Abstract: In early stage, how entrepreneurs acquire venture capital through building media legitimation and how media legitimation is built by legitimacy strategies have attracted the attention of entrepreneurs and scholars. However, few empirical studies have been undertaken to explore the above mechanisms from the integrated perspective of entrepreneurs, media and venture capitalists. The paper investigates 217 entrepreneurs who found their Internet-based enterprises, and analyzes the relationship of legitimacy strategies and media legitimation, and the effects of media legitimation on venture capital acquisition. Moreover, the paper focuses on how entrepreneurs choose their legitimacy strategies, and the moderation effects of venture capitalists’ trust in media. The results suggest the entrepreneurs with higher media reputation have the incline to use financial media to achieve higher exposure; using financial media helps entrepreneurs to attain higher media legitimation; higher media legitimation is positively related to larger size of venture capital; and the extend of venture capitalists’ trust in media has the moderation effects on the relationship of media legitimation and venture capital acquisition.

Key words: entrepreneur, legitimacy strategy, media legitimation, venture capital