Currently, the world is tackling the ongoing Industry 4.0 Revolution, and the increasing need for industry-university research collaborations to solve pressing problems is highlighted in this paper. In many cases, solving these problems requires multidisciplinary and practical input to realise genuine advancements. In this regard, two case studies of successful industry-university collaborations are presented; the first is on addressing critical water pipe failures, and the second on the smart transport pavements. The first project used purely industry-university collaboration paradigm, while the second followed Australian Research Council’s Industry Transformation Research Hub Scheme. By reviewing these large collaborative projects and the experience gained through other relatively small collaborations, general observations for effective collaborations are presented. At the same time, the potential impediments to effective collaboration are also highlighted, along with possible ways to overcome them.