In this paper, we explore on the value creation and capturing process in a regional entrepreneurial ecosystem. We investigate the conditions for the ecosystem development with a particular focus on small and medium sized enterprises (SMEs), potentially the largest group of stakeholders within many ecosystems. The key findings discussed in the paper include general organizational requirements and governing structures, the role of leadership and ownership of the initiatives, and suggestions for potential collaborative areas. The paper concludes with suggestions both for potential inter-firm collaborative areas and for policy makers’ support.