Exploring Financing Mechanisms for Entrepreneurial Universities: A Systematic Review of Current Practices and Future Trends

Abstract

Background/purpose.Entrepreneurial universities are vital for economic development and innovation, yet securing sustainable funding beyond traditional sources is a critical challenge. This study addresses the need to identify and understand diverse financing mechanisms employed by these universities to foster their entrepreneurial activities. The main purpose is to provide a comprehensive overview of these mechanisms and explore future funding trends. Materials/methods.This research employs a systematic literature review of articles published between 2000 and 2023. A structured search strategy was used across Scopus and ScienceDirect databases, focusing on keywords related to financing mechanisms, entrepreneurial universities, and higher education. Data was extracted and analyzed thematically using Atlas.ti software. Results.The review identifies a diverse array of financing mechanisms used by entrepreneurial universities, including public funding and grants, private investment and venture capital, industry partnerships, technology transfer, philanthropic donations and endowments, and tuition and fees. Each mechanism presents distinct benefits and challenges impacting entrepreneurial activities. The study also highlights emerging trends such as revenue diversification, increased external funding, commercialization of academic programs, and organizational transformation. Conclusion.Entrepreneurial universities require a multifaceted approach to financial sustainability, utilizing diverse funding models and adapting to the evolving higher education landscape. This review emphasizes the importance of financial innovation, strategic partnerships, and supportive institutional policies to drive entrepreneurial activities and contribute to economic growth. Further research should focus on the long-term impact of these financing strategies and explore the role of emerging technologies in fundraising and financial management.