How to increase business opportunities and entrepreneurial capacity of developing universities: Star Model

Abstract

Higher education institutions (universities) make a significant contribution to the economy and social life of a country. For this reason, the interaction between universities, industry and society is important for countries. Universities need to get rid of the classical university concept and begin to take a role of entrepreneurial universities and transfer the acquired knowledge to industry and society. Thus, an entrepreneurial university can ensure the production of new information and technologies, as well as influence the use of acquired knowledge in production. The next generation of entrepreneurial universities not only need to develop their core competencies, but also have a domino effect on the creation and dissemination of new knowledge. This paper describes the interactions of relevant stakeholders necessary for the effective and efficient use of a country’s resources. These stakeholders are entrepreneurial universities as sources of scientific knowledge; production sector representing business; the government, which develops policies for universities and industry; non-governmental organizations and professional associations that support education and science. Integrating these five key stakeholders creates synergy. The authors developed a model called the Star Model because of its five-tailed shape. The results of the study can be useful to universities, business, government, non-governmental organizations, and professional associations to form interactions and develop policies and strategies for their development and the development of the economy.