This paper critically examines the entrepreneurial ecosystem approach, which has emerged as a framework for understanding and fostering entrepreneurship. The approach emphasizes the role of entrepreneurs as key players in creating and maintaining a healthy ecosystem, rather than focusing solely on the quantity of entrepreneurship. The paper reviews the literature on entrepreneurial ecosystems, highlighting its shortcomings, such as limited causal depth and evidence base. It proposes a novel synthesis that includes a causal scheme explaining how the framework and systemic conditions lead to specific entrepreneurial activities and new value creation. The synthesis also provides a framework for analyzing interactions within the ecosystem, offering a more rigorous starting point for future research. The paper concludes by discussing the implications for regional policy, suggesting a shift from entrepreneurship policy to policy for an entrepreneurial regional economy.This paper critically examines the entrepreneurial ecosystem approach, which has emerged as a framework for understanding and fostering entrepreneurship. The approach emphasizes the role of entrepreneurs as key players in creating and maintaining a healthy ecosystem, rather than focusing solely on the quantity of entrepreneurship. The paper reviews the literature on entrepreneurial ecosystems, highlighting its shortcomings, such as limited causal depth and evidence base. It proposes a novel synthesis that includes a causal scheme explaining how the framework and systemic conditions lead to specific entrepreneurial activities and new value creation. The synthesis also provides a framework for analyzing interactions within the ecosystem, offering a more rigorous starting point for future research. The paper concludes by discussing the implications for regional policy, suggesting a shift from entrepreneurship policy to policy for an entrepreneurial regional economy.