As important current and increasing future sources of innovative economic initiatives, universities are unavoidably confronted by the challenging issues of sustainability and quality of life. The harmonization of social and economic goals will impact very significantly on their innovative activities in relation to both processes and outcomes. Approaches and objectives will be selected which combine potential economic significance with due concern for the physical environment and social well-being. The special characteristics of universities suggest that they are uniquely well suited to clarify the conceptual basis underlying the complex relationships between economic growth, sustainability and quality of life. This pressing task must be carried out so that governments, business and other social institutions are able to reflect the results in their policies and operational interrelationships.