The article attempts to understand the impostor phenomenon in the innovation ecosystem, where high-achieving individuals, despite their accomplishments, experience a sense of intellectual phoniness. They constantly fear being unmasked as frauds and struggle to acknowledge their own success. A systematic literature review is conducted to explore the antecedents and consequences of the phenomenon in entrepreneurs. Research on the impostor phenomenon is extensive and provides valuable insights regarding the impostor phenomenon in various professions and age groups. However, the impostor phenomenon within the innovation ecosystem is stint that hampers our ability to confidently derive clear conclusions in both research and practice domains with respect to the entrepreneurs who are the actors of the innovation ecosystem. There is also a lack of research on mediating and moderating variables in the relation between the impostor phenomenon and entrepreneurial performance. As a result, numerous fundamental questions remain unanswered, like why entrepreneurs believe they don’t belong in the entrepreneurial sphere. The innovation ecosystem provides an interesting context, with human capital, social capital, and financial capital as its elements. These factors set the context for the causes of the impostor phenomenon in entrepreneurs. The article suggests pertinent mediators and moderators that may enrich the understanding of the Impostor phenomenon. The nature of the impostor phenomenon, innovation ecosystem and entrepreneurs provide a conceptual framework to understand the impostor phenomenon in entrepreneurs. The proposed framework is discussed, and relevant propositions are provided. The possibilities for future research are also highlighted.