ժҪӦξܵԤҵϻ˹Ȩ֮ϻﴴʼ֮Ȩ䲻ô죿ϻﴴʼְʱȨδϻﴴʼܱǿп𣿼ܽ˴ģϣڶഴҵ߷ľ̸֮Թҵ߲ο
ʵٽ飺αйϻ˵ĹȨս
2016324գý屨һҴҵ˾ʼ֮䱬ĹȨսϴʼȦϢϸ˵ ְ ȥΪ빫˾ʼھӪϵķ磬»Ѿͬй˹Э飬δһȳùɷݣ÷Э鲢ûǩЧͻȻյ˾ʼЭΪɣ뿪Ҫý屨ʾҴҵ˾ѽ C ֵ֣
һ˲ϯֹ١үСɵȴҵҵʼ֮ĹȨսЩйϻ˹Ȩսİʹǰҹʵϸֻе֪˺ѿ۹ƽǷֱǣЩ¼ıָһͬ⡪ʼ֮ĹȨս
ôӦξܵԤҵϻ˹Ȩ֮ϻﴴʼ֮Ȩ䲻ô죿ϻﴴʼְʱȨδϻﴴʼܱǿп𣿼ܽ˴ģϣڶഴҵ߷ľ̸֮Թҵ߲ο
һȨ̬
ҵлЩͷʦҵҵȨ̬ӦõĿһۡȷԴͳеĴҵҵȨڳ֮ͷõģڸϻﴴʼ˶ҵijDZڹףֵԤжȷʵԴĿƣϻ˰ձϽɹ˾עʱ
ڣҵҵʱѯʺϻ֮ȨηΡʵ ݸʼ˵ĹгڿӦɱһ¡ ԭ֮⣬Ľ飬Ϊʹڴҵʼϻﴴҵ֮˽ԷҲȷԤиδĹסԣҵҺ֪ Joel Spolsky ԸɴƼһƽִҵ˾ȨķȨԵȣ 2016224 36Kr ġϻﴴҵӦη乫˾ȨһҲ˽ܺԷ
ȻʹʼɶڴҵһʼƽķҵĹȨҵҵᾭгҵεĸֱǨͬʱϻ˶ҵͶʱ䡢Դ;Ҳܻᷢ仯˽顢ӻͥǨʼɶԭƽĹȨҲܽµʵǰἰļ⡣
˿̬ĹȨDzǾԼڵļֵˣ
ʵϵĵгҲƵijɹܿû۸߶ȡý屨ʱ·ʩ 50%Ȩ̾ʮٷչ´Ⱥ뿪˾λʩй 18%ĹȨ·˺ 68%֮ľԿعɹɶ
ʵٽ飺αйϻ˵ĹȨս
ںϻﴴʼ˹Ȩ䣬Mike Moyer ڡGet Them Gratorsһһʽ
ʼ˹ɱ = ʼˣԣס ԣֵܼ
Ƿģ˼ҲƼҵ߲οMike Moyer ڡSlicing Pie: Fund Your Company Without Fundsһ˸ϸļ㹫ʽDZͨôҵʵܹڷй˵˼άϰ߿ҲѽһӵĹʽϻ֮ĹȨΪʼ֮ȫͨгʽIJʵЧйϻҪĵһ붯̬ĸͻơ
һƪ¡Ŵйϻ˵δЯǰлǷֵܽһЩĹȨľѵرֵôҵȦйϻ˲ο
1
ȨӦӳϻ˶ԴҵĿۺϹͼֵذҵ idea Դ쵼гûƷͼʱ侫ԴͶȣʼ˿ԴҵѡغȨأϲ̶ֱΪȨ䷽ǹƽΪֹ
2̹Ȼ
ҵϻӦйĻֱϰߣڹ˾ Ǯ ʱͻΪ˾ͷһҪ̹ȻԣԽԽáǰľܱԺĽסƼĽ취ǣڴ蹫˾֮ǰϻھƵ귿У̸ֱȫһµķ뿪Ӧڣÿ꣩һιȨбҪʱ
Ȩ̬ʵ
ʼ˿ͨǩ𣨺ϻﴴҵɶЭԤһȨ̬ʼ˿ͨƽ̨ĹɶЭ飩ȻĵĿءȨؼȨԤķΧڽе
Ȩ̬ʵʲҵľǷʣҲǴҵ˾Ƿڴʼ֮Ͷˣ˸ӳ̶ȺͲʽܻвͬ
1ǰĹȨ
˾ڻûͶʷ֮ǰڲȨԼ
1Ȩת
˵˾עʱûȫλδλIJԤȨķݶɲֹɶ紴ʼϻеϴʱֹ֣ɶʼɶ֮䶨̶ùȨĵɴֹɶӦĹȨתõӦùɶ¡ҪѵǣתùȨ̵Ǽ֮ǰҪ˰ְתùȨ⣩˰˾ľʲûֵ˰ԭʼȡü۸δʵɵĻ 0תùȨû˰ģȻֵ˰ֿܻᰴֵֵ˶˰˼µɣ̳еȣ֮⣬ƫ͵תü۸ᱻ˰ֶϡҵҵһ²ֵӣڣԿµʷʽ
2
˾עʱѾȫʵɣйȨתþʹתü۸֧⣬ҲǴֹɶȨתõӦùɶ£ùɶҪ֧ת÷Ȩԭʼȡü۸ʵʽɸעʱüۿڹ˾ѭûн빫˾Ϊ˽˾õʽӦùɶʣɣʽע뵽˾ҲȨתõĸ˰걨ͽɸ
⣬ҵֵӵʷʽҲܹͬĹܸ˰
2ʺȨ
˾ѾʣʹͶʣڲȨ漰Ͷ˵Ĺͨͬ⣬ӷϽͶ˾ȹȨҪͶ˹ͨȨȥȡͶ˵ͬ⣬ҲҪͶ˴˾ʼŶȶԵĵǡ
ȨȻйȨתúַʽǰ۹ͬáǣɾͻͬϡͶ˵ĹȨͶ˲ͬ⡣⣬ɵļ۸ͶͶʼ۸ĻϡͶ˵ͶʼֵܻͶͶļԼķϡͱƣеĻԴʵǶͨʼ֮Ȩתýж̬ȨʵʩĿԸ
Ȩת÷ʽܻͶ˵ĵǣ߹˾ʲֵ¹Ȩת÷˰Ļʼ˿ԿʹȨеȨʵֺϻ֮Ķ̬Ȩͨ£Ͷ˲ֱӲȨķ䣬רҵͶЭҲὫȨ裨µͶͶʼ۸ųڷϡͱƵķΧ֮⡣
ϻְ
ڳڵҵ˵ϻְƻԵ¼֮һȻҵҵٵѹ˴ҵŶӵIJȶԡԣμսĴʼ˲Ҫպϻ뿪ϵIJҪǰУҪѰϻҵĿȱʱܸҪͨȨ֦κϻˡ
1Ȩ֣Vesting
ȨͨͶʱͶ˻ҪйڲƷںܶഴҵҵǰҲάֹ˾ʼŶӵȶԡȨķʽɶķڼҹڼ趨Ϊ 4-5꣬ÿһ꣬Ȩ֣ҲDZ1/41/5ֻڹ˾һܹ꣬ӵй˾Ȩϴʼ˿ܻܺ˳ȴκϻ˴ƴ꣬˾ɫӵй˾ 25%ĹȨƣƳĺϻЭƷУѾȨֵȳĺϻﴴҵƣҵϻ˿עﲢ֤֮ʹá
ϻﴴҵϴʼڹ˾ʵʱ䣨ٶ 2꣩һδԼȫڼ䣨ٶ 4꣩ôϴʼֻܼѾ֣Ҳ 1/2=2/4ĹȨಿӦɹ˾δʼջء
2Ȩعʱ
֤ϻְջ¹ȨʱʼϣջκϻµĹȨһҪץסʱ㡣
ȣϻְԭڹ˾Ӫϵ飨磺˾Ի߹ȷIJͣ߸ԭ磺˽ͥʵ״ʱְϻ˻ΪԼ뿪Թ˾Ӱ죬ԭܼϴҵΣΪҪӹ˾ջͶʻȡþòĿҪԹȨջأѾֵĹȨһӵĽ
⣬ְϻְͨڵıܺͲ˾Ѿõרҵ VC ͶʣͶͶʱѾ˴ʼ˵ıܺͲҪְϻ˺ܼܿ¾ҵڲIJͲƷ棬Ըʵд̣ʵҲջְϻ˹Ȩһ롣
ױԵְ˰ճﻮְϻ˿漰͵ĸ˰1Ȩתû߷ֺ 20%˰2ʽȵĸ˰۽˰˰ʵ 45%3;òҪرָǸݲ˰ [2001] 157Ź涨˵λͶϵȡõһԲ루˵λŵľòѺãڵְƽ 3 ڵIJ֣˰ձ 2015 ˮƽò˰ 20 ҡε˰ܴҵҵԸʵ˰ճﻮҲѺջְϻ˹Ȩ辶
ġʼ ְ ô
һҪԲٴʼշ⡣˾УʼַͨϵĽɫ1˾Ĺɶ2˾ĵһĵԱһϵǿԸݹ˾ƶȺͶͬģҲdzĴʼ˱ȥ CEO CXO ְλӦأĴʼҲûڹ˾ȡʵͶꡣ
ҪǿǣʼΪ˾ɶǺѽģйķɿܺʵУԸʽƳʼ˹ɶλʵֵģԾڲٰУǰᵽһЩ˴ǩðǩļΣµķպξͲչˡ
ܹгͶǿƳȨǸ⡣ǿƳȨͶΪСɶ˳ͶʵһҪϣҲΪȨǿȨȨ˼еҪչͶߵĹȨͶȨҪʼɶԼһõתùȨʼɶ밴Ͷߺ͵ɵij۸뵽չԣЩ֪ҵϲչʼճֵİΪͶʹǿƳȨʼ ְǣ⾳ڼܹĴҵ˾УǿƳȨִУʼ̴ֻͨһ£ϣѺá ıְ
òѺõķʽʼϻְй˾˵ܻΪ˾ȨṹϵIJ֢֮ҹҲܴܵĸӰ죬д⡣룬Ϊйעṫ˾ϴɶ CEO㿪ϴʼ˼ CXOᷢλǰ CXO Խǹ˾ĹɶҪλɶ֪ȨȸɶȨܻҪλɶ㱨λɶЭҪļǩ֣Ľܹ𣿼ϣйϻܹϸĶģӶܾĹȨսŻϾֻаȫرܹȨ֮еĸӣпſ˫ӭõδ |