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Purpose The innovation process demands an interaction between environment agents, knowledge generators and policies of incentive for innovation and not only development by companies. Universities have gradually become the core of the knowledge production system and, therefore, their role regarding innovation has become more important and diversified. This study is aimed at identifying the mechanisms of university–industry (U–I) collaboration, as well as the operationalization steps of the U–I collaboration process. Design/methodology/approach This study is aimed at identifying, based on a systematic literature review, the mechanisms of university–industry (U–I) collaboration, as well as the operationalization steps of the U–I collaboration process. Findings The analysis of the 72 selected articles enabled identifying 15 mechanisms of U–I collaboration, proposing a new classification for such mechanisms and developing a framework presenting the operationalization steps of the interaction process. Originality/value In this paper, the authors screened nearly 1,500 papers and analyzed in detail 86 papers addressing U–I collaboration, mechanisms of U–I collaboration and operationalization steps of the U–I collaboration process. This paper provides a new classification for such mechanisms and developing a framework presenting the operationalization steps of the interaction process. This research contributes to both theory and practice by highlighting managerial aspects and stimulating academic research on such timely topic.