In the modern business environment, University-Industry Collaboration (UIC) has emerged as a dynamic mechanism for knowledge co-creation and a way for firms to reach and sustain a competitive advantage. Collaborative university-industry (CUI) PhD projects offer a way to translate academic research into practical industry applications. Prior research emphasises the importance of prior UIC experience for firms to achieve successful knowledge related outcomes in UIC. This study explores how firms with limited UIC experience can effectively navigate the challenges and harness the benefits of such collaborations. In the context of Manufacturing Academy of Denmark (MADE) program, we investigate CUI PhD projects as pathways for fostering learning environments and generating valuable knowledge outcomes. Examining multiple cases, we identify themes that could help less experienced firms to navigate their success in UIC. Our findings underscore that careful project planning and design, strategic use of intermediaries, and fostering a firm-wide attitude of commitment play pivotal roles in enabling successful collaborations. This paper offers actionable insights that bridge the experience gap, providing practical guidance for firms aiming to unlock the full potential of UIC collaborations. By strategically embracing these approaches, less experienced firms can effectively navigate the intricacies of collaborative projects, enhancing their ability to thrive in the dynamic intersection of academia and industry.