An industrial research management framework is applied to universities. Drivers and barriers are reviewed as is the conflict that whilst the national economic need is for universities to transfer complete, relevant and timely research to industry, the driving force within universities is to generate research that may well be relevant in the future but by its nature is rarely timely or complete. The framework indicates preferred strategies for university/industry collaboration and also reveals a typical university research strategy which is quite different from a typical industrial one. In particular, in those universities where the pressure is on departments to maintain or improve their research rating as a priority, growth of near market activity would appear to be a poor strategy. Conclusions are drawn identifying clear directions for industry and universities.