This article presents and discusses a set of lessons learned by a large industry in the Brazilian aerospace sector on the planning and execution of high risk, high-technology content innovation projects (technology development) in partnership with academic institutions. It summarizes the key points that the project managers involved in this study regarded as crucial to the successful planning and execution of this particular type of project. Even though most of the points discussed in the article are already covered in the present body of literature on project management, these contributions are too general in their approaches and do not take proper consideration of the specific aspects or characteristics of the projects that are the focus of this study. It is suggested that the lessons discussed in the article, in spite of being based on a research carried out in just one company, be used as a reference not only by other engaged companies that need to generate practical results for projects being executed in partnership with academia, but also for researchers interested in advanced studies in the area of project management.