University−enterprise partnerships foster great opportunities for sustainable development by enabling the translation of research into viable commercial solutions. However, how do we measure the relative “success” of such a partnership? This paper critically considers traditional evaluation methodologies to identify relative merits and shortfalls. Common themes include measuring against predominantly economic criteria and an over-reliance on global metrics at the expense of capturing regional impact. Potential consequences include undervaluation of local impact, disproportionate prioritization of economic impact, and the subsequent sidelining of environmental benefits. A place-based evaluative approach is proposed for future research to alleviate shortfalls.