Supporting innovation and entrepreneurship : university's contribution to sustainable economic development

Abstract

Sustainable development has an economic, ecological and a social component. Innovation and entrepreneurship play an important role in the sustainable development of an economy, a region or a country. We consider the ways in which universities can support innovation and entrepreneurship, and we outline some of the supporting structures and methods. The corresponding community aspects are covered by the author's paper on Civic Engagement and Project Learning. The following results are based on the author's experiences mainly in Germany as a researcher, lecturer, engineer, manager and consultant. There are different ways for a university to support and encourage innovation and entrepreneurship. Although the aims and effects of innovation and entrepreneurship are quite different, universities have to support both in order to achieve a sustainable development of industry and society. Important aspects comprise motivation, modelling and management. The most important ways of support are given by the triad of education, research and direct support. Nevertheless, we must never forget, that people are the most important issue in innovation and entrepreneurship. Hence, motivation, information and networking play an important role.