Abstract
Human being while traveling through Rural, Agricultural and Industrial Societies has now reached to the Knowledge Society. With the advancement of Information and Communication Technology, there are now drastic changes almost in every sphere of life. Due to increased competition as a result of globalization and continuous technological improvements, it is imperative for universities to collaborate with industry in order to enhance the distribution of knowledge, growth research and development, patent inventions and shape the nation’s organizational capacity. For this reason, it has become gradually clear that there is a need for close by a university - industry partnership as a means of national economic prosperity. It is obvious from the study of literature that university-industry partnership and their succeeding knowledge transfers are topics of economic, political, sociological, managerial and academic interest. Indeed, technological knowledge is look as a great source of long-term economic growth factor .This paper presents our literature analysis concerning this research topic and explores one particular means of inter-organizational knowledge transfer. The paper begins with the term knowledge. It then discusses knowledge sharing. For Collaboration between universities & Industrial organizations, collaboration policy, needs for collaboration, challenges and benefits of university – industry partnership