This article looks at the university-environment relationship, particularly in terms of links to the productive sector as part of the development of the extension function of the university.The primary purpose is to provide a frame of reference for creating or justifying university entrepreneurship units as a liaison mechanism for development of the extension function through one of its approximations: the business approach.The article shows the approaches, models, mechanisms and strategies for universityenvironment interaction.It also reflects on entrepreneurship as a medium for that interaction; and provides an idea of the structural conditions that favor university entrepreneurship.