Entrepreneurial universities perception and regional innovation system: Do they really create an environment for regional economic development?

Abstract

The aim of this paper is to exemplify the entrepreneurial universities creativities that influence on the increasing regional innovation system and encourage knowledge development environment for regional economic development. During the era of socioeconomic development and industrialization, the entrepreneurial university’s innovative activities have been perceived as an important facilitator for regional economic and social development. Inclusively, the prime goal of this paper is to highlight the importance of an entrepreneurial university and its influence on regional innovation systems that enable to create an environment for regional economic development. This paper presents the identification of what is necessary for the emerging conception of the entrepreneurial universities phronetic approach to entrepreneurship that facilitate in the development procedure of entrepreneurial activities within the region. In addition, it identifies the connection between entrepreneurial university and regional growth in relation to smart specialization strategy and finally answers the question how the key enabling factors of regional innovation strategy to stimulate entrepreneurial activity. Last but not the least, this paper also suggested that the challenges of entrepreneurial universities deliberated creativities could be very stimulating and sophisticated style for the new EU member states, regions that act as a means of encouraging knowledge and innovation – driven regional economic development. © 2020, Allied Business Academies. All rights reserved.