Recent research has demonstrated the relevance of start-ups by students and recent graduates: they greatly outnumber faculty spin-offs and are not of low quality (Astebro, Bazzazian, & Braguinsky, 2012). Also, there is growing evidence that the regional environment (Drakopoulou Dodd & Hynes, 2011; Feldman, 2001; Sternberg, 2007) and the entrepreneurial climate at universities (Bercovitz & Feldman; 2008) is relevant for shaping entrepreneurial attitudes and behavior of academics. However, research on student entrepreneurs has two main limitations: First, it usually only looks at the determinants of entrepreneurial intentions rather than activities. Second, it typically focuses on individual-level determinants and ignores contextual influences on the university or regional level. We know of only two studies that investigate student entrepreneurship from a multi-level perspective (Dohse & Walter, 2012; Walter, Parboteeah, & Walter, 2013). However, both studies focus on entrepreneurial intentions rather than activities.