Virtual entrepreneurship (quite distinct from traditional/physical entrepreneurship) refers to the pursuit and exploitation of opportunities via virtual platforms. This research explores firm level antecedents to the performance and reputation of virtual entrepreneurial firms. Our main research question is: What are the differential and combined effects of innovation, networks and information processing on the performance and reputation of virtual entrepreneurial firms? We examine web based online entrepreneurial firms that are exploiting new opportunities available in virtual environments. These entrepreneurs have chosen to operate predominantly in online environments and are successful examples of virtual entrepreneurship. In addition, we explore temporal consistency of ongoing innovations and use a sample with worldwide representation to ensure generalizability. Our framework is multitheoretic, novel, and representative. We advance understanding of a little known contemporary phenomenon (virtual entrepreneurship) and a contemporary entrepreneurial enterprise (online ventures).