Educational needs are changing worldwide. Social aspects and the impact of knowledge and education on changing society are already taken into consideration from some viewpoints. However, the social impact of different models of education that bring new knowledge in innovative ways and the application of social entrepreneurship still need be investigated. The main question that this study addressed is how higher education institutions (HEIs) will approach the new era, in relation to knowledge needs and their social impact, and which model allows HEIs to become more entrepreneurial and follow social entrepreneurship. The paper contributes to addressing challenges and opportunities that universities (especially those located in developing countries) face in their pathway to developing social entrepreneurship education with the aim of increasing their value creation capacity. Through a case study analysis, this paper highlights the relevance of knowledge creation, circulation, and transfer among different stakeholders for universities to shift towards an entrepreneurial and innovative perspective. The findings of this research highlight the relevance of social innovation, knowledge development processes, and wide and collaborative national and international networks as essential elements in paving the way for universities to become entrepreneurial universities.