While understandings on the institutional environment and individual motivations have been at the center of describing the antecedents of academic entrepreneurship, findings from this research trigger skepticism in the currently dominant perspective. By building on the traditional institutional theory with insights from the stakeholders and attention-based perspectives, it is possible to postulate that reaching multiple stakeholders' needs is essential in maximizing the effectiveness of a collective entrepreneurial process. We argue that aligning selective interests, or attentions, among key stakeholders is a critical factor that promotes academic entrepreneurship. Quantitative and qualitative investigations on Korean research universities confirm that involved stakeholders are subject to severe discrepancy in how they place attentional prioritizations in technology, formal institution, and informal institution capabilities. In spite of favorable national and university incentives, the different degrees of misaligned interests among key players prove to hold heavy repercussions in the collective planning and execution of academic entrepreneurship.