<jats:p>Universities suffer from the impact of (1) life cycles associated with technological innovations, (2) the globalization of the economy and culture, (3) the educational needs of an increasingly knowledge-driven society, and (4) the training needs for high-performing professional activities. Solutions to these factors may be found in a positive attitude toward knowledge sharing and collaboration relationships. Collaboration has been considered a way to address the challenges of the 21st century, fostering the necessary innovation, growth, and productivity for all parties involved. Several studies reveal that collaboration can be strongly influenced by knowledge sharing. Collaboration relationships, besides the creation of new knowledge, may result in several outcomes and benefits for the university and society. This chapter aims to address and discuss the university challenges in the collaboration relationships with the industry based on the main results of some empirical studies developed during a research project. </jats:p>