Objective: Over the past decade, the concept of the “Entrepreneurial Ecosystem” (EE) has emerged as one of the most prominent constructs in entrepreneurship literature and economic development policy. However, its rapid proliferation has often been driven more by policy enthusiasm and the imitation of global success models than by a coherent theoretical foundation. A significant portion of existing studies adopts a static approach, merely listing environmental components such as capital, culture, infrastructure, and networks, while neglecting the internal processes of ecosystem formation and evolution. Furthermore, despite the entrepreneur-centric nature of the field, the role of individual agency—specifically the construct of “entrepreneurial opportunity” as a bridge between micro and macro levels—has rarely been theorized systematically. Therefore, this study aims to provide a framework for EE formation, centering on the evolution of entrepreneurial opportunities as the outcome of accumulating and exploiting opportunities over time. Entrepreneurial opportunities exist from inception through the evolution of the ecosystem, with individuals and firms leveraging various resources and enablers to exploit these opportunities. Understanding the interaction between agent and opportunity contributes to describing the dynamic nature and sustainability of EEs.

Methodology: This research utilizes a meta-synthesis qualitative approach, drawing upon the eight-step model proposed by Schia and Watson (2019). The analysis process encompassed open, axial, and selective coding, constant comparison of concepts, theme synthesis, and the extraction of the final model. To ensure credibility and confirmability, the coding process was reviewed and verified by a second researcher, and the preliminary findings were presented to several field experts for validation.

Findings: The meta-synthesis identified four primary dimensions that explain EE formation, centered on opportunity: (1) Cognitive and Social Micro-foundations, including knowledge, motivation, intention, needs, problems, and knowledge spillovers; (2) Cultivation of Entrepreneurial Value Proposition, realized through social interactions, business modeling, capability development, and resource acquisition; (3) Opportunity Assessment, Exploitation, and Development, conducted through iterative cycles of testing, learning, feasibility analysis, and the co-creation of commercialization pathways; and (4) Emergence and Formation of the EE (including governance and collective coordination, relational networks and structures, supporting resources and infrastructure, knowledge and human capital, institutions, culture, and contextual embeddedness, co-evolution, sustainability, and ecosystem reproduction), which provide the context for opportunity evolution. The findings suggest that an opportunity is not a pre-existing phenomenon but an evolutionary process that begins with raw ideas and, through the interaction of entrepreneurial agency with institutional structures and environmental resources, culminates in sustainable ventures. In this framework, the EE is viewed as the outcome of the accumulation and synergy of successful opportunities within a specific geographic and institutional context.

Conclusion: By placing “opportunity” at the center of analysis, this study redefines the EE from a static structure to a dynamic, time-bound process. The proposed framework demonstrates that ecosystem formation results from the continuous interaction between entrepreneurial agency, the evolution of ideas into concepts and opportunities, and the configuration of environmental resources and institutions. Thus, “opportunity” serves as the bridging construct between micro-levels (entrepreneurial perception, decision-making, and action) and macro-levels (institutions, culture, and infrastructure), allowing for a more coherent explanation of the ecosystem life cycle. From a practical perspective, the findings imply that entrepreneurship development policymakers should design support systems tailored to the stages of opportunity evolution; support for ideation, concept development, opportunity validation, and venture scalability should be provided in a staged and coordinated manner. Such an approach can lead to the formation of sustainable EEs, rooted in local capabilities and driven by economic and social value creation.