Ongoing research agendas regarding the intersection between entrepreneurship and innovation in academia still demand analysis about the antecedents/consequences of enterprise-university collaborations. On the one hand, little is known about how enterprise-university collaborations manage their resources/capabilities to develop entrepreneurial innovation projects, as well as how do enterprises-university collaborations capture economic benefits. On the other hand, regarding the context, there is also a gap concerning the effect of institutional voids on entrepreneurship/innovation strategies in emerging economies. This paper analyses the determinants and the consequences of entrepreneurial innovation projects within enterprise-university collaborations in an emerging economy. By using a sample of 514 Mexican enterprises, our proposed framework offers insights into the remarkable effect in the transformation of enterprises-universities’ capabilities and state funds into the generation of economic value from entrepreneurial innovation projects. This paper contributes to the thought-provoking discussion about a future research agenda and implications for triple-helix actors in emerging economies.