The importance of cooperation between higher education institutions (HEIs) has increased and allows the development of competitive advantages, particularly through the transfer of knowledge and technology. Establishing well-conceived and well-managed cooperation networks can bring benefits and overcome obstacles. This article assesses the importance of cooperation between HEIs, characterizing the type of partner suitable for the establishment of cooperation and analysing the benefits and barriers that may arise. To achieve this objective, a qualitative approach based on a case study was adopted. Portuguese HEIs cooperating in the Business Simulation (BS) project were analysed. The results obtained reveal that cooperation between HEIs, more specifically in the BS project, is fundamental for the exchange of knowledge, the acquisition of new technology and platforms, and the acquisition of new work practices. However, it will be necessary to overcome barriers, principally of a more technological nature. This study uses a new and innovative structure, employing a model that expands knowledge on the topic by identifying three dimensions that influence cooperation between HEIs. The authors also present implications for theory and practice and propose an agenda for future research.