Academic entrepreneurship and the commercialization of science have transformed higher education in recent decades. Although there is ample research on the topic, less is known about how individual scientists experience and perceive the transformation. Drawing on a narratological approach to sensemaking, this study examines how entrepreneurial scientists in Finland and Israel make sense of and narrate the perceived changes in the interface between science, university, and industry. An analysis of 53 semi-structured interviews reveals three sensemaking narratives demonstrating how scientists' interactions with the industry have engendered perceived shifts in 'regimes of value' in universities. These narratives focus on: (1) bi-directional learning between academy and industry; (2) the use of new valuation devices and practices; and (3) changing relationships between scientists and universities. Our findings advance research on academic entrepreneurship by highlighting the coexisting regimes of value and the consequences they have for science, value, and power.