Despite the variety of research within coopetition, a process-based perspective on it has been largely neglected. Also, several studies underline that coopetition is an uncertain and risky endeavor that can serve as a rich source of opportunities and foster innovations. Dealing with uncertainty, taking risk and developing opportunities are recognized as the very features of entrepreneurship. Therefore, this article argues that coopetition resembles a highly entrepreneurial process. However, this entrepreneurial side of coopetition has not been studied. In addition, coopetition has been considered as a deliberate and intentional strategy and as a by-product of managerial decision making. However, several studies demonstrate that coopetition can be emergent and unintended but they have not gone further than providing rather descriptive results and tagging it as “intuitive” and “impulsive” coopetition. Against these research deficiencies, this article aims to explore coopetition as an entrepreneurial process and apply the effectuation approach to grasp its non-goal-oriented unintended side.