The paper presents initial findings from a study of cross-sector commercially-focused R&D collaborations in the Australian Cooperative Research Centre (CRC) Program. The study focuses on how effective collaborative relationships are built between organizations with divergent interests and cultures and different approaches to commercialization. Findings are reported from the first case study interviews. Analysis of the transcribed interviews has produced 16 themes on the management of CRC collaborations. The theme on the management of intellectual property (IP) is discussed. IP management represents a major source of risk to collaborations, and the issues identified reveal much about the trust dynamics involved.