University–industry collaborations are an important driver of innovation that highlights the benefits of collaborative processes across organizational boundaries. However, like in most collaborative processes, many challenges remain when trying to manage the process of knowledge sharing and interaction in university–industry partnerships. In this chapter, the authors specifically investigate how leadership as a managerial dimension facilitates collaboration within university–industry joint laboratories. The authors present an explorative and inductive case study of eight joint laboratories set up by Telecom Italia within five major Italian universities. The results show that the laboratory directors play a crucial role in providing a dynamic and socially active working environment, which is enabled through a process of sensemaking and sensegiving. The authors, moreover, find that this process plays a crucial role by shaping effective communication channels that facilitate knowledge sharing and transfer of information. The authors find that this process ultimately acts as a mediator between charismatic leadership on the individual level and distributed leadership on the collective level.