This article presents a case study about the Polo Universitário de Volta Redonda (PUVR-UFF), a new campus of Federal Fluminense University (UFF), located in the Médio Paraíba Fluminense Region (RMP-RJ). The aim is to identify the limits and possibilities of contribution of a public university for innovation and regional development. The theoretical framework is based on the concept of entrepreneurial university. We conducted a qualitative study with 5 managers of the central structure of UFF (UFF-Sede) and 14 managers and researchers of PUVR-UFF. The mains results indicate that are incipient efforts undertaken by PUVR-UFF to stimulate innovative activities among its faculty, as well as actions that stimulate regional development. Interviewees perceived that the major barriers of PUVR-UFF are related to the improvement of bureaucratic processes of the university, the expanding the work with the society and the establishment of mechanisms to encourage the transformation of basic research in technology and innovation. The survey data also indicate the importance of academic leaders capable of mobilizing the university in conducting activities of interaction with society, encouraging an entrepreneurial university.