Want to finance the smooth, may wish to spend 5 minutes to read the entrepreneurial investment model
ITjuzi· 2016-05-23 14:57:55
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margin-bottom: 5px; max-width: 100%; min-height: 1em; white-space: pre-wrap; box-sizing: important; word-wrap: border-box! Break-word! Important "> understand the different stages of VC; what about
worry about investors stealing ideas, put dove how to do
1. Understanding VC
you find a girl fall in love, need to know the girl.
are you looking for VC financing before, also need to understand the VC.
above white lines represents the VC investment line, yellow line represents the VC distribution line.
line investment from the point of view, and a lot of start-ups like, VC also need financing. VC upstream only to the limited partner (LPs) and the general partner (GPs) to raise, the lower reaches of the money to invest abroad (enterprise A, enterprise B, enterprise C...).
from the point of view of distribution line, VC downstream investment projects have income LPS and GPS usually follow 2:8 principle distribution. Fund is a fund driven type, accounting for the bulk of the money.
VC are playing with other people's money. < br style = "max-width: 100%; box-sizing: border box! Important; word-wrap: break-word! Important;" />
VC has "three high": upstream fund-raising costs are high, the existing investment projects death with high probability. The two decided that VC usually invest in companies with high growth gene. This also explains why VC are invested in the TMT industry.
VC are with the duration of time to liquidation. The duration of the fund is "3+2", "5+2" or "7+2" and so on. If it is 5+2, the duration of the fund is 5 years, the longest is extended to 7 years. When entrepreneurs financing, you ask how long the duration of the fund, the basic can be judged, you can use the money VC long time.
professional VC, and not a lot of people think that the more money people silly ". These people either have to make a lot of money, or manage a lot of money. Many are successful entrepreneurs to do VC.
2 what is the venture capital model?"
in traditional mode, the company money and output is with a group of people. < style = "max-width: 100%; box-sizing: border box! Important; word-wrap: break-word! Important;" />
in the venture capital model, money and output are two dial the people, we fight in coordination.
venture capital pattern, most can reflect human capital incentive mechanism and constraint mechanism. On the one hand, through the VC to allow entrepreneurs to "throw money accounted for a large share of the incentive mode of human. On the other hand, VC by setting the entrepreneurial team stake staging mature, full-time, competition restriction, the ownership of the intellectual property rights etc. institutional constraints of human.
it also explain the why investment agreement will have a lot of entrepreneurial team in terms of constraints. These terms, VC is a professional minority shareholder rights protection mechanism, there is its rationality, it is to see whether it is over protection.
what is the value of investors in different stages? & nbsp;
and entrepreneurship, VC investment is a trial and error process.
high investment risk, VC will make money To test one. The project is more mature, the investment risk is VC hours, money is also large. Different stages of the VC project, on a different level, Saif partners very the sum of five to see". According to these, entrepreneurs start their development phase matching financing.
VC the, itself also reflect the Internet a number of rules: first team, and then get the product and user, and income, then a profit.
entrepreneur financing process, itself is also comb and optimize the business idea of process.
enterprise financing process, professional VC usually are will to the company to make the team, business model, financial and legal due diligence. Many entrepreneurs worry, too deep, worried about the idea of being cast. Speak too shallow, VC can not determine whether the project investment value.
for strategic investors, also is your peers, upstream and downstream industry chain, need to understand their investment of the starting point, is really investment, or by the name of investment spying on commercial secrets. If strategic investors just focus on industry collaboration and business opportunities, but also. If you pay attention to the details of the specific operation, you need to be cautious.
for financial investors (VC), need attention, they are investment over your peers. VC the most is not missing, is the creativity. Any industry, have its threshold. Everyone has his ability. Professional VC only creative, it is difficult to win. In addition, for Internet products, before the line, you can rely on creativity to maintain competitiveness. Once the product line, the need to rely on team execution, product iteration, market operations, capital and other comprehensive aspects to win. An Internet products, rely entirely on creativity, no active users, the product is not easy to use, there is no value.
put pigeons is a troubled business the problem. Before the founder's public Crusade investment institutions, finish do tune, signed the investment agreement, the investment tardy not in place of behavior.
how to avoid investors put pigeons?
first, pocket for security. Before the money into the company account, are variable;
Second, signed a letter of intent to invest in (TS) before several
Third, the investors do reverse survey;
Fourth, familiar with the normal process of financing;
the fifth, don't sign too long row he.
Q: in the process of financing, have which need to pay attention to the terms?
A:; entrepreneurs need to carefully handle the terms, including investors holding investment; people to nominate the majority of board members; personal liability founder unreasonable; veto (protective clauses) range; sign collar sale rights clause (Drag-Along); cautious signed on gambling terms; if the investor does not require the entrepreneurial team stake Limited (stages of mature, repurchase shares, full-time investment , prohibition of business strife, the ownership of the intellectual property rights, leaving no dig the basement of the company), we suggest that should take the initiative to add, this individual entrepreneurial team is limited, but on the entire business team is to protect.
Q: please sign ts, generally are to to what do tune? About the cost of how much? Who will bear the cost? & nbsp;
single-edge-a: do tune including team best tune, business model to make adjustment and financial adjustment and legal adjustment.
& nbsp; project as adjustment costs is mainly lawyers fees, angel round of charges usually not super over 5 million yuan, after a round of charge is usually about 10 million yuan (RMB financing) or 15 million ($financing).
fees this, if there is no successful financing, usually entrepreneurial companies and investment institutions assume their respective attorneys fees. If successful financing, in most of the project, the investor's legal fees will be borne by the start-up companies.
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