3. Entrepreneurial Universities: Towards a Revised Paradigm

This chapter explains the entrepreneurial university concept and its place and role in the triple helix in its entirety. It further elaborates on its implications for university management, departments, faculty members and supporting organizations. Moreover it reflects 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. The chapter provides a comprehensive understanding of the entrepreneurial university, which is increasingly important because stakeholders’ expectations towards universities are growing. This 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. 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.