Universities are increasingly required to address societal challenges in teaching and research as their third mission (TM). We took an educational-psychological approach to assessing parameters which support university members in setting goals and taking action for TM activities. For that purpose, we conducted semi-structured qualitative interviews with the deans of all 19 faculties at the University of Vienna assessing opinions and recommendations related to the TM. In addition, we conducted interviews with 23 TM actors and a university-wide online survey to capture current TM activities. Key requirements for implementing the TM were improved visibility and explicit appreciation of related activities.