Today's firms face a new global economy powered by knowledge rather than physical resources and natural raw materials. Universities are crucial actors in ensuring economic development, not only by training highly qualified human capital, but also by producing new knowledge with innovation potential. University–industry research collaborations (UICs) have been increasingly recognized as an innovation mode. Highly qualified people, mainly at Ph.D. level, are fundamental for the increase of the knowledge pool from which firms and society as a whole can benefit in terms of the production of innovation. The demand for more specialized researchers in business/industry has led to new versions of doctoral programs, such as Industrial Ph.D. Programs (IPPs), which are well-established in a number of countries. After using an analytical international and comparative education methodology, we have found that the cooperation with industry to develop Ph.D. programs in Colombia is relatively weak and requires to be enhanced. In this paper, we argue for the alignment of the so-called third academic mission of economic development with the traditional academic missions of teaching and research through the implementation of IPPs as a mechanism for strengthening the innovation process of firms and country's economic growth.