This article consists of a synthesis of research that was solicited by the Center of Governance and Strategic Studies of the Ministry of Science and Technology. The central objective of the study was to examine relations between graduate study in Brazil and the process of innovation. The investigation sought to determine the perceptions of actors involved in graduate programs and in business enterprises about current relationships between these two segments. It attempted to identify existing graduate-level initiatives for fortifying the formation of human resources for innovation and detect suggestions and recommendations for improving the interaction between the two segments and for increasing their participation in the innovation process. The study was based on fi eld observations, interviews with graduate program coordinators, academic leaders and actors within the business enterprise milieu. It was also supported by a national and international bibliography on relations between graduate study and the productive sector. The research revealed that it is possible to improve relations between the two segments under consideration through public initiatives designed to (a) promote public-private partnerships for incorporating masters and doctoral degree holders into business enterprises, (b) increase enterprise-based training opportunities for graduate students, and (c) implement changes in the curriculum of certain graduate programs. These and other changes, however, require profound changes in the mentalities of all the actors involved, including those both within and outside the university community.