Most studies focusing on resource-based theory in new ventures examine firms at discrete stages of their development at which time a set of resources already exists. Little work has been done to date to articulate a broader, more generalized view of the resource development process over the life cycle of a new venture. This paper tackles this agenda. We propose four phases of resources development, and that each phase must focus on a priority of resource bundles. We also propose that internal strategic resource development is context-dependent on and interacts with the external stage of industry development. We draw upon extensive case studies of new ventures in the wine industry to investigate the proposed model.