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In this paper, we first propose to investigate theoretically the role of affect in entrepreneurial opportunity identification and development, building on both the literatures on OI&D and the role of affect in entrepreneurship. We then explore empirically the validity of our model thanks to the content analysis of a rich qualitative database containing the profile of 1,960 social entrepreneurs elected as Ashoka Foundation's fellows. We find that the main emerging themes can be classified into 4 broad categories matching our model of OI&D: the entrepreneur's background, behaviors and feelings, cognition, and the nature of opportunities pursued. Interestingly, negative events trigger negative affect bringing the issue to the attention of the entrepreneur (opportunity identification), and positive dispositional affect - through personality traits, strong community support and social networks push the entrepreneur to act upon the opportunity (development). Our empirical findings contribute to validating and refining our theoretical model. [ABSTRACT FROM AUTHOR]