation, this paper aims to shed light on the drivers of as well as the barriers to the formation and operation of joint co-creation platforms, such as TRD3.0. It explores the background and key features of the new platform, the motivations of the institutional actors behind the initiative, the drivers of interorganizational integration, and the barriers to the development and consolidation of the joint platform for the co-creation of innovative solutions. It also considers the strategic, tactical, and operational depth of the joint effort of the municipality and university to integrate and collaborate. Finally, it reflects on the appropriate governance and leadership responses to emerging problems and challenges in order to identify a pathway to successful implementation.