Does learning from prior collaboration help firms to overcome the ‘two-worlds’ paradox in university-business collaboration?

•We examine whether learning helps firms overcome the contrasts between the two-worlds of university and business innovation.•Learning effects from prior collaboration with customers and consultants increase university collaboration and its success.•Learning effects also arise from prior collaboration with universities and prior experience of new-to-the-market innovation.•Collaborating with a university increases the probability of making new-to-the-market innovation and related sales.