<p>A redefinition of the public/private divide is unavoidable in a knowledge-based economy because academic knowledge is a public good, whereas entrepreneurship requires conditions for private appropriation. In contrast to neo-liberal expectations, the direction is thus not toward laissez-faire. There is an important but not dominant role for government and an enhanced role for the university in the Triple Helix. What drives this change in the role of these institutional spheres and their networks of relations is the need to sustain a high level of innovation.</p>