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In the knowledge-based society, universities have re-considered the traditional academic roles, and placed them in a broader context as part of its new role in promoting innovation. Based on existing models there has been developed a framework to analyze how universities support their implication and contribution to local economic development. The proposed approach refers to the university-industry collaboration (UIC) based on the knowledge transfer processes in order to increase their contributions, and influence the socio-economic development at the local level. The framework was represented as an ontology consist of five dimensions and 57 relevant items for potential UIC that were described in order to facilitate the decision-making process when establishing a particular type of contract or project. The main ideas debates in the article are related to the new role of the university in the knowledge-based …