Abstract—Research in fast-evolving technologies like AI & ML requires the collaborative effort of various stakeholders including industries and universities. In developed economies, industryuniversity collaboration (IUC) is mature and delivers benefits to both stakeholders. In a developing nation like India, there is relatively less emphasis on IUC and when present, is restricted to a small set of premier institutions. At the undergraduate level, the collaboration between industry and university is very minimal to none. This poses major challenges to industry (insufficient qualified talent pool, higher cost of training fresh recruits, limited choice of external research partners) as well as universities (curriculum lagging latest technology, not reaching full research and innovation potential, source for research funding). This paper summarizes the IUC effort undertaken by Intel Technology India Ltd and the Center for Innovation and Entrepreneurship at PES University to create mutually rewarding outcomes for both partners and describes a new model encompassing technology, innovation, and entrepreneurship in addition to the traditional elements of IUC. We present the IUC considerations and processes adopted to deal with the challenges and share the outcomes and impact at the end of two years of engagement and hope that key aspects of this IUC can be leveraged by other industry and university stakeholders for mutually rewarding outcomes.