An entrepreneurial and innovative HEI sees the value of engaging with local, regional, national strategy development and implementation as a key stakeholder in local, regional and national socio-economic development. They are often one of the major employers in a locality and their existence will impact on the local economy and social wellbeing. Through a range of partnerships, the HEI engages with its ecosystem to develop shared values and vision, to advance its entrepreneurial and innovative agenda and to subsequently foster regional and local development with benefit for all.

The role of the HEI and the type of engagement may vary based on the needs of the various partnerships. The HEI can support entrepreneurship development and innovation of schools and colleges through networking or by engaging its entrepreneurial ecosystem in the work of the institution through, for example teaching, research and student support activities. An advanced form of a partnership entails the engagement of external stakeholders in governance structures. For a growing number of higher education institutions across Europe, representatives of businesses, industry organisations, civil society organisations, and national and sub-national governments form part of their governing bodies.