Knowledge has acquired a growing political, economic, and military importance in contemporary societies. More and more countries are gradually recognizing knowledge as a strategic source of power and economic growth. On the other hand, old postulates of business competition are being replaced by the ability to innovate. But are universities, especially European ones, prepared to face these challenges? Starting from the premise of knowledge and globalization being the two main axis of our current life, this paper aims to investigate the role universities play within the knowledge society while it brings some examples to illustrate approaches adopted in different parts of the world.