In the fast-evolving agile world being innovative is vital for the organizations. Higher educational institutions as major drivers in this direction have recently chosen comprehensive attitude towards providing education, turning this experience into more involving and participating for students. In the technology era students are more creative, thus the concept of innovative and entrepreneurial university gives them opportunities to meet demands of the society [36]. Georgia as a fast-developing country is gradually changing its attitudes towards education, however innovative concepts are still beyond understanding. Despite minor attempts of cooperation, there is a big gap between higher educational institutions and the business sector in Georgia. According to the World Bank Georgia ranks 7th among 190 states in Doing Business index, which means that it is among the top attractive countries for business perspectives. Considering this there is a huge potential of university-business partnership. The aim of the research was offering the appropriate model and plan of action to Georgian universities on their path to becoming entrepreneurial universities. Besides the research aims to prove how this shift could be mutually beneficial for both parties and help business flourish.