The relationship between Companies and Universities should clearly be founded on market orientation through an effective exploitation of research results. It is therefore essential for academic institutions to have an in-depth knowledge of the needs of the productive sector so as to strengthen the innovation process together with the companies they work with. The endorsement of new Open Innovation models, with increasing involvement of end-users to accelerate the exploitation of R&D&i results is a key aspect in terms of attaining this goal.

University-Business collaboration should focus on the fulfilment of the following objectives:

• Valorising R&D and making results and activities visible.
• Increasing the exploitation of the results generated by technological research.
• Promoting the technological demonstrator and Living Lab concepts, attracting strategic collaborations around key research lines.
• Fostering entrepreneurship in technology-based companies.

• Disparate commercial interests between Companies and Universities.
• Limited market orientation of academic institutions.
• Difficulties in the exploitation of research results.
• Delayed involvement of Companies in the research stage.
• Lack of awareness of entrepreneurial needs by research groups.
• Lack of awareness of open collaboration models, such as the Living Labs.
• Limited attention to entrepreneurship in University teaching programmes.