Cooperative research relationships between universities and industry are discussed. Attention is directed to the following topics: historical developments in university-industry relationships; the motivations and expectations for research relationships among the two sectors; the range and variety of research relationships currently engaged in by universities and corporations; the variety of roles, perceptions, and organizational structures within companies and universities relating to university-industry connections; the role of individual contacts and initiative in the development of relationships; the appropriate roles of universities, nonprofit entities, industries, and government in the initiation and development of such enterprises; and issues and problems in university-industry research relationships. In addition to describing federal government actions over the past decade, the findings of several studies commissioned by the National Science Foundation are considered. Finally, a hypothesis concerning the general line of future development is set forth, and some likely specific activities are discussed. It is concluded that in both academic and industrial circles there are positive expectations about the future of mutual exchange and about the contributions that these interactions can make. (SW)