In this chapter, we explore co-creation as a form of societal interaction of science. We approach co-creation as a goal-oriented form of dynamic interaction aiming at mutual benefit of all parties. As such, we exclude technology transfer and other linear societal interaction forms that follow a closed-model innovation format. We argue that focusing solely on tapping the needs of researchers and ‘pure’ science would lead to ignoring the broader context in which researchers work. An excessive focus on meeting the needs of external stakeholders could jeopardize the preconditions of science. Hence, this chapter explores how researcher-company co-creation can be nurtured in a heavily institutionalized setting, where established rules govern the process of knowledge production and protect research integrity. The co-creation process is analyzed by combining Nonaka’s SECI model and Strober’s interdisciplinary interaction model for knowledge creation. We find that the core of this process lies facilitated dialogue, which is seen as open knowledge sharing between equal participants.