Collaboration with universities as ‘knowledge factories’ is increasingly perceived to be an effective and viable solution for firms to gain competitive advantage. One of the main challenges firms face in this area is how to select the best university for collaboration. This selection undoubtedly affects some other strategic activities of firms, such as managing and governing the relationship with the selected university and, most importantly, firm performance. As such, the selection becomes an important strategic decision that deserves a great deal of attention. Thus far, no systematic attempt has been made to investigate this significant area of research. The main purpose of this study is to formulate a decision-making model for university selection. Reviewing existing literature of university-industry relationship yields a list of relevant criteria for this problem. The problem is then formulated as a multi-criteria decision-making (MCDM) model, and a fuzzy AHP is used to provide the solution. To illustrate the model, three Dutch universities are ranked based on the importance of the selected criteria.