Although entrepreneurial ecosystems (EEs) have attracted increasing conceptual interest in the academic literature, little research has been conducted on their dynamics regarding the sociotechnological transformations that they undergo. To gain a bigger picture of this process, the theoretical underpinning is lacking. This research aims to address this theoretical gap by relying on the quadruple/quintuple (Q/Q) helix model to contextualize the dynamics fueling the development of EEs. We supplement this model with the institutional perspective to gain a better understanding of the dynamic interplay of EE institutions within their broader socioenvironmental context. Through an exploratory qualitative study based on secondary data from 1985 to 2021, we focus on the space EE as an illustrative case that has experienced major sociotechnological changes since the mid‐2000s. Likewise, we find that sociotechnological transformations lead to a change of focus in the knowledge production system, which is fostered by internal constraints and external opportunities. Indeed, informal institutions have a major influence on entrepreneurial dynamics by supporting an entrepreneurial culture within the Q/Q helix spheres, as they enable the inclusion of external actors in the innovation process. Ultimately, we point out the role of entrepreneurial support organizations in the inclusion of civil society and the environment in society and democracy‐based knowledge production systems to enhance the development of EEs.