The author analyses current forms and models of cooperation between universities and business established inRussiabased on the results of complex analysis of the universities’ role in regional development. Main barriers for developing mutually beneficial partnerships have been identified and reasons for their emerging have been analysed. The paper also discusses possible ways of tackling this problem in future. The problem of trust-based relationships between business and academy is examined in the context of the role of business in increasing contribution of federal universities in economic, social and innovation development of regions.