Accelerating climate change, widening income inequality, and depleting natural habitats prompted 193 member-countries of the United Nations to adopt 17 Sustainable Development Goals in 2015. But worsening conditions have proven that governments alone cannot tackle these problems, and many have called for more active engagement of businesses in addressing grand societal challenges. Despite this renewed sense of optimism in how private actors can contribute to the common good in partnership with public actors, little is known about the types of public-private collaborations available to governments and the difficulties in partnering for grand challenges. In this just-published article, Professor Gerry George and Postdoctoral Fellow Thomas Fewer, along with their colleagues, identify the inherent complications in solving grand challenges, and the exemplar models of public-private partnerships that could help governments and businesses work together toward this end. Their perspective brings significant implications for policymakers, academics, and business leaders to reconsider how to create and sustain innovative collaboration structures that have a lasting impact on the world.