Research has focused on the ecosystems of forces that influence how organizations pursue opportunities in new industries, nascent markets, and novel technologies. However, there is an emerging, but unstudied, ecosystem supporting entrepreneurial activities in legacy industries, mature markets, and based on (seemingly) obsolete technologies—the analog entrepreneurial ecosystem (AEE). To develop a framework to explain this phenomenon and guide entrepreneurs and managers operating in this ecosystem, a theory of the AEE is proposed. The theory explains the ecosystem’s main components and delineates the forces driving its emergence. The model contributes to research on ecosystems, technology reemergence, and management in mature markets and has implications for organizations pursuing opportunities outside the digital ecosystem and based on legacy products.
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