Innovations is a term that is nowadays very often used in context of economic growth, education, science and business priorities. There are many models implemented by various countries and Latvia is still in search of the best one that would fit the financial possibilities, existing culture and most successful industries. Simon Fraser University (hereby SFU) in Canada has successfully implemented concept that improves university and industry cooperation in setting up innovation ecosystem. The concept involves universities and communities jointly identifying and pursuing opportunities and is called “engaged university”. Authors research how SFU has implemented the concept – the targets, support instruments, target groups, achieved results, involved partners and institutions, actions, motivation, barriers and incentives. The concept is compared to the situation in Latvia based on the research data that was performed by RTU scientists during the project “Research of alternative models for study process and industry cooperation promotion”. The research revealed main barriers and stimuli in university and industry cooperation process. Although economic and political background in Latvia and Canada are not the same there are several factors from engaged university concept that can be learned and implemented also in Latvia.