The focal point is to run our business in a professional manner. The interface between universities and industry needs to be explored in order to examine how universities stimulate, or could stimulate, innovation. At the same time, we need to look at how private sector entrepreneurial practices are, or could be, contagious to the university as a means of stimulating innovation and developing new modes of revenue generation by the university. Universities have a significant impact on entrepreneurship through a variety of means such as technology transfer offices, research parks, seed funds and endowment funds for start-ups. Entrepreneurial models or policies that universities could use for new revenue generation include incubators, technology-enhanced learning, and profit on Internet distance education.
Technology allows better education, but there is the question of who owns it.
Adopting these models will require a change in university culture. Risk and reward are a necessary part of entrepreneurship and are not traditional in academe. Faculty in industry who come back to the university can make a huge contribution. Some may very well leave academe to get an entrepreneurial opportunity if they can't do it within. And, if they start a company nearby, they stay.