Entrepreneurial approach is becoming a key factor in competitive advantage and success bringing about changes in higher education system: a university can no longer have status of an oasis of science and learning. It must become a knowledge generator, striving for strong connections with business sectors. In the paper the state of higher education from the perspectives of universities, individuals, organizations and society as a whole is discussed. Influence of the international educational environment to gain a better understanding of the mission, vision and functions of higher education is stressed. Attention is drawn to increased complexity in relations between universities and their stakeholders, and to the principles of New Public Management, which are being introduced into the academic environment. University ranking systems are discussed, and comparisons between views on ranking systems in Russia and Germany are made. The research is aimed to create a picture of transformations in academic environment, as well as to draw attention to responsibility and ethics in the new business-model for higher education.