This study examines the relationship between two parts of the social enterprise ecosystem, being the support environment and collaborative governance, and each one’s effect on the economic and social outcomes of social economy enterprises in South Korea, an example of a government-led social economy. The support environment and collaborative governance were positively associated with economic and social outcomes. Furthermore, the support environment had a strong positive effect on collaborative governance. The results suggest the positive impact of the support environment on social and economic outcomes potentially flows through collaborative governance. The results add to knowledge of the relationship between the support environment and social and economic outcomes, as well as opening up the possibility of leveraging collaborative governance to improve the outcomes of support policies for the sustainability of social economy organizations.