Economic growth, job creation, social prosperity and international competitiveness depend to a large extent on a country's ability to generate innovations. Academic institutions and the private sector, especially the industry, play key roles in this regard: by providing a research infrastructure, incubating researchers and investing in R&D, they create the conditions for creativity and ingenuity to yield fruitful results. Hence, a close cooperation and interlinking of industry and academia is needed in order to ensure that existing potentials are fully utilized. The study is based on a survey conducted with the two major innovation stakeholders: the industrialists and the universities. Interviews with executives and decision-makers supplemented the survey. The study provides an in-depth understanding of the Lebanese innovation ecosystem, its shortcomings and potentials with a particular focus on the interface between academia and industry. With this study, we want to contribute to putting the discussion about the Lebanese innovation ecosystem on a valid empirical basis and thus identify concrete options for action for academic institutions and the industry themselves as well as for political decision-makers in Lebanon and internationally.