All the major science and innovation activity indicators for Russia have remained largely unchanged over the past 10-15 years. Expenditures on research and development (R&D) have stayed at a low level, with 70% of the funding provided by the federal government. During the last 7 years, the Russian government has introduced a number of instruments to improve research performance and stimulate closer cooperation between universities and companies. This article presents the results of a survey conducted in 2016 among 155 medium-sized technological companies with the purpose of identifying factors that encourage or hamper collaboration with universities in Russia. The survey revealed that the level of cooperation between companies and universities is relatively stable but insufficient. It is not low, especially in the area of educational activities, but it appears not to be growing. Companies often prefer to conduct R&D on their own, without outsourcing tasks to universities. Major problems that companies face in their attempt to partner with universities in R&D include (1) low levels of mutual understanding while conducting research projects; (2) unsatisfactory levels of training of graduate students; and (3) a lack of capability on the part of universities to solve specific scientific and technical problems quickly.