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Based on the theories, such as the resources-based theory, new product development and strategic alliances, we proposed the equity-building actions of new ventures in the Internet industry. We note that the new ventures’ purpose in capital raising actions before going public is not simply to raise funds, but to obtain rare resources and build core competence through equity invested or conjoined. Through interviews, we discuss factors that affect the equity-building process, and propose two propositions. Firstly, the original core resources of new ventures will affect the equity-building process. Especially, on target selecting, alliance timing, and alliance preference. Secondly, equity-building actions before IPO are parts of a growing strategy for emerging firms. The findings of this research are helpful in understanding the linkage between resource endowment and equity-building actions, and for new ventures to build up competitive advantages during founding period.