The vision of collaboration between government, academia, and industry is one of the greatest opportunities. Each stakeholder brings to the table talent, resources, and differentiated perspectives that, together, create a forceful whole in addressing problems and projects. Unfortunately, great opportunities do not always turn into reality. Collaboration successes between government, academia, and industry in Pakistan are rare. The aim of this research is to foster close working and understanding between business and higher education so that excellent learning and research can develop the international competitiveness of both sectors and the capabilities of graduates and those already in the workforce. This paper reflects the results of surveys with over 30 Pakistan businesses and academia. A Framework for Academia-Industry Collaboration in Pakistan and Scope of Activities has been recommended. In addition, the potential barriers, which are main hurdles in making such collaborations, have also been identified through surveys. Strategy to bridge all those gaps is also elaborated.