Given the COVID-19 crisis, the importance of space in the global economic system has emerged as critical in a hitherto unprecedented way. Even as large-scale, globally operating digital platform enterprises find new ways to thrive in the midst of a crisis, small and medium-sized enterprises (SMEs) nestled in local economies have proven to be fragile to shocks, causing countless local economies to unravel in the face of severe challenges to survival. Here, we discuss the role of entrepreneurship in re-building local economies that are more resilient. Specifically, we take a spatial perspective and highlight how the COVID-19 crisis has uncovered problems in the current tendency for thin contextualisation and promotion of globalisation. Based on this critique, we outline new perspectives for thinking about the relationship between entrepreneurship, resilience and local economies. Here, a particular emphasis is given to resilience building through deeply contextualised policies and research, localised flows of products and labour, and the diversification of local economies.