Reference models are important research results with practical relevance that support companies in their digitalization initiatives. One of the challenges in developing reference models is the access to “implicit” practical knowledge that is created when technologies are implemented and used. This article illustrates how consortium research—as a multilateral, institutionalized collaboration between researchers and practitioners—facilitates knowledge transfer and the rigorous development of reference models. For the case of the Data Excellence Model (DXM), we illustrate the iterative (re)design of a reference model, which was developed by 15 companies and researchers from three universities. Based on these experiences, we derive recommendations for developing reference models in research collaborations between academics and practitioners.