University-Industry Collaboration (UIC) creates highly skilled and productive business graduates for meeting demand of industry, globalization, knowledge economy, and job market at home and abroad. In coping with ongoing acute competitive pressures of the information edge, higher education curricula of business needs to be intellectually planned, through collaboration between university and industry and developing more connectivity among different stakeholders. Examples of such successful co-operation are well manifested in several countries especially in USA, created interest elsewhere to evaluate university industry link programs. The present research has collected primary and secondary data from one public university (University of Chittagong) and one group of industries (PHP group of companies) for the study purpose. This study employed both qualitative and quantitative research instruments which have identified some criteria in order to develop a framework which are 5C such as (i) comparability, (ii) credibility, (iii) consistency, (iv) cost-benefit, and (v) culture. The Cone Model for university-industry collaboration has also been used in this paper.