The ability to function in multidisciplinary entrepreneurship teams is becoming increasingly important in engineering education. However, research addressing this area is still scarce. To address this gap, we provide a conceptual model of how engineering students can develop team competencies in multidisciplinary entrepreneurship teams, connecting literatures on entrepreneurial and engineering competencies as well as teams. With this conceptual model, we define key team competencies relevant for team-based entrepreneurship programs which is fashioned to align the curricula and help educators to do informed teaching while developing their pedagogical content and exercises.