Abstract for: A value-based approach to governing entrepreneurial ecosystem

Entrepreneurial ecosystems thrive on collaboration, generating economic and social value beyond individual outputs. From a circular economy perspective, they enhance efficiency by fostering synergies, such as repurposing waste into resources. However, with multiple interconnected actors, governance challenges strategy design, implementation, and aligning interests. Managing performance and ensuring coordination remains complex. Using the Icelandic ocean cluster as a case study of an entrepreneurial ecosystem, data is gathered through semi-structured interviews with business leaders. The study maps the exchange of value between parties and their causal relationships. While conventional approaches provide a macro-level perspective on ecosystem structures, this method focuses on understanding the micro-foundations of ecosystems. Preliminary results indicate that firms exchange value beyond formal collaboration structures as participants emphasize that belonging to a dynamic culture and fostering an entrepreneurial spirit is essential for their success. This results in a dynamic value model linking to more firms than directly collaborating with them, identifying novel KPIs. This study provides empirical data to validate the value-based dynamic framework by capturing complex value exchange interactions between entrepreneurial firms within an entrepreneurial ecosystem. Their interdependencies and value exchanges are mapped through causal links between key actors and business models. Empirical case studies help contextualize this governance mechanism, identifying key performance indicators and bridging the gap between theory and practice.