The evolving cut-throat competition, shorter product life cycle, rising demand for technological innovation, volatile market conditions and the ever-increasing cost of research provided sound justification for the organizations to foster collaboration with the institutions of higher education. University-industry collaboration is instrumental in fortifying the ability of the universities to undertake high-quality research and enhance the capability of the firms to compete globally. Through mutual collaboration Industries are able to access to qualified researchers, professionals, experts and knowledgeable faculty as a consultant, latest and innovative technologies and new methodologies along with access to universities’ state-of-the-art labs, tools and facilities of universities on the other hand Universities may access to empirical data for research, obtain basic research funding and necessary financial support, Transfer of applied research to the industries and exposure of the faculty and students to the practical real-world problems.