The identification of opportunities is widely recognized as one of the most fundamental activities of entrepreneurs (Shepherd & DeTienne 2005). Yet, little is known about the identification of complex opportunities, which are subject to ambiguous cues and hold more than one value proposition. As complex opportunities have become increasingly important in theory and practice, e.g. social or green entrepreneurial opportunities, which have to meet the double-bottom line of economic and social/ ecological value, a deeper understanding of the identification of complex opportunities is required. Accordingly we seek to contribute to theory by investigating how complex opportunities are identified.