Adopting a process view on technology entrepreneurship, we examine ways of approaching uncertainty in the early-stage technology venturing process. A recent study on university R&D expenditures and new business formations provided us with results confirming once again a positive economic impact of technology-based entrepreneurial activity in terms of the creation of new firms, employment and change (Kirchhoff, Newbert, Hasan, & Armington, 2007). On the other hand, German policy makers worry about a decreasing number of technology-based companies due to a strong job market for technology experts and perceived high levels of uncertainty by the would-be entrepreneurs (Niefert, Metzger, Heger, & Licht, 2006). As there have been only very few empirical studies on the early stage of technology-based entrepreneurship, this study uses qualitative methodology to research in the given context the types of uncertainty and the ways to approach it, differentiating between causal and effectual ones (Sarasvathy, 2005).