Industry–academia collaboration is one of the cornerstones of empirical software engineering. The role of researchers should be developing new practices and principles that enable industry in meeting the engineering challenges today and in the future. This chapter describes the third generation of industrial co-production in software engineering that includes seven steps. The co-production model and experiences associated with its use represent deep and long-term co-production with over thirty companies, many of which are still active partners in Software Engineering Research Lab (SERL).