Purpose: This article investigates the reasons for collaboration and the barriers to cooperation between universities and industry organizations. In an increasingly integrated world, cooperation between universities and companies is likely to grow in forthcoming years. Design/methodology/approach: The approach taken in this article differs from previous works in the sense that it reveals the psychological frameworks that academics and managers hold about collaborating with each other. Data come from a survey of academic and managerial staff working in several universities and companies in Portugal and Finland. Findings: Overall results show that academics still see companies as information sources for their researches, but they are also willing to participate in joint projects in which academic knowledge is not the sole output. Originality/value: Provides information for companies and universities with regard to how to embark on such cooperative endeavors. (Contains 5 tables.)