Academic journal article European Journal of Interdisciplinary Studies

The Role of the Modern University in Supporting the Entrepreneurial Ecosystem

Academic journal article European Journal of Interdisciplinary Studies

The Role of the Modern University in Supporting the Entrepreneurial Ecosystem

Article excerpt

1. Introduction

The economic literature considers today the entrepreneurship as a determinant factor with a role in economic growth, an engine for development, and the innovative entrepreneurship as a factor that contributes to the economic development, increasing wealth, creating with considerable added value as a result of harnessing the opportunities and innovation.

Through the assumed mission, the modern university makes an important contribution to the development of youth skills required by the labour market, the development and dissemination of knowledge. The insertion of graduates in the labour market, the collaboration with business, the capitalization degree of the results of university research are strategic issues in assessing the quality of university management. Through the concern for developing innovative entrepreneurial culture, the university may ensure the sustainability in the condition of an unattractive governmental financial support and of an increasingly limited labour market. A key issue for the modernization of higher education institutions is to develop links between universities, research institutes and businesses to achieve excellence.

It is believed that the university develops an innovative system to the extent that creates its the necessary logistics: research centres, centres of excellence, scientific and technological structures capable of generating added value from the portfolios of knowledge, from the commercialization of the research results protected properly. In addition, innovative spirit is also supported by promoting entrepreneurial culture among students and teachers, creating a stimulating environment able to increase the number of entrepreneurial projects. Developing partnerships with business and industry through the establishment of business incubators, industrial and research parks, university - business partnerships and stimulating the participation in the transfer of knowledge and technology also helps to support the university performance.

The new concept of university requested by the socio-economic environment, innovative university, involves change, flexibility, commitment to economic and social development of the region, the creative use of human, information resources and existing materials, organizational competitiveness, fundraising, constant concern for acquiring an important place in the value chain of the entrepreneurial ecosystem.

Starting from the new concepts presented in the economic literature related to entrepreneurship, from recent studies on the extent to which the entrepreneurial ecosystem is favourable for young people at EU level and the role played by the university in modern society, we have developed a methodological framework regarding a new type of university management, entrepreneurial management, to transform the current university into an entrepreneurial and innovative university, and with a clearly defined role and in the entrepreneurial ecosystem.

2. Innovative Entrepreneurship, Entrepreneurial Ecosystem - Components of Entrepreneurial Culture

The term "entrepreneur" comes from the French 'entreprendre' which refers to the activity of purchasing goods for resale. British classical economists like Adam Smith and John Stuart Mill defined entrepreneurship as business decision making regarding the allocation of resources (Crisan, 2010, p.5).

Entrepreneur and entrepreneurship concepts have been defined in various ways in the literature. Entrepreneurship has evolved from leadership in general to the management used in creating organizational success through innovative developments which may relate to changes in organizational structure, organizational culture or products / services. In the authors Ulijn and Brown (2014, p.5) opinion, 'entrepreneurship is a process of exploiting opportunities that exist in the environment or that are created through innovation in an attempt to create value. It often includes the creation and management of new business ventures by an individual or a team'. …

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