The university system can be considered as a key actor of innovation within national economic systems, since its main objectives are the production, dissemination and exploitation of the knowledge. The paper contributes to our understanding of transforming industry-university-government multistakeholder approach to the intellectual value co-creation models in socially responsible and innovative universities of Italy and Russia. A literature review is compared with empirical case study research of key Italian and Russian Universities intellectual value co-creation models based on secondary data interpreted via statistically tested results. Little has been suggested on the topic of intellectual value co-creation at the University–Business and Governmental levels in cross-cultural setting. The suggested methodology outlines the differences in close by culture countries. In Russia Government is still a driver for value cocreation, while in Italy it is more about business initiative. Italian Universities are better integrated into value-chains comparing to the Russian ones. The underlying research of this Italy-Russia stakeholder management model involves the development of complex analytical tools for quintuple helix value co-creation models in cross-cultural comparison. The above steps are followed with the development of recommendations on the regulation of the University –Business–Government cooperation quality in studied countries, as well as improve the efficiency of horizontal and learning relations between the subjects of multilateral cooperation.