Research in organizational theory and entrepreneurship has established the importance of being affiliated to prominent third parties for reducing new ventures’ liability of newness and signaling their quality (e.g., Gulati & Higgins, 2003; Milanov & Shepherd, 2013). While there is mounting evidence on the benefits of endorsement relationships across different types of affiliates and their ‘social approval assets’ (Pfarrer, Pollock, & Rindova, 2010), we suggest that distinct effects can also exist within a social asset brought by a single affiliate type. Specifically, we argue that the spillover value of an affiliate’s media attention on the new venture can have markedly different consequences. We distinguish between specific and general media attention of a new venture’s early affiliate and apply the dual-process theory (Kahneman & Frederick, 2005) to explain when and why the two sources of media attention affect investor’s behavior differently.