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University-industry collaboration is increasing its significance due to the active role that society demand from universities. An entrepreneurial university requires understanding the different rationalities and asymmetries of university, researchers and industry in order to best encourage inter-organisational willingness to collaborate as well as to know the impact of their collaboration beyond the boundaries of their partnership. This paper presents an exploratory and conceptual framework providing propositions to gain a better understanding concerning the factors driving and hindering interactions and the willingness to collaborate between university-industry actors. In addition, this research discusses the relevance of the type of impact (economic, technological and societal) of this collaboration as agents of an eco-system accomplishing innovation goals. It concludes with theoretical, managerial and policy implications based on asymmetries on expectations, benefits, capabilities, norms and actors-agency. Such asymmetries affect the entrepreneurial predisposition to interact and strive to achieve societal desirable collaboration outcomes. A preliminary collective actions framework is proposed. Such framework renders a useful tool for universities, industry and government in the management of knowledge transfer and collaboration. [ABSTRACT FROM AUTHOR]