Academics engage with industry for various reasons, with research-related motivations often outweighing commercialization. A survey of UK academics in physical and engineering sciences found that most engage with industry to support their research rather than to commercialize their knowledge. However, the channels of engagement differ: patenting and spin-off companies are driven by commercialization, while joint research, contract research, and consulting are motivated by research-related goals such as learning from industry and accessing funding. The paper argues that policy should focus on broader incentives rather than monetary ones to promote university-industry interaction. It highlights that while commercialization is often seen as the main driver, academics' motivations are more diverse, and industry engagement often benefits academic research. The study also notes that collaboration with industry can enhance research output and generate university benefits through better research evaluations and funding. However, policies emphasizing commercialization may overlook the research-related benefits of industry engagement. The findings suggest that university-industry collaboration is most beneficial when it supports academic research without compromising academic freedom. The paper concludes that the entrepreneurial university model may be premature, and that a more balanced approach to university-industry relations is needed.Academics engage with industry for various reasons, with research-related motivations often outweighing commercialization. A survey of UK academics in physical and engineering sciences found that most engage with industry to support their research rather than to commercialize their knowledge. However, the channels of engagement differ: patenting and spin-off companies are driven by commercialization, while joint research, contract research, and consulting are motivated by research-related goals such as learning from industry and accessing funding. The paper argues that policy should focus on broader incentives rather than monetary ones to promote university-industry interaction. It highlights that while commercialization is often seen as the main driver, academics' motivations are more diverse, and industry engagement often benefits academic research. The study also notes that collaboration with industry can enhance research output and generate university benefits through better research evaluations and funding. However, policies emphasizing commercialization may overlook the research-related benefits of industry engagement. The findings suggest that university-industry collaboration is most beneficial when it supports academic research without compromising academic freedom. The paper concludes that the entrepreneurial university model may be premature, and that a more balanced approach to university-industry relations is needed.