Emulating UK’ Fully Fledged Entrepreneurial Universities

Abstract

Universities have since time immemorial contributed to their local economies by way of research and quality education, but in recent times their role is changing since they accepted their third mission of contributing to development (social and economic) and direct engagement in the economy by collaborating with industries and governments to create innovation. A crucial point in the flow of academic research results to the entrepreneurial stage is the transfer of knowledge emanating from tertiary educational institutions to the economy. Academic spin offs play an enormous role in this regard. Spin-offs firms transfer new research outcomes from universities and other higher educational institutions into direct commercial worth. Academic entrepreneurship has been embraced the world over due to the contributions it can make by way of reducing unemployment, boosting up economic growth and impacting significantly to the knowledge-base of the economy. The main aim of this paper is to assess the best practices behind the entrepreneurial activities of universities in the United Kingdom, how they engage and collaborate with industries by way of technology transfer and offer suggestions on how transitional universities can tap into their experiences. This paper has been able to demonstrate that the concept of universities engaging in entrepreneurial activities is novel among universities in Eastern Europe and other developing countries. Universities in developing countries have less engagement with industries, but their UK counterparts have longed engaged with industries and contributed to their regional economies.