This overview complements our two previous reviews on the future of Arab universities and on quality assurance and relevance in academia published in this Springer book series. It encompasses the concepts of universities and their societal roles, and considers the definitions of innovation, creativity, and entrepreneurship. It argues that innovation and entrepreneurship can be taught in the right circumstances. The personal qualities needed to be an entrepreneur are described. An account is given of intellectual property (IP), especially patents and copyright works, together with its regulation in different jurisdictions, registration, defence, and exploitation. Governments have a pivotal role in facilitating start-up companies and the ease of conducting business. Also important is their interaction with international bodies such as the World Trade Organization and Trade-Related Aspects of Intellectual Property Rights (TRIPS), the Organisation for Economic Co-operation and Development, World Intellectual Property Organization etc., and international indices such as the World Competitiveness Index. Governments can assist this crucial phase of university development, but should not interfere with universities, by a combination of adequate education and research funding together with setting up national technology foresight and related exercises, participating in regional initiatives to establish large-scale research and development facilities, and promoting competition. The combination of quality assurance, societally relevant teaching and research, accreditation, university-based and university-associated business and technology parks, business incubators and similar structures, alongside business schools, represent the main routes to successful delivery of university-derived IP. Even so, much depends on the quality, energy, experience, attitudes, and contact network of those leading these structures, and those of the associated academic staff. The roles of banks, venture capitalists, business angels, IP lawyers, and accountants in establishing a business are described, and the role and design of business plans outlined. Worrisome aspects of IP theft are described although there is little prospect of preventing it at this juncture in international relationships. Opportunities arising from the raft of transformative technologies under development are described, along with opportunities arising from international trends in convenience, fashion, design, entertainment, and diet. Climate change and the problems of water, energy, and food security offer huge opportunities for university-based innovations in STEMM subjects (science, technology, engineering, mathematics, medicine). Challenges come from (a) the level of competition; (b) dominating position of the US and Chinese tech giants absorbing talent and finance; (c) venture capital based mainly in the US and Europe; (d) US Supreme Court ruling on the patentability of software; and (e) problems of doing business in the Arab world and its attitudes to RD (b) code of institutional practice; (c) institutional quality plan; (d) standard operating procedures; and (e) equipment logbooks.
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