Austria places high emphasis on the societal role of higher education institutions as a proactive and stimulating innovation force through the promotion of a broad entrepreneurship definition. This includes the institutions’ identities as well as their teaching and research activities. In view of the fast changing world of work, high professional qualifications are a necessary prerequisite, but also key competences such as initiative and entrepreneurial skills, creativity, innovation and willingness to take risks, as well as the ability to organize and execute projects in order to achieve concrete goals, are rapidly gaining in importance.