The purpose of this article is to provide a window into the earliest phase of nonprofit organizational formation. Using a sample of 91 nascent nonprofit entrepreneurs and a framework from the entrepreneurship literature identifying the vital capacities for new venture development success, this exploratory article examines the capacity endowments of nascent nonprofits. The results indicate that nascent nonprofits have rather well-developed venture ideas and also a good understanding of whom they will serve. However, few have developed programs or services ready to be implemented or established relations with real beneficiaries and/or payers. In addition, this research highlights differences in capacity between nascent nonprofit entrepreneurs with and without previous start-up experience.