Emerging Role of Universities in Collective Impact Initiatives for Business and Community Benefit: The Triple Helix Model

Abstract

Universities are increasing their efforts to more clearly demonstrate their social value. For instance, Etzkowitz and Leydesdorff (2011) argue that the Triple Helix framework argues that three types of institutions, universities, industries, and the government, play crucial roles in the innovation process of a knowledge-based economy. This paper illustrates how Universities can incorporate collective impact partnerships in their community benefit strategies for both business and government. Further, the paper explores the Tripple Helix Model for community/business, government benefit. The study has analysed the economic and social benefits of knowledge and skills from competencies acquired from university education which is a critical source for transforming society – which can foster discussions on significant planning areas that are necessary for developing strategies for completion, where job creation, developing skills, cultivating informed citizenship, and disseminating knowledge are core concerns. The purpose of this discourse is to examine the impacts of universities on economic development and social responsibilities at all aspects, including social and economic benefits that can lead to improvement of living standards of individuals and society. The paper, however, looks at literature that is pertinent to the usefulness of universities in relation to transformation of individual and society/business. University education is a determinant of income and one of the most important investments a country should choose to make in its citizens because it provides workforce with professions, technical, and managerial skills – creating attitudes and changes necessary for the socialization, modernization, and the overall transformation of the societies.