Several European universities have undergone major leadership and structural reforms within the past few years. The reorganisation of the University of Tartu has much been led by the need for smart specialisation and furthering cooperation between universities. This is why on this roundtable, we plan to exchange our experience in funding reforms and the effect of reduced funding and increasing competition on the activity of and cooperation between universities. We invite the Rectors of the University of Tartu's partnering universities from the Baltic Sea region, including Estonia, to participate on the roundtable to discuss together the ways to maintain a balance between the funding of universities, leadership models, cooperation and competition, and the need for university reforms and focusing in a specialising world. About 15 Rectors and Vice Rectors of universities from Estonia and abroad and several leaders of Estonian higher education and the field of research are expected to take part in the roundtable.