Research universities benefit from interacting with industry in many ways; this is most important, perhaps, because such interaction improves the capacity of universities to obtain funds to strengthen their basic research and graduate training programs and to support the facilities that make those programs possible. Research sponsored by industry provides students and faculty with exposure to real-world problems and with an opportunity to work on intellectually challenging puzzles whose solution might be of immediate importance to society at large. A more intimate relationship is required between the source of technology – whether it be a university, a company, or a government laboratory – and the user of the product that incorporates the technology. The university, as a source of science and engineering, thus changes from being at one end of a funnel to being part of a circle, which involves continuous interaction with the market place. There are significant benefits derived from the interaction of universities and industry to meet the professional development education and training requirements. Their partnership also result in increased potential revenues among the partners and an expansion of contacts and resources from bothsides of the partnerships. Additional benefits include enhanced reputations for all involved and increased business development opportunities with other similar affiliated type programs. For university faculty, the collaboration provide much-needed exposure to practical applications and industry trends and, in turn, enhanced faculty development, equipment procurement, and other resources for research and consulting.