University–industry (UI) collaborations have become increasingly important for driving innovation and economic growth. However, navigating the complex landscape of intellectual property (IP) rights can be a significant challenge. This chapter explores the various types of IP that may arise from such collaborations, including patents, copyrights, and trade secrets. It delves into the distinctions between foreground IP (FIP), generated through collaboration, and background IP (BIP), pre-existing or generated independently. The chapter examines the interests of both universities and industry partners, highlighting potential conflicts and areas of negotiation. Universities prioritize publication, avoiding encumbrances, and fair remuneration, while industry seeks freedom to operate, exclusivity, and fair pricing. To mitigate these challenges, the chapter proposes strategies such as clear IP definitions, careful consideration of FIP and BIP scope, and well-crafted contractual agreements. It also discusses the importance of addressing issues related to student involvement, government rights, and third-party obligations. By understanding these complexities and implementing effective strategies, universities and industry partners can maximize the benefits of their collaborations and drive innovation.