This chapter presents a real-world example describing the management of a translational research & development (R&D) project conducted within an academic institution for taking a water quality sensing technology to market. We conducted a two-year qualitative case study using an ethnographic data collection methodology to document and gather information describing the project’s design and innovation management. The project described in this chapter followed a novel translational R&D model and methodology and intended to commercialize the research outcomes through a business startup that would spin-off from the university. Following the new framework helped the project team initiate, plan, execute, and close the translational R&D project orderly and systematically. Universities that want to embrace translational R&D as part of their research enterprise should adopt several initiatives to help institutionalize best practices to encourage fundamental and applied researchers to participate in joint translational R&D projects. The chapter summarizes the experience of utilizing the translational R&D approach at a university that can help readers understand the benefits and complexities associated with the approach.