1 Introduction Competitiveness of modern enterprise increasingly depends on its intellectual assets. Knowledge transfer, innovation development and their transfer into enterprise and university educational processes provide a predominant issue. Partnership of university and enterprise in knowledge management, innovation development and education and training system design are required. Present system changes within the Bologna reform are aiming at connecting the university and enterprise in redesigning university education and connecting it with lifelong learning courses for sustainable development of professionals. Teaching and learning approaches in graduate courses are oriented towards integration of authentic working environments and practical work in diverse ways in order to support practical application of theoretical knowledge. Creative engagements in a design process of learning resources are required, and therefore, it needs to be considered, how to collaborate with experts in enterprises, and how to collaborate with innovators (in enterprise and research centres) in order to provide for knowledge transfer into teaching and learning processes. Virtual simulation-game could offer space for establishing partnership in a design process and maintain it through virtual communities. The paper presents the design process of virtual simulation-game for graduate courses and lifelong learning in the collaboration of university and industry. Engaging in a design process, different cultural values with the climate of cultural sensitivity in the design team of designers, developers, stakeholders and players create a myriad of complications and competing desires or expectations. [40: 213]. Meeting the needs of university and enterprises in designing learning resources in the field with the collaboration of stakeholders assured the validity as a guiding principle in the design process [31:5]. Participation of expert practitioners from the domain knowledge – entrepreneurs in the design process provides higher validity – degree, to which there is correspondence between the reference system and simulated model [31:5].