Spatial Fluidity and the Outcomes of Entrepreneurial Ecosystems: An Analysis Based on Investment Flows

Angélica Pigola, Bruno Fischer and Gustavo Hermínio Salati Marcondes de Moraes

Growth and Change, 2026, vol. 57, issue 2

Abstract: The spatiality of Entrepreneurial Ecosystems (EE) has become a topic of recent interest in literature. Traditionally based on a regionally‐bounded appraisal of the contextual conditions leading up to entrepreneurial activity, EE research is facing a shift toward the inclusion of more fine‐grained territorial approaches that accommodate complex spatial topologies involving heterogeneous trajectories of local, domestic, and international linkages. Yet we still fall short in grasping how the spatial features of EE relate to their respective outcomes. In this article, we take up this challenge by addressing the extent to which spatiality affects the dynamics of development in EE. To that end, we focus on investment data extracted from Crunchbase covering 11,670 investment transactions spanning 2266 EE located in 118 countries. We then assess the spatiality of EE by means of looking into the association between investment inflows and outflows in relation to post‐investment valuation at the level of EE (our measure of EE outcomes). We further qualify this association by adding a vector that associates financial flows to leading EE. We complement our overall analysis by running quantile estimations to check for variations in associations across different levels of development in the analyzed EE. Our findings offer consistent evidence of a positive association between the spatial fluidity of EE and its respective outcomes. This is valid for both inward and outward spatial connections, although stronger associations are perceived for the former. Also, where investments come from/go to matters, as receiving/sending investments from/to the most eminent ecosystems is a good predictor of EE outcomes.

Date: 2026
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