This review maps research on entrepreneurship in transitional economies since the start of institutional reforms. Data came from 129 academic journal articles published between 1990 and 2009. Sixty-two articles reported research on macro (country) level, discussing the nature and speed of reform, credit constraints, assistance programs and the role of small business for economic development. Sixty-seven articles studied micro (firm) level factors, but only fourteen of them employed data analytical methods to study what explains entrepreneurial success, suggesting a role for networking, industry experience and entrepreneurial orientation. We suggest more research on understanding the context of entrepreneurship, with a special focus on the informal institutional environment and industry structure. Also, future research can explore topics such as strategic agendas, opportunity identification and entrepreneurial cognition, which have been rare to date. We particularly emphasize the need for rigorous and replicable large-scale empirical studies.