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TALE 2023 Transforming Traditional Universities into Entrepreneurial Universities: Four Key Strategies for Meeting the Needs of the Knowledge Economy

Manuel Castro
Manuel Castro
Manuel CastroUNED: Catedrático y Director de Departamento (Professor and Head of Department)

Paper presented at the IEEE TALE 2023 in Auckland, New Zaeland, coauthored by Mohammed Riyaz Ahmed, R Venkata Siva Reddy, Bharathi S.H, Manuel Castro from REVA University, Bangalore, India and UNED, Madrid, Spain

TALE 2023 Transforming Traditional Universities into Entrepreneurial Universities: Four Key Strategies for Meeting the Needs of the Knowledge Economy

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1
Transforming Traditional Universities into Entrepreneurial Universities:
Four Key Strategies for Meeting the Needs of the Knowledge Economy
Mohammed Riyaz Ahmed, R Venkata Siva Reddy, Bharathi S.H, Manuel Castro
2
Table of Contents
1. Introduction
2. Research gaps
3. Problem Statement
4. Mind-map
5. Objectives
6. Literature survey
7. Proposed Methodology
8. SWOC Analysis
9. Discussions
10. Conclusion
3
Introduction
▶ Evolution of Universities - University 3.0:
• Introduction to the concept of University 3.0,
emphasizing its role in responding to the changing
needs of society.
• Focus on creating responsive programs, providing
hands-on learning experiences, and promoting
innovation in teaching, research, and collaboration.
▶ Aim of University 3.0:
• Highlight the goal of University 3.0 in creating a
flexible, dynamic learning environment that can
adapt to emerging markets and industries.
• Mention the importance of diverse programs, digital
technologies for remote learning, and the
encouragement of innovative solutions to address
contemporary challenges.
4
Introduction Cont.
• Key Aspects Impacting University Transformation:
• Discuss the impact of globalization on university operations, emphasizing the shift towards
collaboration and internationalization of education.
• Address the critical factor of insufficient funds affecting universities' ability to invest in technology,
facilities, faculty recruitment, and the need for a multidisciplinary approach.
• Embracing the Entrepreneurial Mindset:
• Introduce the concept of entrepreneurial universities and their role in fostering an entrepreneurial
culture, innovation, and knowledge creation.
• Emphasize the symbiotic relationship between entrepreneurial universities and the knowledge
economy, highlighting the need for universities to adapt and embrace an entrepreneurial mindset.
5
Research Gaps
▶ Insufficient Integration of Entrepreneurial Strategies
▶ Legal and Licensing Limitations
▶ Challenges in Commercialization:
▶ Need for a Multi-Faceted and Collaborative Approach
▶ Assessing the Impact on Students, Faculty, and Industry Partners
▶ Addressing Emerging Trends
▶ Comprehensive Evaluation of Entrepreneurial Programs
6
Problem Statement
In transforming a traditional university to Entrepreneurial university :
▶ Lack of Comprehensive Historical Perspective and Progress Review.
▶ Insufficient Understanding of Transformative Factors.
▶ Absence of a Unified Framework for Entrepreneurial University Development.
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TALE 2023 Transforming Traditional Universities into Entrepreneurial Universities: Four Key Strategies for Meeting the Needs of the Knowledge Economy

  • 1. 1 Transforming Traditional Universities into Entrepreneurial Universities: Four Key Strategies for Meeting the Needs of the Knowledge Economy Mohammed Riyaz Ahmed, R Venkata Siva Reddy, Bharathi S.H, Manuel Castro
  • 2. 2 Table of Contents 1. Introduction 2. Research gaps 3. Problem Statement 4. Mind-map 5. Objectives 6. Literature survey 7. Proposed Methodology 8. SWOC Analysis 9. Discussions 10. Conclusion
  • 3. 3 Introduction ▶ Evolution of Universities - University 3.0: • Introduction to the concept of University 3.0, emphasizing its role in responding to the changing needs of society. • Focus on creating responsive programs, providing hands-on learning experiences, and promoting innovation in teaching, research, and collaboration. ▶ Aim of University 3.0: • Highlight the goal of University 3.0 in creating a flexible, dynamic learning environment that can adapt to emerging markets and industries. • Mention the importance of diverse programs, digital technologies for remote learning, and the encouragement of innovative solutions to address contemporary challenges.
  • 4. 4 Introduction Cont. • Key Aspects Impacting University Transformation: • Discuss the impact of globalization on university operations, emphasizing the shift towards collaboration and internationalization of education. • Address the critical factor of insufficient funds affecting universities' ability to invest in technology, facilities, faculty recruitment, and the need for a multidisciplinary approach. • Embracing the Entrepreneurial Mindset: • Introduce the concept of entrepreneurial universities and their role in fostering an entrepreneurial culture, innovation, and knowledge creation. • Emphasize the symbiotic relationship between entrepreneurial universities and the knowledge economy, highlighting the need for universities to adapt and embrace an entrepreneurial mindset.
  • 5. 5 Research Gaps ▶ Insufficient Integration of Entrepreneurial Strategies ▶ Legal and Licensing Limitations ▶ Challenges in Commercialization: ▶ Need for a Multi-Faceted and Collaborative Approach ▶ Assessing the Impact on Students, Faculty, and Industry Partners ▶ Addressing Emerging Trends ▶ Comprehensive Evaluation of Entrepreneurial Programs
  • 6. 6 Problem Statement In transforming a traditional university to Entrepreneurial university : ▶ Lack of Comprehensive Historical Perspective and Progress Review. ▶ Insufficient Understanding of Transformative Factors. ▶ Absence of a Unified Framework for Entrepreneurial University Development.
  • 8. 8 Objectives ▶ The first objective of this paper is to provide a historical perspective and review of the progress made by entrepreneurial universities in contributing to the knowledge economy. ▶ The second objective is to investigate the factors that are transforming universities, such as globalization and the need for multidisciplinary research, and how they impact the development and success of entrepreneurial universities. ▶ Finally, the third objective is to propose a framework that encompasses four key strategies, including establishing partnerships with industry and community, fostering a culture of entrepreneurship, prioritizing interdisciplinary research, and engaging with stakeholders to ensure program relevance.
  • 11. 11 Proposed Methodology Cont. ▶ Partnership with Industry, Firms, and Community: • Establish strategic partnerships with industry leaders, firms, and the local community. • Facilitate knowledge and technology transfer through collaborations. • Provide opportunities for students to gain real-world experience and practical skills. • Address sector-specific challenges through close collaboration with industries. • Foster research collaboration, innovation, and commercialization of university-generated knowledge. ▶ Fostering a Culture of Entrepreneurship: • Create a supportive and inclusive environment within the university. • Encourage risk-taking, creativity, and the development of new ideas. • Inspire and empower students, faculty, and staff to embrace entrepreneurial mindsets and behaviors. • Cultivate an entrepreneurial ecosystem within the institution.
  • 12. 12 Proposed Methodology Cont. ▶ Prioritizing Interdisciplinary Research and Multidisciplinary Studies: • Emphasize interdisciplinary research and multidisciplinary studies. • Integrate various disciplines to provide students with diverse skills and knowledge. • Foster a holistic understanding of the knowledge economy. • Prepare students to thrive in multidisciplinary environments through teamwork and collaboration. ▶ Engaging with Stakeholders to Ensure Program Relevance: • Actively involve employers, industry professionals, community leaders, and other stakeholders. • Gain insights into the skills and competencies that are in demand. • Shape and update university programs based on stakeholder input. • Establish regular dialogues, partnerships, and collaborations to understand emerging trends and challenges.
  • 14. 14 Discussion Partnership with Industry, Firms, and Community: •Practical, real-world learning experiences for students and faculty. •Development of innovative solutions to real-world challenges. •Bridging the gap between academia and industry. Strengths: •Potential constraints in aligning goals and priorities with partners. •Risks of commercialization and corporatization impacting academic values. Weaknesses: •Access to funding, resources, and expertise. •Boost in employability for students. •Contribution to regional development. Opportunities: •Effective communication and mutual understanding. •Difficulty in aligning goals, especially with competing interests. Challenges:
  • 15. 15 Discussion Cont. Strengths: Fosters innovation, risk-taking, creativity, and collaboration. Provides an environment for faculty and staff to exchange ideas. Weaknesses: Challenges in embedding a culture of entrepreneurship across the organization. Resistance to change, especially from traditional academic values. Opportunities: Development of a collaborative ecosystem and successful startups. Internship opportunities for students. Building sustainable partnerships. Challenges: Resistance from faculty members. Skepticism about the commercialization of research. Fostering a Culture of Entrepreneurship:
  • 16. 16 Discussion Cont. Strengths: Provides diverse skills and perspectives, fostering innovation. Addresses complex problems in the knowledge economy. Weaknesses: Significant resource commitment to build new programs and curricula. Challenges in aligning the curricula of different faculties. Opportunities: Synergistic environment encouraging innovation and creativity. Contributes to better social and environmental outcomes. Challenges: Unclear research objectives. Balancing various viewpoints, skills, or interests. Prioritizing Interdisciplinary Research and Multidisciplinary Studies:
  • 17. 17 Discussion Cont. Engaging with Stakeholders to Ensure Program Relevance: Strengths: • Ensures programs meet industry and community needs. • Builds stronger partnerships and fosters innovation. • Enables graduates' employability. Weaknesses: • Demanding for resources. • Potential misalignment of goals with stakeholders. Opportunities: • Development of new programs and partnerships. • Strategic funding frameworks. • Quick response to industry needs. Challenges: • Negotiation increases cost and time for program implementation. • Balancing different stakeholders' interests may lead to conflicts.
  • 18. 18 Conclusion • Framework for Transformation: • The discussed strategies of partnerships, entrepreneurship culture, interdisciplinary research, and stakeholder engagement offer a comprehensive framework for transforming traditional universities into entrepreneurial institutions. • Contributions to Economic Growth: • Successful implementation of these strategies can contribute to economic growth by aligning university programs with the dynamic needs of the knowledge economy, fostering innovation, and preparing students for the evolving workforce. • Call for Ongoing Research and Adaptation: • Future work should focus on assessing the impact of these strategies on students, faculty, and industry partners, examining outcomes such as job acquisition and innovation. Ongoing research is crucial to identifying additional approaches and addressing challenges posed by emerging trends like artificial intelligence and increasing globalization.
  • 19. 19 References ▶ Klofsten, Magnus, et al. ”The entrepreneurial university as driver for economic growth and social change-Key strategic challenges.” Technological Forecasting and Social Change 141 (2019): 149-158. ▶ Ortmans, J. ”The entrepreneurial university: an institutional innovation.” Post on the Kauffman Foundation website [online] http://www. entrepreneurship. org/policy-forum/theentrepreneurial-university-aninstitutional-innovation. aspx (accessed 9 October 2014). 2010. ▶ Bobera, Dusan, Bojan Lekovic, and Nemanja Berber. ”Comparative analysis of entrepreneurship barriers: findings from Serbia and Montenegro.” Engineering Economics 25.2 (2014): 167-176. ▶ Cokun, Hseyin Emre, et al. ”Entrepreneurial University Concept Review from the Perspective of Academicians: A Mixed Method Research Analysis.” Sustainability 14.16 (2022): 10110. ▶ Schulte, P. (2004). The entrepreneurial university: a strategy for institutional development. Higher education in Europe, 29(2), 187-191. ▶ Evans, David S., Andrei Hagiu, and Richard Schmalensee. Invisible engines: How software platforms drive innovation and transform industries. The MIT Press, 2008. ▶ Amaral, Marcelo, Andre Ferreira, and Ptias Teodoro. ”Building an entrepreneurial university in Brazil: the role and potential of universityindustry linkages in promoting regional economic development.” Industry and Higher Education 25.5 (2011): 383-395.