I've been the academic partner in several joint research projects with industry, and the industry partner in about the same number of joint projects with universities. My advice for people doing that is below; I'd be grateful for comments about what yours would be.

If you're in academia:

  1. Be open.
  2. Remember that companies work in weeks, not seasons.
  3. Value action over insight.
  4. Don't hesitate to sacrifice detail for clarity.
  5. Apologize in advance for the state of academic publishing.

If you're in industry:

  1. Remember that academic success is measured in publications, not sales.
  2. Remember that universities work in seasons, not weeks.
  3. Do the background reading.
  4. Don't overstate what has been learned.
  5. Apologize in advance for the state of your data.