Academic institutions pursue relationships with corporations to fulfill a variety of goals and interests. These may include furthering a research mission, supporting employment of graduates, and promoting economic development through commercialization of discoveries, among others. A body of best practices for corporate engagement has emerged recently, driven by a difficult and highly competitive environment for research funding and an increasingly selective approach to academic relations taken by corporations. Productive corporate partnerships require grounding in deep internal knowledge of an institution's assets, as well as understanding of the external corporate and academic landscape. Relationships also benefit from clear and sustained support from senior university administrators, and from a dedicated team of specialists with knowledge of academic as well as business environments. A strategic framework built on principles of relationship management can provide a roadmap for implementing and sustaining a successful corporate engagement effort.