Understanding entrepreneurial ecosystems: Biology or economics?

Recent years have seen entrepreneurs and small and medium enterprises play a more significant role in economic growth and cooperation. Economic development increasingly depends on fostering entrepreneurship, where SMEs play a key role in job creation, business development, and stimulating green and inclusive growth in both developing and developed countries. In addition, SMEs are crucial for achieving sustainable development in emerging markets as well. Effective policies and support measures require an understanding of the environment in which entrepreneurs and SMEs operate, referred to as entrepreneurial ecosystem. This research provides a first look at the most popular literature on the entrepreneurial ecosystem, offers different definitions and models of the entrepreneurial ecosystem out of those papers, and provides a comparative case study to see how differently the ecosystem might work even in similar preconditions.