This paper scrutinises organisational change in Japanese and UK universities which are engaged in entrepreneurial activities. The study focuses on recent changes in governance, management, leadership, and funding in these universities. The paper argues there are convergent trends between Japanese and UK universities in terms of increasing entrepreneurial activities, a review of institutional strategies, a review of the organisation, the application of market-oriented institutional policy, links with the industrial sector, the notion of a public financial crisis and changing external environment, strong leadership of the university President or Vice-Chancellor, and the notion of the accountability of the university to society as a whole. However, the application of particular institutional strategies, entrepreneurial culture, and the way in which an institution relates itself to the private sector significantly differs among institutions. The paper suggests that those differences are related to different institutional history and characteristics--including those between national and private universities in Japan, and old and new universities in the UK--as well as different government policies between Japan and the UK. The paper first proposes a theoretical model for the five types of entrepreneurial culture of the institutions. It then examines the model by using case studies: Nottingham Trent University (UK), University of Surrey (UK), University of Tokyo (Japan), and Waseda University (Japan).