Abstract: Nowadays entrepreneurial universities play a significant role in the socio-economic development of their regions. Mass higher education, knowledge growth and the internationalization of the university environment have changed the university's goals, and Third Mission is emerged. However, this role will be highlighted if they take advantage of their intellectual capital in order to enjoy the benefits associated with internationalization activities. In this paper, a model is proposed to show how this could be realized in entrepreneurial universities. A multilevel conceptual model is presented which elaborated the mechanisms, and prerequisites for such activities. Finally, some initial propositions are produced.