Venture capital has emerged as an important intermediary in financial markets, providing capital to young high-technology firms that might have otherwise gone unfunded. Venture capitalists have developed a variety of mechanisms to overcome the problems that emerge at each stage of the investment process. This study selected the China Venture (CV) source database for venture capital (VC) research in the Chinese Internet industry and extracted information on investment time, VC firms, and

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... nt amount. Combining theoretical analysis and empirical research, the differences between the leader community and the self-organizing community in the Chinese Internet industry are analyzed and the reasons and paths leading to the change of investment performance are determined. It is found that the information dissemination of core nodes promotes the information dissemination of leaders' communities and the two kinds of organizational learning have different effects on investment performance in the two communities. Under experimental learning and information dissemination, the investment performance of the leader community is greater than the self-organizing community. The outcomes of this research can be used as a reference for the sustainable development of the Chinese Internet industry.