The Entrepreneurial University: Traditional and Contemporary Roles of the University

This chapter explores the impacts generated by entrepreneurial universities’ activities. First, the chapter examines the traditional and new functions of the university system in contributing to socio-economic development. The study discovers that universities support entrepreneurial initiatives through innovative knowledge creation and sharing knowledge with industries contribute to the social-economic development of any nation. Thus, the study discovers that entrepreneurial universities support the growth of a knowledge-based economy in collaboration with various partners, governments, and other stakeholders in the environment. Such contributions permeate across local, regional, and national developments. Consequently, it was established that innovative knowledge creation supports the sustainability and growth of any nation more than the traditional natural means of socio-economic development. Although the study has demonstrated that entrepreneurial universities play a dominant role in the economic development of any society through the creation of knowledge-based economies, there has not been sufficient attention, especially in Africa. Therefore, this chapter draws the attention of scholars, practitioners, universities, industries, and governments in Africa to the need to pay more attention to this initiative to increase their economic sustainability drives. Accordingly, entrepreneurial universities should be encouraged and developed in every environment, especially in Africa, to enhance the growth and economic development of the continent. It will also help African countries like Nigeria to reduce their dependence on foreign products and inventions.