A strong partnership with the business community can serve as a critical factor for an information systems program in higher education. The purpose of this chapter will be to draw on 10 years of experience to discuss our insights and lessons learned with regard to the Corporate Partnership Program for Information Systems at Oregon State University. The chapter begins with an overview of a “Stages of Partnership Growth” model that provides a framework for understanding and managing the evolutionary stages of growth for the academic-corporate partnership. The model will be illustrated by examining the evolution of the information systems program at Oregon State University. An advisory council comprised of representatives from the business community has played a key role in the development of the information systems program at Oregon State University. Suggestions regarding the creation and maintenance of an advisory council are discussed.