Modern-day Universities and Regional Development

TL;DR

This paper discusses how modern universities are evolving beyond traditional education and research roles to include broader societal and economic functions, thereby impacting regional development in knowledge-based societies.

Contribution

It highlights the expanded roles of universities in regional development and the transition to third mission activities in response to societal needs.

Findings

Universities play a crucial role in local economic advancement.

The scope of university activities has broadened beyond traditional functions.

Third mission activities are increasingly integral to university operations.

Abstract

Nowadays it is quite evident that knowledge-based society necessarily involves the revaluation of human and intangible assets, as the advancement of local economies significantly depend on the qualitative and quantitative characteristics of human capital[Lundvall, 2004]. As we can instantaneously link the universities as main actors in the creation of highly-qualified labour force, the role of universities increases parallel to the previously mentioned progresses. Universities are the general institutions of education, however i nthe need of adaptation to present local needs, their activities have broadened in the past decades [Wright et al, 2008; Etzkowitz, 2002]. Most universities experienced a transition period in which next to their classic activities, namely education and research, so called third mission activities also started to count, thus serving many purposes of economy and society.