<p>Incumbent large businesses play a crucial role in fostering resilient entrepreneurial ecosystems. However, many regions lack the presence of such firms. Early research suggests that an entrepreneurial ecosystem can compensate for this absence through positive spillovers from foreign direct investment. While the role of multinational enterprises in entrepreneurial ecosystems remains underexplored, our comprehensive review of the broader business and economics literature delineates and describes six key multinational enterprise spillover mechanisms that impact entrepreneurial ecosystem genesis and evolution. We contribute a theoretical model of six multinational enterprise spillover mechanisms’ impact on entrepreneurial ecosystem evolution from genesis, through growth, and on to maturation as a more resilient entrepreneurial ecosystem. We ultimately propose a future research agenda to further and more deeply explore the impact of multinational enterprises’ spillovers on entrepreneurial ecosystems.</p>