The purpose of this study is to add to the literature on entrepreneurial universities by investigating entrepreneurial culture (EC) in higher education institutions (HEIs). The authors investigate how students experience EC and which factors explain their perceptions of EC. The study is based on a survey of HEI students in Finland with 1277 responses. The results show that formal institutional support and institution-level activities have the strongest impact on the students’ experienced EC. According to the findings, formal institutional support has a greater impact on students’ perceptions of EC than student-driven activities. Furthermore, the results highlight that the encouragement of teachers has a greater influence on students’ perceptions of EC than peer students and student-driven activities. Accordingly, the paper’s theoretical contribution to the literature lies in its demonstration that institutional support, in addition to the encouragement of teachers, influences HEI students’ perceptions of EC. With regard to practical implications, the findings indicate that, if HEIs wish to build an EC and operate entrepreneurially, it is vital to support teachers’ entrepreneurial behaviour and thinking. In addition, equal emphasis needs to be placed on the observable artefacts and on clear, well-communicated organisational structures and processes.