This article discusses different approaches to evaluating a knowledgeexchange programme designed to foster closer university–industry interaction. It shows how the same policy or programme can be understood and thus evaluated in a number of ways. First, a particular knowledgeexchange programme evaluated by the authors is described. The article then outlines four different methodologies that can be used to evaluate the programme, and assesses it from the perspective of each, outlining the respective strengths and weaknesses of the approaches. The first two evaluation approaches, programme theory evaluation and outcome analysis, tend to be applied in ways that privilege the policy/programme makers’ worldview, and in this sense may be considered ‘management-oriented’ approaches; the second two approaches, policy discourse analysis and qualitative network analysis, are often applied in ways that incorporate a critical stance to this worldview, and may in this sense be considered ‘non-management-oriented’ approaches. The validity of a policy or programme evaluation can be enhanced by adopting a multi-methodological design incorporating both types of approach. Stakeholders are more likely to learn from a programme/policy evaluation and to be receptive to its conclusions if their differing perspectives and success criteria are incorporated into the evaluation.