While every collaboration between academic/institutional group and industry will be different in a multitude of ways, there are usually 2 things in common; both parties are interested in supporting the producers of livestock or owners of pets, and both parties want the collaboration to fairly value  their contribution in final product solution. Coming up with that fair and balanced understanding of the inputs and role requires a complete and realistic understanding of each party’s needs. This takes time and patience to understand the elements that have gone into the discovery, the exclusivity/uniqueness of the solution, and the cost and complexity of bringing and maintaining the product on the market. Several examples of successful collaborations will be presented along with suggestions on how to best plan for success in what can be a long, trying and hopefully rewarding relationship.