This article focuses on theoretical foundations, conceptual approaches and practical implementation of collaboration between universities and business within Industry 4.0, as well as the possibilities to reduce the divide between the university education market and the job market. The methodological framework of this article is characterised by a combination of the theory of collaboration between universities and industry, innovative development of companies, formation of Industry 4.0, digitalisation of the world economy, etc. This article describes the key provisions of the theory of collaboration between universities and industry, which are implemented through the concept of the triple helix, which, under the conditions of digitalisation and globalisation, can transform into a multi-helix; determines the features of Industry 4.0 and its main tools that can influence the partnership of science and business; characterises the key forms and means of implementation of collaboration between scientific and business structures; emphasises the increase in the role of universities as centres of training of specialists for new conditions of the technological transformation within the concept of life-long learning; provides examples of international collaboration between universities and industry and analyses its parameters. This article generalises theoretical approaches and offers regarding the reduction of the divide between the job market and the university education market due to an increase in the role of universities within their collaboration with business in the direction of the use of current forms of cooperation and their expansion with the application of Industry 4.0 tools.