Introduction. The innovative potential of a nation is determined by its members’ creative capacity, as well as by the design and implementation of strategies and policies that are meant to support the devise, experimentation and application of new ideas, respectively the transformation thereof both into tangible goods (products and services) and intangible ones (knowledge).
Aim of the study. The present paper approaches innovation as a vector of the new knowledge-based society, which consists of the main actions undertaken by the EU within the context of the “European Year of Creativity and Innovation”, as well as of the actions promoted through the Initiative known as “A Union of Innovation”, comprised by the Europe Strategy 2020. The final part of the paper illustrates the essential role of universities in developing knowledge-based and innovation- based society.
Keywords: innovation, knowledge-based society, intelligent growth, community actions, university.