Policy-makers in the United Kingdom increasingly emphasise the contribution of innovation and entrepreneurialism to the economy. Drawing on a recent ethnographic study of a university commercial enterprise, this article examines the notion of entrepreneurialism in a higher education institution as understood and practised by its employees. The concept of the entrepreneur-manager borrowed from an industrial environment is utilised to frame the higher education experience and to challenge assumptions about entrepreneurial activities in the sector. The research tentatively supports the emergence of the entrepreneur-manager as a new role requiring a different blend of skills and responsibilities but problematises the organisational culture of the research-intensive university which fails to capitalise on the potential offered.