Neoinstitutional theory emphasizes not only the embeddedness of organizational fields but also explains how change agents (institutional entrepreneurs) bring innovation to the institutional environment (Battilana, 2006; DiMaggio, 1988; Maguire, 2007; Ragud, Hardy, and Maguire, 2007; Pacheco, York, Dean, and Sarasvathy, 2010). In this paper, we take a process view of change that institutional entrepreneurs initiate and show that institutional entrepreneurship is itself a changing phenomenon (Hardy and Maguire, 2008). We develop a grounded theory model which suggests that the process of institutional change moves through stages that are punctuated by recurring attempts to formally redefine the boundaries and logics of the organizational fields which institutional entrepreneurs initially establish (Suddaby, Cooper, and Greenwood, 2007).