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In this lecture, Professor Ghauth Jasmon will explore the possible significant developments that may likely to occur in Malaysian higher education in the next few decades. He will discuss this in respect to the challenges that Malaysian universities have to face in order to stay competitive and become a global player. Of particular interest, Professor Ghauth will address the challenges of the rapid advancement of technology, regional geographical issues and above all, models for financial sustainability that may affect Higher Education. These changes will undoubtedly compel the change in the role of academics, administrators and students. His presentation will show that Entrepreneurship and Innovation will be the key success factor for all Malaysian universities to remain relevant and sustainable in this era of regional and global competition. It is absolutely imperative that Malaysian institutions need to be overhauled in how Innovation is cultured and bred if it is to be capable of playing its role in the future.