The establishment of the University of Tromsø (UiT) has transformed its challenged and remote starting point into a centre of knowledge relevant in the High North. As the Arctic north has currently gained more national and international interest because of resources within petroleum and mining, the UiT is pivotal in furthering the region’s sustainable development. The UiT has developed academic spin-outs and been instrumental in spurring industrial development where there was none. However, the region faces challenges as a remote region such as the lack of financial resources, distant markets, organizational and competency thinness, and high vulnerability for new and fledgling businesses.