Starting in 2002, Arizona State University (ASU) began a rebranding effort to transition from having a reputation as a top 10 party school to being known as a prestigious research institution. Over the last 15 years, ASU has successfully reached some of these goals, eventually being named the #1 most innovative university in the country by the U.S. News and World Report. Part of this success can be attributed to the university's communication and marketing efforts, which seek to improve the university's reputation and build relationships with stakeholders. This study analyzes ASU's communication entities, how they interact and what messages they push out to stakeholders, particularly in regards to the #1 in innovation award. Primary research in this study looked at keywords used by different stakeholder groups affiliated with ASU, how they viewed ASU's reputation and how they receive communication from the university. Overall, the closer the relationship with ASU, the more positively the respondent viewed the university. Perception also varied based on geographic location and proximity to the university. Innovation is clearly a key brand perception of ASU from stakeholders, and the party school image is still persistent among those not affiliated with the university.