The purpose of this research was to generate theoretical contributions on the formation of human capital within the shared action University - Company, to promote competitiveness and sustainable development through knowledge management that meets the real needs of society. The study is considered as a field research of descriptive-interpretative type supported by a documentary research; methodologically framed in a qualitative research, with an onto-epistemological approach of dialectical-systemic type of interpretative character and supported by the postulates of Pandit's Grounded Theory (1996). The investigated scenario includes: Research, Extension, Postgraduate and Undergraduate Deanship of the universities considered as units of analysis, and training departments of the companies. The key informants were: area directors and department heads. The following research techniques were used: online document review and structured interview. Data collection instruments used were: the diary and the questionnaire.