The Dutch debate on hybrid organizations - which mix elements of state and market - is dominated by the normative ideas brought forward by the advocates and adversaries of hybridity, which tend to focus on only one side of the coin. In this dissertation, Philip Marcel Karre argues that hybridity can only be fully understood and managed when we consider both sides of the coin, and see the benefits and risks as flipsides of each other. By analyzing hybrid organizations in the Dutch waste management sector, Karre develops a perspective on hybridity - that can be used by policy makers, professionals, and academics - to pinpoint those dimensions that could produce benefits or risks. Karre argues that hybridity is neither a catastrophe nor a panacea, but that it needs to be managed properly. The biggest challenge will be to prove - in every single case - that the expected opportunities created through hybridity far outweigh the costs of controlling the risks it poses. Dissertation.