When a new production plant is built or an existing one upgraded, it cannot be taken for granted that adequate process technology is available off the supplier’s shelves. Rather, it may require a strong commitment on the process firm’s part to find competitive production solutions in collaboration with one or more equipment suppliers. The development of such new or improved process technology may be prompted by the process company's need for process development, or product development, or both. The purpose of this article is to provide theoretical insight and practical guidance on how both process firms and equipment manufacturers can address the challenges posed by joint collaboration for innovation in new process technology/equipment. Starting with a discussion of motives and the question of why collaborative development of new or improved process technology/equipment should take place at all, a conceptual model of the full life-cycle of process technology/equipment is introduced together with a classification matrix containing the dimensions of complexity of process technology and newness of process technology. The framework provides a conceptual platform for further research into this area, but can also be deployed by industry professionals in their efforts to improve inter-company collaboration.