In an increasingly innovation-driven economic environment, universities serve as engines of economic growth by igniting innovation, fueling entrepreneurship, and inspiring the next generation of scientists and professionals. While universities are committed to enhancing their economic impact, university 'economic engagement' is in many ways an emerging field. This research investigates key strategies used by US research universities to drive economic engagement by analysing 55 successful applications for the Innovation and Economic Prosperity (IEP) University designation, which consist of extensive self-study exercises, using a grounded theory approach. Six key strategies emerge from this corpus: forming mutually beneficial partnerships with industry, developing collaboration networks with relevant communities, building an innovation culture, supporting researchers in bringing research outcomes to market, promoting the transfer of new technologies to industry, and encouraging entrepreneurial activities. These results can serve as a guide for universities seeking the best-practices to advance their economic engagement.