This review illustrates policy actions promoting the development of entrepreneurial and innovative activities in the Higher Education System and individual HEIs. In addition, based on information gathered during study visits, the review discusses strategies and practices adopted by Austrian HEIs to innovate, engage, and generate value for their own ecosystems and networks. The review is part of a series of national reports implementing the HEinnovate framework. HEinnovate is a holistic framework that the OECD and the European Commission have developed to promote the “entrepreneurial and innovation agenda” in higher education.