Since the early 2000s, the promotion of entrepreneurship in higher education (HE) has become a central aim of educational policy in Europe. We apply a critical discourse approach to examine entrepreneurship HE policy discourse in the framework of academic capitalism. Using Finland as a case example, we investigate how academic capitalism materializes in and through the entrepreneurship discourse in a Nordic HE system and how social actors in HEIs are persuaded and engaged in entrepreneurship discourse, and within it, in academic capitalism. We analyze recent guidelines for higher education institutions (HEIs) produced by the Federation of Finnish Enterprises and university stakeholders. We show how the entrepreneurship policy discourse in HE intertwines with academic capitalism in multiple ways. The whole HEI community across disciplines is harnessed for the creation of an entrepreneurial ecosystem to enhance the innovation, creation, and renewal of businesses in order to create economic value for HEIs and businesses to secure national competitiveness. As business actors participate in generating the policy discourse, they also powerfully contribute to redefining the purpose of HE according to business logics and values. This will strengthen the marketization of a Nordic system that has so far followed social equality as its core principle.