In the modern knowledge economy universities are being required to operate more entrepreneurially, commercializing the results of their research and spinning out new ventures. The literature on the Triple Helix model (of academic-industry-government relations) is outlined, emphasizing--as does the model--the enhanced role that the modern entrepreneurial university plays in technological innovation. The study then examines the situation in Egypt where, as an earlier study demonstrated, innovation and the role of higher education in the innovation process are only weakly developed. Four hundred science, engineering and technology academics from eight of Egypt's private and public universities were surveyed to identify why this is the case. The results reveal that while there is considerable uncertainty amongst academics in both the private and public sectors about the role of Egyptian universities in the innovation process, there is recognition of the need for government intervention and support if the country's universities are to adopt this Third Mission function. The possible types of intervention and support are considered, which will be of relevance to both academics and policy makers in Egypt and other factor-driven economies.