Industry and academia have collaborated in artificial intelligence research for decades, but in recent years the power balance in this relationship has shifted in ways that are detrimental to AI progress and the sustainability of the field. Most existing arrangements between industry and academia are either "work for hire," which often is too narrowly defined to attract the brightest minds in academia to participate, or "buy the lab," which effectively end collaborations by hiring researchers away from academia and prevent the next generation of AI talent from receiving the education and research opportunities that will lead to AI progress in the future, cannibalizing the future pipeline to serve the needs of the present. A new working model between industry and academia is needed, one in which stable, long-term industry-academic partnerships enable continued AI advancement while preserving our society's capacity to conduct fundamental research and train future generations of AI experts. In a long-term partnership, academic and industry researchers must work collaboratively as equals, rather than industry merely sponsoring research or pulling faculty or students out of academia. Instead of traditional top-down or single-organization decision-making, successful partnerships should be guided by more inclusive decision-making approaches – for example, through joint committees, with equal representation of academic and industry members, each of whom feels a strong responsibility to the collaboration and to the advancement of AI.