Hyped ventures attract valuable resources by framing their goals in line with the hype. However, in doing so they risk adopting problematic conduct that undermines their moral legitimacy and requires repair. To explore the overlooked internal dynamics of this phenomenon, we conduct a longitudinal case study of a hyped fintech venture that lost and repaired its legitimacy. Our paper uncovers that how hyped ventures frame the moral boundaries of the pursuit of growth influences their conduct and, in turn, facilitates the loss or repair of their legitimacy. Two dynamics underline this process: the activation of intense emotions among employees and the entrenchment of distinct organizational cultures. Importantly, our study reveals that when ventures are hyped, a “growth at all costs” frame risks kindling “antagonistic excitement” among employees and facilitating a “hubristic culture” that supports morally reckless practices. By shedding light on these dynamics within hyped ventures, our study contributes to scholarship on entrepreneurial framing, cultural entrepreneurship, and tech venture legitimacy.
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