The purpose of this chapter is to analyse, based on a mixed qualitative and qualitative approach, how a higher education institution (HEI), located in a peripheral area in a developing country (Brazil), promotes and supports entrepreneurship in the region. This study of the HEI and HEInnovate is based on a tool defined by the Organisation for Economic Co-operation and Development (OECD) in 2012, which assists entrepreneurial HEIs in the promotion and achieving the status of entrepreneurial HEI based on their self-assessment. The main findings suggest the effectiveness of HEInnovate as a self-assessment tool. Also, the results highlight the influence of entrepreneurship on regional development (jobs generation, economic growth and innovation). This research supports the potential role that HEIs play in boosting economic development in their communities or regions, and has conceptual implications (validating the impact of HEInnovate in institutions) and practical implications (assisting in the design of university strategies towards an entrepreneurial university).