Ways that colleges are involved in economic development and how these roles develop at different colleges are discussed, along with the rationale and benefits for college involvement in economic development. Attention is directed to key programmatic, policy, organizational, and strategic issues that need to be addressed with increased college participation. In addition to a literature review, information sources included: a mail survey of almost 300 public colleges and universities; telephone interviews with researchers, public officials, association representatives, and college and university leaders; and site visits to seven public universities. For seven economic objectives, college roles in economic development are identified, as are the colleges which serve as examples, possible economic benefits for each objective/role, possible institutional benefits, and some potential concerns. College roles in economic development are described for specific institutions of the following types: regional, urban, historically black, technological, and flagship campuses at state university systems. Also considered are 10 prerequisites for success for college involvement in economic development. A 7-page bibliography, and addresses and phone numbers of national resource organizations and colleges cited in the text are included. (SW)