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This paper contributes to an emerging discussion about transformative enterprises, which are increasingly seen as change agents in sustainability transformations. Some scholars have hitherto described them as pioneering enterprises that strive for fundamental changes towards sustainability at different scales. Economic geography has, however, so far glossed over a micro‐perspective on such enterprises. In this paper, we define transformative enterprises in detail by systematically identifying and elaborating their characteristics and actions. We ask: What operationalizable characteristics that refer to transformative enterprises are discussed in the literature? How can we define transformative enterprises? Starting from a comprehensive literature review, we identify nine key dimensions of transformative enterprises that we specify with a set of indicators, and we then synthesize our finding with a definition. With this contribution, we further develop the concept of transformative enterprise in economic geography and show how it complements current conceptualizations of firm‐level agency and system‐level agency. [ABSTRACT FROM AUTHOR]