We examine the interface of entrepreneurship and society by considering a novel source of gender bias (public opinion) and a novel expression of it (affective evaluations). We posit that women-led teams displaying success will trigger a “penalty for success” bias, and this will be inhibited if the team receives a “stamp of approval” from a gender congruent individual (i.e., an investor who is a man). Analysis from our first study, based on archival data, indicated that other mechanisms might be at (...) play that we could not tease apart in our archival data, so we conducted a follow-up experimental study to further examine our initial findings. Results jointly indicate that women are viewed unfavorably unless either (a) they are validated by success or endorsement from a man, or (b) they fail but are “warm and accommodating” about it. We also find that while men benefit from being validated by success or endorsement of an opposite-gender investor, they do not face a similarly steep penalty absent that validation. (shrink)