The Sources of Funding for Universities between Regulatory Constraints and New Opportunities

In recent years the issue of university funding has been at the centre of a debate that covered the more general problem in public and private research. In this context, this work has two objectives: the first consists of comparing the traditional funding mechanisms of Italian universities with those adopted in other European countries, even in light of recent regulatory action and the second is to highlight the attention to certain instruments in the belief that a more effective use could allow universities to fulfil Italian cd. "Third mission", which calls them to contribute to innovation and economic growth, social and cultural development of the country. To achieve these objectives a logical path has been followed and it is based on a descriptive analysis of the financing instruments more widespread in Italy, made on the basis of data prepared by the Ministry of University and Research. The analysis of innovative tools is based on the conceptual framework in which the model of entrepreneurial university, is probably to be found in the literature that sees a strong link between innovation, universities and industry. This is supported by empirical evidence that shows a significant economic growth for those who have been able to combine innovation, public investment in research and ability to attract talent from around the world. In particular, what seems to characterize the current stage of development of "academic entrepreneurship" is the creation of innovative tools that enable universities and businesses to gain a leadership role in their respective contexts. In order to realize this work, a search method has been used based on the case study of Italian universities, by direct observation and analysis reporting. The article concludes with an indication of some guiding principles that can help the managers of Italian universities to make decisions regarding the identification of the proper financial structure of universities. It is shown that, in the present economic climate characterized by the lack of state funding and a moderate opening to the private sector, it is necessary to promote change in the model of governance of universities, thinking - at the same time - of the financial function in a strategic way, integrating it with the functional areas and providing it with more traditional techniques of effective planning and control decisions