749 A. Curaj et al. (eds.), European Higher Education at the Crossroads: Between the Bologna Process and National Reforms, DOI 10.1007/978-94-007-3937-6_40, © Springer Science+Business Media Dordrecht 2012 40.1 Introduction A recent report by the EU Committee on the Regions (CoR 2011) outlines the ‘need for renewal of societal and industrial structure and processes…..Old practices and structures are not enough to achieve the goals EU political leaders have in their minds for improving welfare and quality of life of its citizens’. This Committee goes on to say ‘it is time to re-invent the future for Europe, but the gap between lat- est research knowledge and real life practice is huge’. Markku Markkula, advisor to CoR and actively involved in leading university led societal innovation at Aalto University, believes ‘cities and regions must become real implementation fields for Chapter 40 Entrepreneurialism and Financing for Improved Academic Enterprise 1 in Higher Education: Coaching for Leadership and Innovation Reflecting True Demand 2 James A. Powell and Beliz Ozorhon J.A. Powell (*) Academic Director of the PASCAL International Programme on Universities for a Modern Renaissance, UK Ambassador for Social Enterprise in Higher Education, Director of Smart City Futures and UPBEAT, Ambassador for the Leonardo European Corporate Learning Awards, & Member of the New Club of Paris e-mail: james@jamesapowell.com B. Ozorhon Civil Engineering Department, Bogazici University, 34342 Bebek, Istanbul, Turkey e-mail: beliz.ozorhon@boun.edu.tr 1 The words ‘Reach-Out’, ‘Outreach’ and ‘Academic Enterprise’ are used interchangeably in this paper to represent what is called, in Britain, the ‘Third Stream’ of a University Mission. You will realise from the text that we see this as an equal ‘First Mission’ for Universities and not a lower level activity. For us it represents a rich form of relationship between Universities and their external partners from business, industry, the civil and voluntary services and the community. We prefer the term Academic Enterprise as the key term for this activity because it suggests universities becoming more enterprising in their ways of Reaching-Out/Outreach, where knowledge sharing between all parties in any partnership is virtuous, so Academic Enterprise is the main one used this through the text, but Reach-out and Outreach are also used in the writing for variety and to add colour. 2 Eleanor Jackson, Professor Powell’s doctoral student, has provided significant thinking in this paper and her findings are appropriately referenced.