This article discusses mechanisms, enablers and barriers for knowledge transfer in university-industry collaboration projects involving companies, students and researchers. Data is collected through 35 qualitative interviews with Danish and Norwegian representatives from the above categories. All respondents have been involved in collaborative projects, such as student-industry cooperation or collaboration projects between scientists and businesses. This research shows that to secure real value adding through knowledge transfer in university-industry collaboration projects, it is important that the involved parties view each other as equal partners. It is argued that creating a better understanding of roles and competences of the involved parties can help diminish this problem. A final conclusion is that continuous knowledge sharing throughout the project seems more highly valued by the involved parties than a final report does. Best practice for collaborative projects is suggested.