Despite the great complexity and the challenges inherent to technological advances that require digital transformation (DT), there is still limited academic guidance for developing and leveraging capabilities during such transformations. However, there is recognition that being or becoming an entrepreneurial higher education institution (HEI) may provide some of the answers to these newly emerging challenges. Based on the HEInnovate self‐assessment tool, developed by the Organization for Economic Cooperation and Development/European Community (OECD/EC), HEIs can assess their entrepreneurial capacities, facilitating a reflection on strengths and weaknesses and raising awareness of institutional development needs. This study aims to enhance our comprehension of how the HEInnovate digital transformation and capability (DTC) dimension effectively reflects the vital characteristics of a university that promotes entrepreneurship and fosters optimal Triple Helix (TH) dynamics and impacts. Based on 15 interviews with TH institutional actors—university, industry, government, and other hybrid entities involved in their networks, we developed a qualitative inductive study that integrates the inputs of TH networks within the framework of developing a practical perspective on this theme. Our research identifies three key areas of focus that are all crucial for ensuring successful DT processes—(a) focus on overcoming the barriers; (b) focus on capitalizing on knowledge; (c) focus on coping with change—facets essential to understanding the role of DTC in securing the overall success of DT processes.