Leading the Loop: Anchor‐Led Orchestration in Nascent Circular Ecosystems—A Qualitative Case Study

ABSTRACT The transition towards a circular economy necessitates coordinated, systemic change across value chains. Yet the role of anchor firms in initiating and orchestrating nascent circular ecosystems remains underexplored. Using an inductive, qualitative single‐case design, we analyse a German mid‐sized entrepreneurial firm, drawing on 21 interviews and over 1000 pages of archival material. We develop a five‐phase process model of early anchor‐led orchestration and a capability bundle centred on establishing circular intentions, setting foundational structures, aligning stakeholders around a circular value proposition, activating the ecosystem through experimentation and preparing for scaling. We highlight the importance of addressing deep cultural‐cognitive structures and building orchestration capabilities to overcome circular paralysis. We specify what makes circular ecosystems distinct from generic business or entrepreneurial ecosystems: higher dependence on policy‐making, reverse flows and intensive legitimacy work. The study theorises orchestration capabilities and offers actionable strategies for managers and policymakers to design and scale circular ecosystems.