Аннотация:Academia as a source of research-based innovations and entrepreneurial education plays one of the key roles in regional innovations systems (RIS). Nevertheless, opportunities and limitations for realization of the potential of academia could significantly vary in different regions. In this study we attempt to analyze academia’s role in two regions: Øresund, Swedish-Danish cross-border region, and Moscow region of Russia. The comparative study is based on 24 interviews that were conducted with stakeholders from academia, public and private sector in these regions. Øresund and Moscow RISs have proven capacities for research-based innovations. However, it can be stated that although the entrepreneurial capacities in the both regions have increased over the last decade, the RISs still do not seem to be very successful in commercialization of innovations invented in academia (university spin-offs) and achieving the overall impact of educational institutions on the regional development. This trend seems to be even weaker in the Moscow regional development context as compared to the Øresund RIS. This study identifies and uncovers some of the reasons for this relative lack of success in developing regional innovations. It includes: entrepreneurial culture, weak institutions, risk attitudes, economic policies and traditions in academia.