Partnerships between academia and industry continue to be an important aspect of aiding in providing educational and research opportunities to advance the agriculture industry. Funding for applied research and extension continues to be difficult to both secure funds and develop long-term strategic partners. Understanding what industry partners are seeking in terms of strategic initiatives and corporate missions will be important in securing a long-term partner. In addition, extension needs to develop programs and other opportunities that will target a broad geography, deliver science-based outcomes, and aid in the implementation of these outcomes utilizing the latest technologies. Industry partners are actively seeking academic partners with a strong reputation in their field of interest who can deliver within a timely manner on tasks set forth by both parties. Academia would benefit by using more power of persuasion, salesmanship, and clearly illustrating to an industry partner the ROI for both parties. Once the right partner is chosen, articulation and documentation of terms, executing a contract that respects the integrity and commitment of all parties as well as timely delivery of outcomes is imperative to continued collaboration. Some significant roadblocks in negotiations between academia and industry occur during the processes of valuation, IP ownership, indemnification, royalties and conflict of interest. Often, academia representatives do not have enough information to understand the market factors during negotiations, however, industry has proprietary issues that restrict corporations from sharing information with regard to risk mitigation and value assessment for given products and markets. Lack of knowledge surrounding industry constraints coupled with the inability to share knowledge from industry can make negotiations and partnerships difficult. Enhanced appreciation for constraints, instead of focus on incentives, is required to share ideas and develop long-term partnerships.