Universities have always been important to national economies, but since the financial crisis of 2007-08 they have become key economic actors. Because they supply highly skilled labour and undertake basic research that enable nations to engage in global competition, they are capable of boosting production and innovation. This article explores the impact of the institutional reform of Danish universities since 2001, notably in relation to research, teaching and innovation. It also discusses how these reforms have affected universities’ capacity to stave off the financial crisis. By the time the financial crisis erupted these institutions were strong and independent, which is one reason why – so far – Denmark has fared relatively well compared to other European countries. If its universities are to maintain this position they will need to be continuously reformed, but change needs to go hand-in-hand with greater trust in the reform process by government and politicians.