The University of Iceland offers a Master’s programme in Innovation and Business Development which is run by the Faculty of Business Administration in cooperation with the Faculty of Industrial Engineering, Mechanical Engineering and Computer Science (IEMECS). Six of the programme’s courses are available as modules for other students from other faculties. In these six courses, business students and students from other faculties learn together, seeking even participation of both student groups. The programme emphasises a combination of theory and practice. Students acquire a theoretical basis in innovation and entrepreneurship, but they also have to go through the practical aspects of an innovation process. The core of the programme is a two-semester course on the implementation of innovation. Students work in teams on a comprehensive project that develops a concrete product, in cooperation with local businesses. The biggest challenge of the joint programme is the work across different faculties of the University. Moreover, it may be a challenge for students to fully understand the demands and limitations of the company they are cooperating with. The educators need to mentor students thoroughly and manage situations when students’ work does not meet companies’ expectations.