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Abstract: The higher education responding to the fourth industrial revolution (referred as "university 4.0") in this study is identified as a model of innovation – driven smart university. Here, the innovation is the philosophy, object as well as solutions for growing university’s values; while the concept of smart means the infostructure and technical conditions for running the teaching and learning activities based on advancements of 4.0 technologies. The core features of the innovation - driven smart university are described in the so-called "543" model, which consists of: entrepreneurial education (model “5 in 1”); innovation – driven academic researches; innovative ecosystem (model “4 in 1”); smart university; operating mechanism (model “3 in 1”); int ernationalization and community responsibilities. The framework with criteria for the "university 4.0" model in accordance with quality assurance and university ranking approaches has been developed. Indicators for meeting these criteria can be used by universities for benchmarking themselves to QS 4-star standards or Top 200 universities in QS Asia university ranking table.
Keywords: University 4.0, smart university, innovation-driven university, innovative ecosystem, start-up, entrepreneurial spirit, cyber - physical system.