Efforts to develop markets in disadvantaged and impoverished areas may be limited by the failure to engage local entrepreneurs in a manner that helps to build local prosperity and economic capacity. So-called inclusive business models (IBMs) may ameliorate some of these problems (London & Hart, 2011). For many participants in IBMs, amorphous aspirations to be a person or organization engaged in doing direct social good predominate, while others enact more strictly instrumental identities in seeking the “fortune” at the bottom of the pyramid (Prahalad, 2004). We investigate role and identity dynamics in the formation and development of IBMs and consequences for outcomes such as fidelity to founding mission and operational effectiveness.