One of the most significant cooperative industry–higher education projects in Europe during the past decade has been EuroPACE, the European Programme of Advanced Continuing Education. In January 1993, EuroPACE ceased its broadcasts and re-entered the planning process. By the time this article has been published, EuroPACE should again be broadcasting, but with a somewhat different format and content. In this article, Bill Weimer presents a brief history of the first five years of EuroPACE and analyses the project. He examines key assumptions and decisions made, points out those which now appear to have been in error, and lists the lessons learned. Many of the assumptions and decisions made were correct; some of these are also discussed. This article will contribute the experience and lessons learned by EuroPACE to other joint industry–higher education projects. It may help them to avoid making some of the same mistakes.