This research has analyzed the dynamics of collaborative practices towards the creation of an Entrepreneurial Ecosystem (EE), in the light of the theory of Knowledge-Based Development, by applying the Capital System. The qualitative method was adopted, with a process approach. The data were collected through semi-structured interviews, observation, and document analysis; and analyzed by narrative, temporal bracketing, and visual maps. We identified four phases that occurred for the creation of the ecosystem. For each of them, the knowledge capitals involved were pointed out, as well as the relationship dynamics between them. It was also shown how different actors have contributed to this process. As a theoretical contribution, the research advances in the application and understanding of CS and proposing a Dynamic Model for the formation of entrepreneurial ecosystems. Furthermore, it allowed the identification of a specific attribute to the Agent Capital, the leaderships, which are fundamental for the dynamics to happen. [ABSTRACT FROM AUTHOR]