Framing the unknowable: The role of language and frame multiplicity in early‐stage startup pitches

Research Summary Early‐stage startup pitches must make largely unknowable futures plausible. As such, they bear a rhetorical burden. This study theorizes how multiple frames jointly shape this burden and, consequently, affect investor evaluations. Specifically, it considers how future growth frames interact with concreteness and novelty frames. Evidence from 618 startup pitches and ad‐hoc investor evaluations reveals that growth frames relying more on entrepreneurs' own assertions than on established grounds tend to receive lower investor evaluations. This evaluative discount is alleviated when growth is expressed concretely but becomes more pronounced when the pitch emphasizes novelty. These findings extend framing theory by explaining the relevance and possible implications of frame multiplicity in pitches and entrepreneurial communication more broadly. Managerial Summary Mobilizing support for a new venture is difficult because founders must often describe a future that does not yet exist. This study of 618 startup pitches shows that growth‐related messages can shape investor evaluations even at the earliest stage, but only if configured well. Because growth frames must appear plausible amid the uncertainty surrounding new startups, framing early‐stage startups around growth is rhetorically burdensome. Findings show that pitches are evaluated less favorably when they rely more on founders' own projections and reasoning than on established grounds such as market analyses. Concrete language can alleviate this burden, while novelty framing intensifies it. As such, this study reveals intricate and potentially unintended interactions among multiple frames within a single pitch.