"Building a culture": The construction and evolution of venture philanthropy as a new organizational field

This article investigates the construction and evolution of "venture philanthropy" as a new organizational field and professional culture since its emergence in the mid-1990s. Based on qualitative research of venture philanthropy organizations and their leaders, it suggests that while the dot-com boom was a catalyst, the field’s diffusion depended on opinion leaders strategically defining and legitimating the new model. The study highlights the importance of cultural fit and network institutionalization, alongside challenges like implementation difficulties and business-nonprofit culture clashes, which have driven its evolution.