The chapter seeks to examine how the different development phases of the local ICT industry are connected to the evolution of its resilience capacity. Exploration of the ways resilience was constructed allows specific scrutiny of the universities’ roles through industrial development. Universities can play a positive role in these developments, but they must avoid short-termism, so that they can contribute effectively to path-breaking and not to the extension of lock-in activities. We present a case study of the evolution of the Nokia-led ICT industry in Tampere, Finland. Tampere continues on a knowledge city path after a fast-paced ICT industry transformation.