This study investigates how social ventures deal with the tensions between economic values driven by firm growth and social values they originally implement. Given that the formal sphere (e.g. structure, authority, and rules) is inter-related with the informal sphere (e.g. culture, social interactions, and values), we conduct an in-depth case study of a Korean social venture to specify the co-evolution process of these distinctive spheres in a generational approach. The generational approach views that new employees create their own cultural boundaries vis-?-vis those of incumbents within the organization by collectively mobilizing what they understand regarding their work. In response to this generational differentiation, these generations takes distinctive actions to embrace what the organization eventually pursues, including value reinforcement, re-practicing, and sub-culturing. Our findings provide the understandings of what aspect hybrid organizations consider upon firm growth.