The creation and growth of new innovative small firms brings significant socio-economic benefits. Developing the entrepreneurial competencies of university students is an effective way to motivate entrepreneurship. In this study, we investigate the characteristics of 187 university start-up project teams, involving 880 students, founded in the Hungarian Startup University Program (HSUP) at 27 Hungarian universities as well as the potential impact of the program. Based on a quantitative content analysis of progress reports prepared by nascent entrepreneurial student teams, we draw conclusions about the competencies and composition of teams, and the market and technological development of the innovative projects they work on. The analysis reveals several useful implications for educators and policy makers regarding the management and development of HSUP and other similar entrepreneurship education initiatives.