Nearly everyone agrees that social media has become a fixture in society and that it will have an increasingly larger impact on firms’ success in the future (Blanchard, 2011). However, little understanding exists today regarding the exact role and influence of social media on business. This paper begins to fill this literature gap by isolating and examining the specific effect social media has in an entrepreneurial context. Specifically, this paper explores how the inclusion or lack of inclusion of social media in business-generated materials influences potential buyers’ and investors’ investment decisions, perceived level of legitimacy and reputational assessments.