Academic entrepreneurialism appears to have become global. University systems around the globe are moving in the direction of a more entrepreneurial model of higher education. Scholars have not yet reached a consensus on the definition of entrepreneurship. Research on academic entrepreneurship in East Asia has been lacking. This article contributes to the discussion by reviewing the rise of entrepreneurialism in Asian higher education, using Hong Kong as an example. After some analyses of the definitions, rationales and pathways of academic entrepreneurship, it shifts its attention to entrepreneurship in Hong Kong, and discusses how entrepreneurship has been demonstrated in Hong Kong higher education. It argues that while Hong Kong's entrepreneurial spirit is strong in the local culture and business, its achievement in academic entrepreneurship is relatively low. This article ends by cautioning readers about the differences between academic and business entrepreneurship.