In the early 1980s, universities as entrepreneurial entities became an accepted concept, and the literature began debating the role of higher education institutions in economic growth and social change in greater depth (Etzkowitz, 1983; Clark, 1998; Klofsten & Jones-Evans, 2000; Gibb & Hannon, 2006; Perkmann et al 2013; Guerrero et al 2015; Guerrero et al 2016). Studies have shown that, over time, the regional impact of universities on new business creation, knowledge transfer, and influx of well-educated people is considerable (Saxenian, 1994; Vohora et al. 2004; Etzkowitz & Klofsten, 2005; Chau et al. 2016). Various activities such as research collaborations with industry, patent applications, idea spin-offs into new firms, entrepreneurial training of highly skilled individuals and incubators are the tools universities use to achieve their entrepreneurial aspirations (Slaughter & Leslie, 1997; Shane, 2004; Somsuk & Laosirihongthong, 2014).

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