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The imperatives of social democratization and global economic competition have opened a new phase of development for the Korean university and its scholarship. The increased social demands for knowledge creation and dissemination gradually extend the scope of professional practice beyond the conventional areas of academic work. This paper explores, based upon the findings of a case study, how Korean universities and their professors have been responding to these demands and what consequences are observable. It also explains how the new demands and responses are contributing to local development. Finally, it highlights several controversial issues in the discourse on entrepreneurial scholarship and discusses these in the Korean context as points for further investigation.