Navigating the promises and perils of researching emerging phenomena in strategy and organizations

Editors and reviewers often issue clarion calls for interesting research with novel theoretical contributions. In response to these calls, scholars often gravitate toward emerging phenomena—novel contexts lacking scholarly community or hot contexts with growing interest. However, simply examining novel and hot phenomena is insufficient to carve an “interesting” theoretical contribution. The promise of studying emerging phenomenon may be seductive, but doing so can also introduce under examined perils. We argue that novel and hot phenomena have distinct promises and perils that are under appreciated—with significant consequences for scholarly careers. Novel phenomena can provide first mover advantages to scholars and generate much interest but may constitute a lonely, risky journey if an appropriate theoretical community does not emerge. Hot topics attract significant attention, but can also be marked by conceptual confusion, fragmenting the accumulation of knowledge as scholars struggle to differentiate their work within a rapidly growing field. Yet, what is considered novel or hot is dynamic. Scholarly interest in novel phenomena can wax, ignite fascination, and become hot or wane with skeptical, uncertain acceptance, influencing both promises and perils. We contribute strategies to help strategy and organization scholars mitigate the perils and amplify the promises of theorizing from novel and hot phenomena.