The transformation of a country into a knowledge-based economy has a considerable impact on the role of a contemporary university. The question is whether the university should assume the role of an entrepreneur itself or whether it can continue to be a traditional university – i.e. focusing on teaching and research – with some additional functions for supporting innovation. The article analyzes innovation support systems at Uppsala University, the University of Tartu and the Tallinn University of Technology and focuses on the measures how universities can enhance academia-industry collaboration and improve innovation. The authors state that the development of collaborative arenas for actors from academia and industry is just as important as the efficient and sustainable management of knowledge transfer. Successful interaction between academy and industry requires the knowledge how to act in a proper manner but also financial resources. This may vary between different universities and different settings.
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