How does high-tech entrepreneurship affect incumbent firm innovation in regional innovation ecosystems?

High-tech entrepreneurship plays a central role in shaping regional innovation ecosystems, yet the mechanisms through which it affects innovation in incumbent firms remain underexplored. Using firm-level data from the Zhongguancun Science Park (2005–2015), this study investigates the impact of high-tech entrepreneurship on incumbent firms’ innovation. The results reveal that high-tech entrepreneurship significantly enhances innovation among incumbent firms, primarily through R&D investment and human capital. Moreover, this effect is stronger in the electronic information industry and during the development stage. Overall, the study highlights the role of high-tech entrepreneurship in driving the evolution of regional innovation ecosystems.