Based on the theories, such as the resources-based theory, new product development and Strategic alliances, we proposed the equity-building process of new ventures of Internet industry. We note that new ventures¡¦ purpose of capital raising actions before going public is not simply to raising fund, those actions represents that organizations attempt to obtain rare resources, building core competence, through equity invested or conjoined. In other word, equity portion to the new venture can become a means not necessarily an end. Through several Internet new ventures¡¦ interview, we discussed factors that affect the equity-building process, such as original core resources and primary exchanging resources. Four propositions have developed. First, original core resources of new ventures would affect equity-building process, especially on target selecting, conjoining timing, and interaction. Second, on the affection of single equity relation¡¦s occurs, primary exchanging resource didn¡¦t evidently a decisive factor, for, it¡¦s hardly to tell it apart from original core resources. Third is our basic notion, we hold that equity-building process before IPO becomes a portion of growing strategy of emerging organization. Fourth, based on the observation of these selected cases, we conclude that characteristics of core resources of new ventures would affect their manners of acquiring resources, especially needed for organization growth. Due to the limitations of organization condition and capital market, new ventures¡¦ equity-building process of Internet industry could not apply the financial views of analysis. For this reason, we proposed new analysis manner, tried to indicate that how to select and equity portion, and how to build-up competitive advantage during infant stage.