The authors discuss Triple Helix collaborations in the context of regional competitiveness. Through an exploratory case study, they identify and analyse the impact of the establishment of industrial PhD schools for participating industry and universities. The study was conducted in Sweden in 2014 and focuses on three industry--university initiatives involving a total of 57 doctoral students, 9 universities and 39 companies. The results indicate that PhD schools based on the dynamics of the Triple Helix can be of great benefit for both industry and regional universities. In addition, the paper identifies critical success factors for industry--university collaborations involving joint PhD education.