Modern-day Universities and Regional Development

Abstract: Nowadays it is quite evident that knowledge-based society necessarily involves the revaluation of human and intangible assets, as the advancement of local economies significantly depend on the qualitative and quantitative characteristics of human capital[Lundvall, 2004]. As we can instantaneously link the universities as main actors in the creation of highly-qualified labour force, the role of universities increases parallel to the previously mentioned progresses. Universities are the general institutions of education, however i nthe need of adaptation to present local needs, their activities have broadened in the past decades [Wright et al, 2008; Etzkowitz, 2002]. Most universities experienced a transition period in which next to their classic activities, namely education and research, so called third mission activities also started to count, thus serving many purposes of economy and society.