Establishing university-industry partnerships enables the realization of ideas and discoveries to become actual products and services that benefit the public. These partnerships present a variety of opportunities and challenges that academia and industry can navigate together from pre-signing discussions to ongoing collaboration management. Identifying a suitable partner requires a keen understanding of both parties' needs and how they align. Effectively articulating the objectives of each party is crucial, as is including essential elements in any agreement to ensure clarity and mutual benefit. Once the agreement is signed, the real work begins. This panel of experts from both academia and industry will address these critical aspects of partnership building and management. They will explore common roadblocks and share strategies for overcoming challenges, offering valuable insights for anyone looking to foster successful collaborations.