The investments in the acquisition of knowledge present one of the biggest challenges for the developing societies which have no infrastructures and resources to benefit from it. Thus, in many cases, the academic institutes and universities in these societies suffer from the gap between theory and practice. To fill the gap, media entrepreneurship is considered as a practical approach to implement the acquired knowledge to create new products and services, even via imitative innovations and cloning successful business models. Data, which was gathered from samples of the Iranian entrepreneurs brought as supporting evidence to conclude the promotion of media entrepreneurship results in more intelligent filtration in acquiring, distributing, adapting, and generalizing of the existing global knowledge. Therefore, governments in those societies should contribute to the promotion of entrepreneurship, particularly in digital media industry because of its particular potential in value creation. Also, literature about modes of innovation and the way nations benefit from their resources, along with various types of capital, considered for provision of a contingent approach. By developing the model from previously existed frameworks, the present paper provides a contribution in media policy area. The proposed model creates a foundation for further research in the area of media entrepreneurship policy.