(en) In today’s economy, universities are seen as a central source of knowledge for the firms. Innovation policies therefore encourage University-Industry collaborations in the hope that it will lay out the overall framework for an efficient transfer between partners. In this work, I recognize the central role of universities in the innovation process but I question the belief that knowledge is per se flowing between private and academic partners in such collaborations. Focusing on the joint R&D projects financed by the Competitiveness Clusters of Wallonia, the thesis explores knowledge exchanges as they happen, influenced by their material and social circumstances, through a situated approach. In particular, I propose to explore the impact of power exercises between partners on what is learnt, how, and by whom.