Entrepreneurial ecosystems are increasingly seen as complex, dynamic environments requiring effective coordination by ecosystem orchestrators. While prior research has focused on structural and institutional elements, little is known about the cognitive processes guiding orchestrators’ decisions. This study addresses this gap by examining how mental models influence ecosystem performance. The study analyzes three key attributes of mental models: complexity, centrality, and accuracy. Data were collected through a simulation environment where eleven teams played the role of orchestrators across ten rounds of strategic decision-making. Using a fuzzy-set Qualitative Comparative Analysis (fsQCA), the study identifies two causal configurations sufficient for high performance: one based on high centrality and the other on high complexity, both combined with low accuracy. The findings suggest that orchestrators can adopt different cognitive strategies to achieve strong outcomes, challenging the assumed importance of accuracy. The study contributes to the literature on entrepreneurial ecosystems and managerial cognition, offering practical insights for those aiming to enhance ecosystem performance through cognitive and strategic design.