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The development of the knowledge economy is placing universities at the heart of economic and social development processes in relation to their teaching, research and outreach functions. This new engagement places pressure on universities to consider the need for internal transformations to make them "fit for purpose" to meet their new more "entrepreneurial" roles. A core concern here is how best to re-orientate or re-mould the university in such a way as to meet new challenges while guarding the "essence" of the academic enterprise which is embedded in a culture of collegiality that is now at risk but which remains an essential foundation for innovation in knowledge production and its transmission. [ABSTRACT FROM AUTHOR]