There are many benefits of university-industry collaborations in the field of human factors and ergonomics. Such collaborations can yield high-quality scientifically based solutions to industry challenges and provide unique opportunities for students to work on complex and interesting problems. However, there are also challenges that can impede the success of these collaborations such as mismatched expectations, unclear communications, and bureaucracies on both sides. For this discussion panel we have two university researchers and three industry members. Wc will discuss benefits and challenges of university-industry collaborations, share experiences from how we have been able to maximize the benefits and minimize the challenges, and have an interactive discussion with the audience regarding how best to facilitate successful university-industry collaborations.