Understanding the Microfoundations of Entrepreneurial Ecosystems: Toward a Value-Based Method and Theory

Abstract

Despite the progress made by scholars, empirically investigating entrepreneurial ecosystems (EEs) remains problematic because of the inherent complexities and nonlinearities of interactions among EE actors. The research to date has shown a tendency to focus on macrolevel ecosystem dynamics while neglecting the microfoundations of EEs. We contend that this negligence is due to a lack of appropriate methodologies that can capture EE microfoundations through a systemic value-based perspective. To fill this gap, in this article, we propose a novel methodological approach, the <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">value system method,</i> which enables framing EEs through critical causal interdependences between key actors’ business models that foster value-exchange processes. Finally, the study provides a set of research and policy implications for fostering the understanding of EE microfoundations toward a value-based method and theory.