The entrepreneurial ecosystem is an emerging but underdeveloped theoretical stream that needs to be better understood. This research explores a new perspective in the entrepreneurship field at the intersection of the ecosystem and multi-level approaches. The entrepreneurial ecosystem is a multi-level construct, comprised of several interacting sub-ecosystems. The explorative qualitative study uses a multi-level ecosystem analysis based on semi-structured interviews with main groups of actors in the entrepreneurial ecosystem. This enables the characterisation of three main ecosystems: the entrepreneurial ecosystem (macro level), the entrepreneurial support ecosystem (meso level), and the business incubator ecosystem (micro level). The results highlight the importance of studying the interplay among sub-ecosystems as the key to better understand the entrepreneurial ecosystem's success. The main contribution of the paper lies in supporting various entrepreneurial ecosystem actors to understand the ecosystem's composition and thus develop an effective overall strategy for both business incubators and policy makers.