Purpose The purpose of this paper is to propose a model for entrepreneurial universities (EPUs) that operate in developing countries, as most of the existing research has either focused on the western context or neglected context altogether. The model is intended to identify the EPU’s key success factors while taking into consideration its contextual constraints. Design/methodology/approach A 60-item survey instrument was designed and distributed across the top 10 QS-ranked universities in Lebanon, and the data were analyzed using structural equation modeling with SmartPLS. Findings The results of data analysis confirmed the influence of resources and capabilities and knowledge transfer as the two most powerful “university-specific” success factors. Importantly, the relationship between the university-specific factors and innovation was mediated by the presence of a strong entrepreneurial culture, while an entrepreneurship environment was found to be conducive to entrepreneurship outcomes of the EPU. Originality/value This paper fills a gap in the literature by suggesting a model for the EPU in developing nations, taking into consideration the various constraints of those nations.