University-industry relationships can bring significant benefits to the university, the company and the individual researcher, but there is also the potential for risks to all parties. This paper presents the potential rewards and risks from university-industry relationships and the related opportunities for economic growth and job creation. The author describes how conflicts of interest and conflicts of commitment (COIC) can have potential adverse effects for society, research institutions and individual researchers. He provides information on managing COIC to avoid risks and gives examples of COIC situations and how they might be dealt with. The final section of the paper includes references to sources of information on appropriate policies and procedures for dealing with COIC. (Contains 6 notes.)