The purpose of the study is to provide empirical evidence about the under-researched area of university–government relations in building a culture of entrepreneurial initiatives inside the triple helix model in a rural region. The study deploys a qualitative case study research method based on the content analysis of project documentation and further internal documents both from universities and municipalities. The propositions in the research question are guided by the previous literature and were then analyzed through an “open coding” process to iteratively analyze, verify, and validate the results from the documents against the previous literature. Results presented in the case study are related both to the project of a municipality–university innovation partnership, as well as the historic development of the university in its three missions, and, related to the important third mission, themes relevant for the project. In addition, a “toolkit” of relevant project activities is presented against the major identified themes, major project stakeholders, as well as relevant Sustainable Development Goals (SDGs). Universities should look beyond a purely economic contribution and should augment all three missions (teaching, research, engagement) by considering social, environmental, and economic aspects of its activities. Instead of considering a government’s role solely as that of a regulator, a much more creative and purposeful cooperation between university and government is possible for creating a regional culture of entrepreneurial initiatives in a rural region.