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Higher education institutions (HEIs) have multiple roles including teaching, research and more recently projects for the benefit of local communities. From a management and leadership perspective, the formation and implementation of strategic plans and the collaboration with stakeholders have traditionally been based on formal agreements based on existing operational organizations and structures. Their strategic plans and collaborations with stakeholders are now evolving to become more organic and collaborative. They have become essential participants of the innovation and learning ecosystems and knowledge intensive communities as shown here in the case of Finland and Australia. New businesses and regions, especially in Europe and non-European Union countries such as Australia, are encouraged to identify and develop their own competitive advantages by analyzing their strengths and strategic potential growth areas.

This so-called Smart Specialization (RIS3) strategy brings HEIs together with the local authorities, business companies and civil society to co-operate in order to prioritize research and development (R&D) investment in the region. The need for Smart Specialization also challenges HEIs to rethink their visions and renew the present siloed and closed-ended practices.

This chapter examines and compares the management and leadership of the HEIs as actions are undertaken to effectively lead the Finnish and Australian HEIs toward their visions. These case studies demonstrate approaches which influence good institutional governance and management. It describes how LAB-ammattikorkeakoulu (LAB University of Applied Sciences) in Finland, and Royal Melbourne Institute of Technology in Australia have implemented a RIS3 strategy, notably in health and well-being and agricultural (R&D) projects. These enhance the scope of accountability and participation of stakeholders. The chapter provides practice-based evidence to policy makers in higher education regarding HEIs’ responsible contribution to society.

Key forces shaping higher education drive institutions to make strategic choices to locate themselves in niches where they can make use of their resources effectively and efficiently. However, the concepts of strategy and strategic positioning in higher education are contested issues due to the nature and complexity of the sector and the university. As an industry facing increasing pressure toward marketization and competition, this study calls for an analysis of higher education, as an industry, in a more business-oriented framework. This chapter makes a contribution to scholarly research in higher education by applying Porter’s five forces framework to medical education. In doing so, it provides a foundational perspective on the competitive landscape, its environment, its organizations, and the groups and individuals that make up the higher and medical education sector.