Future studies may extend framing research in several ways.5 First, future studies may theorize additional forms of framing that
may exist in the entrepreneurial setting. For example, mentioning market categories or market memberships such as “semiconductor” or “satellite radio” in entrepreneurial ventures' press releases may serve as frames and influence stakeholders' evaluation (Navis and Glynn, 2010). Second, future research may further unpack entrepreneurial ventures' framing strategy by differentiating framing at the levels of technology, product, or business. For example, research may examine whether entrepreneurial ventures consistently use novelty frames across different levels, or whether emphasizing novelty or familiarity frames at different levels produces different outcomes. Third, future research may explore additional contingencies associated with entrepreneurial ventures' framing strategy. In particular, the effectiveness of framing may depend on characteristics of the ventures as well as those of VCs (Rhee and Fiss, 2014). For instance, the credibility of an entrepreneurial venture, reflected in factors such as prior performance or innovation capability, may influence the association between the venture's novelty and familiarity frames and its funding outcome. Similarly, attributes of VCs with different prior experience, status, and reputation might also moderate the effectiveness of framing (Pahnke et al., 2015). Finally, other contextual factors such as the economic condition may influence the effectiveness of framing strategy. In an unreported test, we found that the presence of economic crisis6 moderated the impact of novelty frames on investment amount but not the impact of familiarity frames. Future research could fully theorize these effects.