The purpose of this paper is to shed light on the relational capital of universities, within the new context that requires combining research, education, third mission and internal relations. Our investigation, following a dynamic approach, aims to answer the following RQ: "How is relational capital generated in universities?” From a methodological point of view, we address the research question by adopting a qualitative research approach based on a case study. The case chosen focuses on the foundation and development of a scientific observatory on gender issues entitled “Ipazia”. All relationships built in order to merge research, teaching and third mission within universities will be analyzed and discussed. The researchers, personally involved in the creation of this scientific observatory, acted on that situation with a double role. They acted as “academic entrepreneurs” and simultaneously as researchers, analyzing processes and outcomes. The main benefit of this approach is the ability to develop insights into the implementation of management innovations in organizations, increasing the degree of awareness of the involved actors. The analyzed case study allows us to investigate how the use of relational capital enables universities to combine research, education and third mission. We state that actors who are officially in charge of the initiative (i.e., the promoter, the Scientific Committee, etc.) have an influent role in generating, along subsequent steps, the relational capital of the university. Actually, the transformation of a cultural initiative, mainly based on informal relationships between academics, into university relational capital, here intended as high quality relationships between the organization and engaged stakeholders, is a journey that requires a participatory approach. Finally, we posit that effectively managing relational capital is a key factor to creating value in universities. Our research project aims to extend the analysis of relational capital of universities under a dynamic approach that sheds light on the initiatives to be performed in order to generate relational capital. This project could allow us to gain a greater understanding of a relevant subject, especially for those, scholars, managers and politicians, who are involved in developing and managing institutions of higher education.