Economic development is the expansion of capacities that contribute to the advancement of society through the realization of individuals’, firms’, and communities’ potential. (Feldman, Hadjimichael, Kemeny, Lanahan).
In higher education, economic development means proactive institutional engagement, with partners and stakeholders, in sustainable growth of the competitive capacities that contribute to the advancement of society through the realization of the regional-to-global economic and social potential of said individuals, firms, and communities.(APLU, UEDA  Higher Education Engagement in Economic Development: Foundations for Strategy and Practice)
Economic Development is realized through programs, services, and activities focused on Innovation, Place, and Talent. Combined, they are Economic Engagement, the future of innovation in society (Guston , School for the Future of Innovation in Society)
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