Identifying institutional gaps: Implications for an early‐stage support framework for impact entrepreneurs

Abstract Impact entrepreneurship is a pivotal force in harmonizing environmental, social, and economic objectives, yet in the early stages of their ventures, entrepreneurs face complex challenges. Grounded in institutional theory, this study investigates the unique needs of impact entrepreneurs and uncovers shortcomings in the existing institutional support frameworks. An in‐depth qualitative analysis was conducted involving semi‐structured interviews with successful impact entrepreneurs and identifying key needs across four main categories: knowledge frameworks, entrepreneurial skill sets, resource dependencies, and sociocultural and personal elements. We deduced essential requirements for clear operational guidelines, financial and legal support systems, collaborative academic interactions, and access to a skilled workforce. Our findings challenge the efficiency and alignment of current support mechanisms with the unique demands of impact entrepreneurship. Finally, this investigation not only sheds light on the complex needs of impact entrepreneurs but also contributes significantly to the academic discourse by recommending improvements in institutional support structures, potentially reshaping the field of impact entrepreneurship.