In this chapter, we explore the possibility that entrepreneurial ecosystems have become the engine behind innovation leadership in emerging markets. We study the experience of 11 Balkan nations and provide evidence of their dynamic entrepreneurial ecosystems, despite national institution shortcomings and low public R&D spending. We emphasize the role of entrepreneurial finance, technical talent and the culture and connectedness of the entrepreneurial community as the most significant drivers behind the bubbling entrepreneurial ecosystems in the Balkans. We also argue that these arguments are critical and can nourish innovation performance in emerging contexts. We argue that by supporting their entrepreneurial ecosystems, many emerging countries that present similar institutional shortcomings to the Balkans can become innovation leaders.