Abstract In a knowledge‐based economy, university–industry collaborations play a pivotal role in driving innovation and economic growth. This study investigates the research orientations of these collaborations, focusing on the balance between basic and applied research. Using data from 631 collaborative projects funded by the French Cifre PhD programme, we find that most projects emphasize basic research (61%), contradicting the common expectation that industry‐led partnerships primarily focus on applied research. Importantly, our analysis reveals that this preference for basic research is not contingent on traditional contextual factors such as scientific discipline, company size or university type. These findings challenge established assumptions in the literature and suggest that even in industry‐sponsored research, fundamental inquiry is critical in supporting long‐term innovation strategies. This paper contributes to the understanding of research orientations in university–industry collaborations and offers practical suggestions for enhancing these partnerships and informing research policy. Additionally, we outline a research agenda for further exploration of the factors influencing research orientations, the impact of early‐stage industry engagement and the role of policies in shaping collaboration outcomes.