The modern and advanced development in Information and Communication Technology (ICT) has influenced various changes in the universe and resulted to phases of paradigm shifts and affected individuals, groups, organisations, institutions and states. The globalization of everything has similarly modernized and impacted the academic libraries and librarians. Modern academic libraries strive and undertake this development in facilitating sharing of research data and outputs with its potential stakeholders for Research and Development (R&D). Librarians and have to adapt new and emerging technologies, deploy the web technologies for cyberspaces, smart or digital library information and services, transform to embedded librarians for dynamic collaboration and partnership with stakeholders in sharing experience, research data and products for innovative R&D. Professionalism and personal competencies are the panacea for the modern librarians to remain relevant in the new environment. Technology and knowledge gaps lead to challenges that the modern libraries have to address and sustainably maintain their visibility, collaboration and sharing of research data and products for R&D. More important, modern libraries have to fully embrace the digital innovations, promote linkages and collaboration with R&D institutions or centres. Moreover, they have to integrate various innovative policies which foster sharing of research data and products and to make technology and innovative R&D among the core components of the university functions.