The impact of innovation in industrial development is continuously increasing. Universities have the major roles in innovation. The positive influence of high education in regional development is required and recognized by the authorities. Researchers continue to investigate the subject using a variety of methods. This paper analyses the contribution of universities to the regional development by using the Fuzzy Cognitive Mapping (FCM) technique. FCM is used in modelling the critical factors and the relations between them. In this paper several factors are detected from literature. A model is designed on the detected criteria on which interviews with experts of economy are conducted. As a result seventeen criteria are used to construct FCM. Most important factors are detected and accordingly some suggestions are presented to improve University contribution in regional development.