The concept of open innovation ecosystems is receiving increasing attention in academic literature, but its application to the cultural industries and, more specifically, to philanthropically‐funded cultural initiatives, remains a largely unexplored domain. This study, leveraging on in‐depth interviews with stakeholders, observation and immersion in the field, employs primary qualitative data from a philanthropically‐funded cultural initiative and applies the ecosystem‐as‐structure conceptual framework to study the factors that have enabled a nascent open innovation ecosystem in the cultural industries to emerge. Findings point to a number of essential components and characteristics of the emergent ecosystem that are crucial elements of success in the view of key stakeholders. The findings consequently shed light on the managerial practices and strategy that facilitate the success of a philanthropically‐funded artistic initiative which fosters the creation of a new open innovation arts ecosystem.