Abstract: The capitalization of S&T achievements is a significant approach for research universities to realize the value-creation function of knowledge, while also remains as a crucial issue for the trinity collaborative innovation of science, education and economy. Based on the accumulation of intellectual capital and the process-perspective of knowledge management, this article has established the collaboration-oriented model for this topic combined with in-depth case study of Northeastern University and its spin-off Neusoft in order to explore the value-creation “black box” mechanism for knowledge products. The significance of this study is to provide a brand new solution for enhancing the transformation efficiency of S&T achievements and promoting the collaboration-driven economic growth.