Innovation is a major engine of economic growth throughout the world. The drivers of innovation are many and diverse. Over the last decades, scientific research became a significant driver of breakthrough innovation, which propelled the university to the forefront as an engine of economic growth. In this article, I will explore how this economic role of the research university developed. In addition, I will discuss four contextual aspects that may further stimulate the impact of the university as an engine of economic growth. As a result, the core academic activities of a university, combined with those four relevant contextual factors (i.e. achieving a critical mass in science and technology investments, presence of an entrepreneurial climate, competitive markets, and a supportive environment), position our universities as valuable partners in the emerging framework of new industry policy.
