Resource endowments as antecedents of high-impact entrepreneurship: Embracing the complexity of entrepreneurial ecosystems

Entrepreneurial ecosystems, as spatially bounded resource allocation systems, are vital for the growth and scale-up of new ventures by facilitating access to financial, human, and social resources, which are considered to be essential for fostering Schumpeterian entrepreneurship. However, there is significant heterogeneity in resource endowments of high-impact ecosystems, challenging the prevailing thesis in entrepreneurial ecosystem research that posits a balance and completeness among ecosystem elements, including resources, as a prerequisite for outstanding entrepreneurial performance. In this study, we draw on complexity theory to explore how financial, human, and social resources interact and combine to influence high-impact entrepreneurship within ecosystems. Employing fuzzy-set Qualitative Comparative Analysis (fsQCA) on a sample of 139 ecosystems across 47 countries, we identify both effective and ineffective ecosystem resource bundles. Highlighting their polarized nature, we develop a typology of high- and low-impact entrepreneurial ecosystems based on the complex patterns of substitutability and complementarity in their resource endowments.