This study explores factors fostering and hampering academic entrepreneurship by examining the founding and growth process of faculty spin-off firms. Using a stage model of academic spin-off creation, a comparative case analysis of faculty spin-off ventures was conducted to shed light on the major issues at four successive stages of development. Two contrasting cases were analyzed and compared to identify key factors leading to success and failure of technology- based ventures. Since attempts have been increasingly made to vitalize academic entrepreneurship in recent years, the findings can contribute to a better understanding of academic entrepreneurs and their spin-off activities in the paradigm of the ‘entrepreneurial university.’ It also provides useful implications for increasing performance and success probability of faculty spin-off firms.