Business – University collaborations provide several benefits to their participants and communities, including the opportunities to merge challenging research questions with real-world applications, problem-solving and social welfare. Moreover, companies improve performance through developing techniques, methods and technologies, de-risk investment in research and extend the capabilities and expertise available to the firm. Such collaborations promote new synergies and models that promise mutual potential for Return on Investment by expanding resources and competitive advantages. Consequently, the present article discusses thoroughly various aspects of the issue by referring to good practices worldwide, focusing on specific elements of such collaborations in Greece in the sense that there are lessons to be learned from analyzed structures, programs and actions and their key factors of effectiveness and success. The present article is based on various recent relevant researches due to the broadness of the issue. By using in-depth content analysis, it attempts to merge or differentiate good and effective practices, by underlining the key factors that hold a major role in success such as economic growth and job creation, strengthening local economy, development of a skilled workforce, enhancing learning for students, fostering a culture of lifelong learning and enhancing University and Industry reputations. In this way, the present article aims to provide a comprehensive view by identifying and integrating the key aspects of this inter-organizational relationship that lead to innovation and growth.

Keywords: Universities, industries, collaborations, education, skills, employability.