"In the present knowledge economy, the basis of wealth generation has changed from acquiring tangible assets in the form of land, buildings or factories to that of possessing new knowledge. New knowledge translates into new technologies that lead to new kinds of products and services that make life easier and that people want to buy, which brings fortune to business owners.
Colleges and universities, being higher educational institutions are expected to be the source of new knowledge, innovation, and technologies. Recognizing this, many HEIs have added the development of technologies to their teaching and research missions, which eventually led to the rise to entrepreneurial universities. Entrepreneurial universities execute their function when they provide incubator hubs that assist professors and fellows in commercializing the technologies they develop. These incubators provide assistance in applying for and maintaining patents, and in transferring knowledge/technology to industry. It is not surprising that governments, especially in developing countries, have become more dependent on educational institutions in sustaining the knowledge economy."
Article link: http://manilastandard.net/business/business-columns/green-light/284670/academic-entrepreneurs-and-entrepreneurial-universities.html?fbclid=IwAR2283dCdlKCNABUK7YsMmuvdaNqzQX0t06t7wvSC1MxhMlqGZTlo9B7ZoA#.XDQMsCjn0M1.email