For many academics in the UK the current Research Excellence Framework (REF) has pulled the notion of impact and impactful research into focus. This paper explores the notion of high impact research and how this relates to traditional notions of research activity and quality. With a focus on the UK and how it fits into Europe it also takes a practical approach describing through case studies how academics can adopt a mixed economy of both ‘pure’ or Mode 1 research and knowledge transfer, knowledge exchange or engagement activities often described as Mode 2 research. The argument here is that the combination of these types of research can result in a virtuous circle of activity leading to high impact, excellent research. The paper ends with an analysis of the practical challenges and opportunities of this approach for both individual academics and also institutional units, departments or research centres.