AbstractResearch on entrepreneurial ecosystems has consolidated over the past decades. This study ventures beyond traditional analyses that primarily focus on quantitative outcomes to investigate the foundational processes that can facilitate a range of socio-economic advantages. Recognizing a gap in the existing literature, which often correlates input factors with anticipated benefits yet struggles to unearth underlying mechanisms, our research offers a novel perspective through applying a network-centric service ecosystem lens grounded in a service-dominant logic. Utilizing a qualitative approach based on pragmatic abduction, 16 narrative interviews explored the experiences and perspectives of multiple entrepreneurial actors within a privately governed Spanish ecosystem. Findings present a conceptual model that bridges emphasis between structure and outcomes with those of agency and strategy.