Present paper is trying to argue the idea that the university can effectively contribute to regional development and to expansion of knowledge economy. Thus, in the first part of the paper we argue the role of university as social catalyser by taking account of several theories and concepts from the literature, starting with innovation, technology transfer, receptivity and learning, to the institutional framework (as a system of rules, norms and values) and social capital. In the second part of the paper there are analysed some examples of European and American universities who have developed advanced knowledge and innovation clusters in order to contribute to regional development. The main conclusion of the paper is that the university could contribute to the creation of a new institutional framework (formal and informal rules) that shall allow increasing significantly its knowledge and innovation potential, and, at the same time, it could become more adapted to meet the needs of its social and economic environments.