This research examines the role of entrepreneurial leadership in the public and private sector universities of Pakistan. It was conducted with the aim of fulfilling specific gaps identified during the literature review such as dearth of literature on establishing entrepreneurial leadership in universities, elaborating on the contextual differences of public and private sectors affecting entrepreneurial leadership in universities, and to explore the perspectives of such concepts in an Eastern developing country. This was achieved by comparing universities of two contrasting sectors to highlight how their differences engender different outcomes as well as to reveal the different challenges and critical success factors for entrepreneurial leadership in two types of university organizations. A comparative case study design was adopted whereby six universities from both sectors were compared and contrasted. Semi-structured interviews with the heads of departments and their faculty were conducted for primary data collection while documents, archival records, and non-participant observation were used as secondary sources. Following the findings of Clark (1998, 2001) this study considers those universities to be entrepreneurial which cultivates and establishes links with different public and private agencies and successfully bringing in revenue generating projects from them through utilizing the knowledge and talents of their faculty members and thus actively pursuing the Third Task of universities an idea put forth by Etzkowitz (1983, 2003, 2004) and elaborated by Etzkowitz and Zhou (2007). This study contributes findings that are interesting and in some cases contrary to the literature.