This chapter presents the overall problematic of universities being situated within environments where diverse actors have rising expectations from them, while not considering the universities’ organisational complexities. Universities are expected to contribute to regional development, but host a range of academic communities with different engagement practices that hinder implementing common engagement strategies. Using two contemporary conceptual approaches (constructed regional advantage and smart specialisation), the chapter problematises the university as a regional economic development partner. The chapter concludes by exemplifying how universities can engage with regional partners in peripheral regions.