Collaboration among academia and industry is a long aspiring vision of every country to promote innovation and commercialization. A deeper analysis of collaborative efforts among this triad may reveal significant aspects to look for well informed decision making. The purpose of this research is to conduct the SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of collaboration in engineering education, research and practices in Pakistan. The study attempts to identify strengths and weaknesses of the current collaborative strategies; opportunities for establishing strong and rewarding relationships, and threats that may hinder development of this association. It further provides practical schema to establish productive association between the two partners through creative leadership, effective strategic partnership, and systematic modus operandi to way forward with implications for academics, researchers, and industry. The research is qualitative in nature, based on interpretivist approach. The data is collected by using focus group and semi-structured interviews of experts in industry and academia; primary data obtained by these tools is analyzed by using thematic analysis through open and axial coding. The study identifies the barriers in collaborative efforts, and delineates the roles of industry and academia to overcome these barriers along with SWOT matrix in the context of Pakistan