There are three different types of activities performed in higher education institutions that, taken together, form the components of a trilemma in higher education. These include traditional academic activities (research and teaching) and those that aim to transfer knowledge beyond academia (industry-oriented activities). The increased use of digital technology that has resulted from the replacement of face-to-face encounters with digital interactions, or digitalization, is leading to transformations in higher education and is affecting the trilemma; universities face new challenges, and opportunities are emerging. Drawing on lessons learnt from COVID-19, the author explores whether digitalization is helping to bridge the gap between academia and industry.