The Changing Role of Universities in Economic Growth

Abstract

Social and economic evolution is described by numerous wave and cyclic concepts. Nevertheless, at certain historical periods, societies make great breakthroughs known as technological revolutions. Now we are on the threshold of the fourth industrial revolution characterized by a rapid development of such industries, as robotics, artificial intelligence, neuroscience, brain engineering, and 3D printing. Social and economic development always went in parallel with science. However, the role of science in economic processes has been changing throughout time. The focus of the present research is the university as a key actor of economic change. Historically, it is possible to allocate four types of universities by analogy with four industrial revolutions. Under the conditions of the fourth industrial revolution there is a radical shift in the university model. From R&D and technology transfer universities move to creation of intellectual capital. Universities do not simply conduct R&D for business, but also create essentially new industries. Universities become a centre round which new hi-tech enterprises grow. This phenomenon has been entitled an entrepreneurial university, which is considered to be the main actor of entrepreneurial (startup) economy. The research main objective is identification of key factors in the entrepreneurial university success. The authors analysed the Global University Venturing ranking leading universities. The research is not limited to the quantitative data; qualitative indicators are also of great importance. Various techniques to estimate the university entrepreneurial capacity (Reuters, EULP-Entrepreneurial Universities Leaders Program) have been considered, and their comparative analysis has been conducted. The final model is based both on quantitative or qualitative indicators; the model can be used not only for estimation of entrepreneurial capability, but for the development of university strategy as well.