This paper proposes a population based model of network analysis. The model incorporates the concept of an organizational population into network analysis. Organizations embedded within a population collectively hoard valuable resources. Residing in the same niche, they collectively adapt to environments, but engage in incessant competition against one another. Three types of networks are identified: horizontal, vertical, and cross-institutional. Horizontal networks refer to connections among organizations within a population. An organization's status emerges within a population. Horizontal networks and status have different implications for organizational behavior and performance. Status is valuable in front stage situations, where the audience is numerous, market uncertainty is high, and connections with vertical and cross-institutional networks are pivotal. Status is effective in acquiring new resources and in expanding the boundary of the population's niche. Networks are valuable in back stage situations, where information flowing within the population is scarce and important, and resource mobilization within the population is necessary. Networks are effective in redistributing internal resources of the population to generate derivative benefits. Using the venture capital industry as an example, the paper shows that status is valuable in the process of initial public offering, whereas horizontal networks are important in the event of acquisition. Findings provide initial evidence for the population based network analysis model.