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The article is concerned with innovations as a driving force of general development and sustainability and their significance and specifics in the university environment. Universities undoubtedly have the huge potential to become leaders in the area of R & D, education and learning. Likewise, they may become a significant driving force in supporting involvement and cooperation of subjects within a certain locality and creation of a certain community. In the beginning of the article it characterizes innovations by means of selected indicators. Main attention is paid to the role of a university in the process of increasing the innovative potential of individuals, the university itself as well as the whole society. Generally, innovation barriers are classified into two groups–internal and external. Internal-subjective barriers affect a certain subject in such an extent in which a single organization intensively eliminates their influence by its targeted innovation policy. External barriers, largely have an objective character. The objective of the article is to define a university as one of key innovative organizations in the era of globalization and identify major barriers to the development of its innovative potential.