Entrepreneurial Universities - Towards a Revised Paradigm

This article provides a comprehensive review of the entrepreneurial university concept and its place and role in the triple helix of university, industry, and government. This is increasingly important because stake-holders' expectations towards universities are growing; this growth in turn leads to increased pressure on universities to move beyond their traditional roles and models towards taking responsibility for economic development, large scale basic education and targeted further education and the development of value from research. These expectations provide opportunities for universities, but impose threats on the existing models and practices. It further elaborates on implications for university management, departments, faculty members and supporting organizations. Moreover it reflects on the meaning of the entrepreneurial university for stakeholders, i.e., university boards, regional and national policy and administrative bodies, funding agencies, the business community, university ranking institutions and the global university community overall. Recent literature on entrepreneurial universities is incomplete and mostly focused on the commercialization of research, technology transfer and the third mission of universities. The article expands the predominant thinking about entrepreneurial universities and gives a broader structured definition. Eventually the article shows the need for STI policy to intervene and measures for developing entrepreneurial universities further.