This paper considers the entrepreneurial ecosystem concept, which in recent years has gained interest from a variety of perspectives including entrepreneurship, management, and economic geography. Specifically, the paper identifies a gap in the literature regarding the concept's sectoral or industrial focus. Prior applications to real‐world case studies have focused on a fairly narrow range of industries and places. In this paper, we apply the concept to a case study of one creative and cultural industry, the fashion industry, to help us understand not only the performance and function of entrepreneurs and small businesses in this industries, but also potential policy supports. We map the institutions and spaces in Toronto's entrepreneurial ecosystem, drawing on extensive qualitative research to consider the dynamics and interactions therein. In parallel, we advance the concept theoretically, questioning its tenability and applicability in a wider range of economic systems by adding the perspective of cultural and creative industries.