Effectuation theory focuses on entrepreneurs using available means to create artefacts such as firms and markets. In this study, we explore three cases of entrepreneurial innovation processes initiated in developed countries but aimed at low-income markets of developing countries. In these entrepreneurial processes happening simultaneously in two geographical locations, firms often struggle to understand the local institutional and market conditions. We find that the studied entrepreneurs have been able to develop and disseminate solutions for addressing grand challenges in emerging markets by building an “impact ecosystem”. This required the entrepreneurs to work with diverse stakeholders, pioneer, have an iterative learning approach and be deliberately inefficient in their operations. Our results contribute by linking effectuation theory with the literature on ecosystems and demonstrating how entrepreneurs can engage in effectuation processes in building impact ecosystems.
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