The research aim was to critically examine the two sides of co-creation from the small business and GCU researcher perspectives. The interest is in the value created and delivered. Previous studies have suggested the importance of identity and trust in these types of collaborative projects. The approach used a single case study to explore indepth the development of identity and trust, and the subsequent movement of the project participants to the creation of value. The results of the study revealed important action learning and knowledge management developments. A strong focus at the beginning on identifying key propositional knowledge needs, later led to more opportunities to co-create value for both parties. The understanding of the processes and importance of trust in these significant knowledge exchange projects reveals both a strength and weakness in these university-business collaborative projects. The indepth undersrtanding and interpretation of the value derived in-action and on-action speaks highly of the role of these university-business collaborative projects. Suggesting that the university has a key role to play in future economic development.