Higher Education Institutions (HEIs) play an important role on the promotion and development of (e.g. product design companies). These roles, however, are not clearly defined. Previous studies by the authors, conducted in Colombia, encountered several critical internal factors as well as environmental relationships proper of the ecosystem of business that affect performance in industries. HEIs can promote specific activities to become agents that enhance the development of these industries, thus contributing to overcome environmental and critical internal factors. This paper presents a model that can serve as a starting point within HEIs to establish policies towards this goal. For such purpose, the present research extended the aforementioned studies to Argentina and the United States, countries recognized worldwide for the development of creative industries or creative economy. Fieldwork was performed in nine cities: two in Colombia, two in Argentina and five in the United States. Data was collected via interviews and focus group studies conducted at universities and industries, as well as with experts, government representatives and support organisations. A PESTEL analysis was used to identify weaknesses that could become opportunities for action within HEIs. The results allow for the establishment of nine key roles of the HEIs (i.e. education, moderator of the ecosystem, research, foster discussion, investment, on-going support, dynamism, joker, and simulation/real environment) that can be related to these institutions’ substantive functions (i.e. teaching, research, extension, and support and integration), which contribute to enhance the development of industries, their growth and long-term sustainability.