The Entrepreneurial University is a failed idea. This is not to disparage the entrepreneurial activities of faculty, graduates and students. Neither is it to criticise industry-sponsored research and co-authorship. University research and higher education have a role in innovation. However, if entrepreneurialism is institutionalised as a policy of governments and universities, all manner of things start to go wrong. Not only do participants suffer from disappointed expectations, as expected returns fail to materialise, but also, more importantly, universities that "go entrepreneurial" ultimately destroy the science commons essential to the university's continued existence. A systematic critique of the concept of the Entrepreneurial University is offered and key data is reviewed. Simultaneously, a broader research programme on university autonomy and finance is advanced. (Contains 5 notes.)