How New Ventures Manage the Resource and Liability of Future-oriented Visions Within the Nascent Market of Impact Investing

This study explores how new ventures in the nascent impact investing market manage hype, defined as a collective vision of a possible future. Drawing on a longitudinal study of three ventures, it develops a theory of hype management, illustrating how field-organizing practices generate social proof. The authors reveal how entrepreneurs engage with hype to gain stakeholder support and resources, while avoiding the pitfalls of unmet expectations, contributing to the understanding of legitimacy and resource attainment in emerging markets.