In recent years, industry-academic collaborations have become more common. Such collaborations provide an important source of income for academia and provide an important research resource for industry. Intellectual property, such as patents and know-how, plays an important role in successful collaborations. There are fundamental differences between industry and academia in their approach to such collaborations as there are tensions between the interests and expectations of both parties. Consideration of industry expectations, IP ownership, confidentiality vs public disclosure and benefit-sharing at the outset of a collaboration or partnership can lead to strong and ongoing relationships that result in the successful commercialisation of research outcomes.