Preliminary findings from a 2005 survey of Co-operative Research Centre (CRC) project leaders are presented. The results provide initial insights in the nature and outcomes of commercially-focused CRC projects. Such projects are modest in size and budget, are focused on producing new technologies, and are seen by partners to be risky. Project teams tend to have the necessary project management capabilities and effective communication processes. The projects are experienced in positive terms by the partners, and positive collaboration experience is associated with positive project outcomes. The preliminary investigation of an initial sample is the first step in a more detailed analysis aimed at testing a theoretical model explaining the factors determining collaboration experience.