Purpose: This study aims to illuminate the limited understanding of viable social business among corporate actors in developing countries. It addresses pressing environmental and societal problems, emphasizing the need for corporate participation in sustainable solutions. Additionally, the study explores the transformational business notion linking company achievement with social progress, an increasingly studied concept in management. Design/methodology/approach: Based on a transdisciplinary case study (i.e. a university-industry collaboration [UIC]), this study proposed a structural framework and guiding principles to integrate the academic and practitioners’ different but complementary resources and expertise. Findings: The outcomes could provide insights for social entrepreneurs to perform highly optimal decisions on their organisational strategies, in which the financial-then-social pathway could be an effective social business success mechanism. Originality/value: Besides, the case study also generates each five learning lessons and challenges coping strategies that provide practical guidance on operationalising an effective UIC. The empirical findings contribute to social entrepreneurship and sustainability science literature.