What does being an entrepreneurial university mean? The University of Novi Sad in Serbia is taken as an example of how one University in a transition country, which was lacking tradition in entrepreneurial practices, is striving to become an entrepreneurial university. Examples of new practices are also described such as the establishment of a university incubator, introduction of a course in entrepreneurship offered to all students, diversification of income sources, development of institutional links and strategies for the closer flow of ideas, information, and research results between the University and its stakeholders.