The article studies the role of university olympiads and competitions for schoolchildren and students. The article presents activities of the branch of Ufa State Petroleum University in Oktyabrsky working with gifted youth and holding events as part of the strategic project "Supporting University". The experience of holding olympiads and creative competitions for schoolchildren together with leading enterprises of Bashkortostan (NPF Packer LLC, PetroTul LLC, Bashneft-Dobycha LLC, NGDU Tuimazaneft, Oil Service in Tuymazin district) is described. Key performance indicators of the Olympiad movement in the system of network cooperation with enterprises are given. An analysis of the indicators allows concluding that educational olympiads and competitions held together with partner enterprises increase the number of winners and prizewinners entering the university. The article discusses forms of continuing education of gifted schoolchildren and their mentors. It is argued that additional educational courses for talented students are more important than olympiads. By attracting talented graduates of secondary schools to the university and their active participation in student olympiads held in partnership with leading innovative enterprises, the task of building up the professional elite of the region can be solved.