Many universities are encouraging academic researchers to participate in technology commercialization and entrepreneurship to demonstrate economic and societal returns from investments in scientific discovery. A shift in focus from traditional academic responsibilities to more entrepreneurial ones can introduce conflicts of interest for faculty and student researchers, who explore potential markets for their innovations and engage in business transactions. This paper describes three categories of conflicts of interest pertinent to academic entrepreneurs and common measures universities use to manage them. Our aim is to raise awareness of potential conflicts so that they are managed to benefit both the institutions and the individuals involved.