Higher education institutions (HEIs) are complex entities interacting with a variety of stakeholders. Scholars have widely discussed the approaches and models of value co-creation in the higher education context. However, the attention has been primarily focussed on a single category of stakeholders, namely students. The article aims at eliciting the value expectations of private and public sector organizations, emphasizing their potential role in value co-creation dynamics. A case study approach was undertaken in order to shed light on these issues. It involved a medium-sized university established in Northern Italy. Business stakeholders were especially interested in the university’s ability to provide students with practical and soft skills. Besides, they appreciated the interdisciplinary nature of educational curricula. Sporadic exchanges with the local environment were considered to be a major shortcoming. This was thought to undermine the university’s ability to establish a value co-creation partnership with its business stakeholders, engendering lower quality of educational services.
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