Intense global competition, rapid technological change and shorter product life-cycles have transformed the current competitive environment. Organizations have faced increasing challenged in order to sustain their long-term success and prosperity. To meet those challenges, universities and firms have been forced to establish more formal and effective co-operation with each other to replace existing informal methods. Co-operation between industry and universities has been increasingly discussed and studied. This type of dialogue is useful because of the changing economic structure of universities and the increased gap between public funding and the cost of research.