At the 85th annual conference of the Association of University Professors of Business Administration (VHB Conference), held March 18–20, 2026, in Göttingen, Amanda Baum (Ph.D. candidate in the Data-Driven Innovation Research Group, TUHH), Prof. Dr. Pauline Reinecke (Assistant Professor of Business Administration, specializing in Strategic Entrepreneurship, Leuphana University of Lüneburg), and Prof. Dr. Moritz Göldner (Assistant Professor, Data-Driven Innovation Research Group, TUHH) were awarded the zfo Prize for Young Researchers by the Scientific Commission for Organization for their paper: “Hot Market, Cold Feet: Entrepreneurs’ Storytelling Between Public Enthusiasm and Investor Hesitation.”
This award-winning paper examines how founders deal with conflicting reactions to innovative business ideas—particularly when these ideas address socially sensitive or, in some cases, taboo topics. In such markets, there is often a tension between public attention and enthusiasm (“hype”) and simultaneous reluctance or skepticism (“stigma”). Using the example of 30 companies in the currently fast-growing German femtech market—that is, technologies related to women’s health—the study shows that this tension becomes particularly evident in conversations with investors. While topics in women’s health are receiving increasing public attention and positive feedback, investors sometimes react with caution or uncertainty in direct conversations. For founders, therefore, how they communicate and position their business idea becomes crucial.
The researchers identify three key communication strategies (“storytelling approaches”) that founders use to overcome these challenges. The findings expand the entrepreneurship literature on storytelling, hype, and stigma, and provide important practical guidance for founders, investors, and other stakeholders in innovation promotion.
