This paper proposes a rethinking of socio-economic development from resource-based to knowledge-based; from exogenous to endogenous; from state-led to university-led; and from single or double institutional effort to triple helix interaction. The triple helix development model seeks to create robust university, industry and government spheres, enhance interaction capabilities through the ability of individuals to circulate from one sphere to another. This task can be accomplished through two strategic action plans. In the first instance, there is the need for the development of an entrepreneurial university and/or enhancing academic capabilities, by drawing in persons from industry and government. Second, there is the need to encourage the circulation of elites among university–industry–government in less developed countries characterised by strong, but largely inefficient governments, the relative low industrial capacity and weak academic sectors dominated by government. The triple helix model is applicable, in principle, in countries and regions experiencing other deficits.