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Knowledge is one of the most important strategic resources in industrial organizations. Knowledge sharing is a mechanism to capture, disseminate, transfer, and apply useful knowledge. For these reasons, knowledge sharing has become a strategic issue as a source of funding for university research and as a policy tool for economic development for industrial organizations. Collaborations between universities and industrial organizations can play an important role in the areas of knowledge sharing. There are many factors that can affect collaboration between industrial firms and universities. This chapter begins with the description of the term knowledge. It discusses knowledge sharing and collaborations between universities and industrial organizations and the importance of communicational channels, especially information and communication technologies and university libraries. Finally, this chapter proposes a conceptual model for knowledge sharing collaborations between universities and industrial organizations.