Despite extensive research on firms’ entrepreneurial orientation (EO) and its implications for performance (Rauch et al. 2009), yet there is “little understanding of the genesis of EO” and how it can be fostered within firms (Wales et al. 2011). In contemporary knowledge-based economy, teams play a crucial role in leveraging firms’ knowledge resources (Cummings 2004) and thus in supporting firms’ overall strategic orientations. In this context, a transactive memory system (TMS), i.e., the division of cognitive labor referring to a collective system of information distributed among specialized team members with a shared understanding about who knows what (Wegner 1987), can be a valuable tool. Teams with a stronger TMS can draw from more diverse sets of knowledge, skills, and abilities (Van Knippenberg et al. 2004) and can thus rapidly and flexibly meet the challenges of today’s uncertain and complex environment (Kozlowski, Ilgen 2006). By analyzing the TMS—EO relationship we follow the argumentation that teams play a crucial role for firms’ strategic and entrepreneurial activities (Barney 1992, Burgelman 1983) and that, “complex social processes” (Lumpkin, Dess 1996, p.164) can be associated with EO.