Universities have always been acknowledged as important drivers of economic development. Traditionally Institutions of Higher Education (IHEs) contributed indirectly by disseminating knowledge and providing educated personnel to industries. A shift in the primary missions of universities encourages universities to take a more active role in economic development. Creating entrepreneurial capacity through Innovation and Entrepreneurship (I&E) education, and the commercialization of knowledge generated by IHEs is one of the new proposed roles. Although universities recognize the value of I&E, many are working under conditions of financial distress. The article attempts to answer the following question: how to stimulate innovation and entrepreneurship when resources are scarce? The paper uses as evidence the initiatives adopted by a Pathways to Innovation Team. The strategic objective of the team was to develop I&E mindsets by (1) increasing I&E awareness, (2) creating spaces for interdisciplinary interaction and (3) fostering collaboration between faculty and students across disciplines. The article highlights: (1) the theoretical foundations to build entrepreneurial potential (I&E mindsets) in IHEs, (2) how the Pathways to Innovation Program provided the foundations to draw a map by examining the existing infrastructure, (3) the initiatives placed to stimulate entrepreneurial potential, (4) the assessment strategies to evaluate the initiatives, (5) and strategies to overcome key challenges and move forward.