This paper analyzes entrepreneurship students setting up new firms. It includes a comparison of firms set up by graduates from formal schools of entrepreneurship with graduates from an innovator-entrepreneur program. Based on an empirical sample of almost 300 former entrepreneurship students, the results indicate that an entrepreneurship education influences the entrepreneurial behaviour of students. Especially students who choose to participate in a formal school of entrepreneurship seem to benefit from what they have learnt in order to exploit opportunities and create new firms. The results have implications for universities teaching entrepreneurship, incubator managers, and different kinds of policy makers.