Collaborations between academia and industry can serve as a vital tool, bringing together all available resources and knowledge from both parties to cope with the rapid pace and complexity of technological evolution and the demand for innovative solutions to pressing societal problems. However, despite their potential advantages for both sides, industry-academia collaborations still appear to be difficult to establish in practice. Frequently, it seems, those collaborations are not even put in place even if they could be advantageous for both parties. Therefore, this whitepaper encompasses a comprehensive examination of existing collaboration models between industry and academia and serves as a guide for the future appropriate and successful establishment of collaborations.