<p>University-industry engagement has fostered innovation, economic growth, and social transformation. This article explores the evolving landscape of university-industry collaborations, emphasizing the shift from traditional technology transfer mechanisms to structured skill and competencies transfer partnerships. These partnerships foster knowledge co-creation, capacity building, and long-term strategic engagement in emerging technology fields such as artificial intelligence and sustainable technologies. Furthermore, the article discusses how universities serve as central nodes connecting academic research, industry needs, and public policy initiatives through innovation ecosystems and hub-and-spoke models. Key challenges in such collaborations include flexible governance structures, aligning institutional interests, and the integration of artificial intelligence into knowledge transfer. By presenting empirical and conceptual perspectives, this special issue aims to increase understanding of the impact of university-industry interactions and provide guidance for policymakers, academics and managers in this complex yet transformative domain. Future research directions are also proposed, considering the current significant challenges in the context of university-industry engagement.</p>