Resource-based scholars have focused on the properties of resources and the isolating mechanisms that sustain their rents in the face of competition. Unfortunately, they have devoted far less attention to the sources of vulnerability of many of these resources. We argue that, paradoxically, sources of rent such as isolating mechanisms often have a dark side that renders resources more vulnerable. We highlight three categories of challenges to managing resource vulnerability—protecting them from erosion, coping with their ambiguity, and preserving their required alignment—and identify sources of vulnerability within each. We address these via three primary functions of curatorship: preservation, connoisseurship, and orchestration, respectively. Copyright © 2013 John Wiley & Sons, Ltd.