Background: Companies can only capitalise on research that is relevant to their problems, usable in practice and brought to their attention. Such high value research almost always requires academic and industrial collaboration. Problem: Many academic information systems and software engineering researchers struggle to engage industry in their research. Aim: To investigate the gap between academic research and industry participation in information systems and software engineering. Method: An analysis of UK and Australian Research Council funded information systems-related projects in which companies and academics are currently collaborating. Outcomes: Only 20-30% of research council funded information systems-related projects have industry collaborators. Many collaborators in research projects are in the public sector and have been involved with research previously. Impact: Our results can contribute to increased industrial collaboration in research projects by helping researchers to identify projects most attractive to industrial collaborators and to target companies most likely to agree to participate in research projects.