Universities are increasingly investing resources into third mission activities, where they share and exchange knowledge with public/private partners and the surrounding society. As a result, there is also an increase in available collaboration opportunities, especially those targeting small- and medium-sized enterprises (SMEs). With the increasing focus for universities to build collaborative relationships with SMEs there is, however, a scarce understanding of what would make SMEs interested in engaging in collaborative relationships with universities. Drawing on interviews with SMEs, this report identifies when and why SMEs want to be involved in collaborations with universities. The identified reasons are related to perceptions about how relevant, valuable, and efficient the collaboration would be for the SME. This report identifies factors that increase the perceived relevance, value, and efficiency of collaboration for the SMEs, and hence, result in a positive attitude towards and interest in collaboration. The report concludes with recommendations for leaders and coordinators of university-SME collaborations. The key value of this report lies in giving SMEs a voice by expressing their preferences for collaborations with universities.