This study explores how status and reputation develop, helps differentiate the two assets, and provides insight into how new firms build these important intangible assets. Using a sample of more than 500 newly-founded VC firms, we find that reputation and status positively influence each other, but that reputation has a greater effect on status, particularly when firms are younger. We also find that the effect of past status on current status weakens as VC firms age, but the relationship between past and current reputation remains consistent with age. Furthermore, our findings show that participating in blockbuster deals has a positive relationship with status when firms are young and a positive relationship with reputation when firms are older, and helps low status and low reputation firms more than it helps high status and high reputation firms.