發布時間：2021-05-10 發布人：山東股章瀏覽次數：713次 來源：www.newadnetwork.com
Investors are willing to invest in start-ups, in addition to valuing the entrepreneurial project itself and analyzing the founder's ability, what they care about is the company's organizational structure and equity structure. What is the general investor's preference for the distribution of ownership structure?
First, investors are more opposed to equity equalitarianism
The result of egalitarianism is that no one can afford the whole company, and no one can be the master. For newly founded small-scale companies, investors are more inclined to let the company's core figures (such as founders or CEOs) get a little more shares than the sum of other owners; For example: for example, the more critical proportions of 67%, 51% and 34% are taken as the criteria. The main reason why investors prefer to let the core person of the company control the majority of the shares is to let a decision maker (usually the CEO or founder of a start-up enterprise) have control over the enterprise, so that the enterprise will not be able to make useful decisions. Let the enterprise achieve the goal of rapid growth in the early stage, so that the investment of investors can be realized.
Second, investors also value whether there is room for equity adjustment in the initial stage of start-up.
In other words, consider whether there is any reserved equity for employee incentive and venture capital. Because entrepreneurs need to have a long-term vision, consider what talents and resources they need to introduce for the future development of the enterprise, and don't divide up the equity at the beginning. At this time, we need to have a concept of equity pool or option pool. Generally speaking, the proportion of equity reservation is about 15% - 20%. Or you can reduce the share ratio of everyone who needs to allocate equity at the beginning by 5% and put it in the equity pool. Later, according to the different stages of the project, each person's different contribution to adjust the equity. And it is in the early establishment of equity pool, because the late establishment of option pool equity may be diluted by investors.
Third, investors prefer the ownership structure with obvious gradient.
For example: for example, the equity structure of "founder holding 50-60% + co founder holding 20-30% + reserved equity pool holding 10-20%" can be generally adopted. Investors' preference for corporate equity structure gives us a reference and suggestion for designing equity structure. However, there should also be certain criteria for the equity granted to investors by enterprises. Generally speaking, the distribution of equity to investors should follow the idea of "investors invest a lot of money, occupy a small share, get equity, need to exit". We have been emphasizing the distribution of equity according to the contribution to the enterprise. Capital is a vital and direct resource for any enterprise. But at the same time, the equity of the enterprise is also very limited. Investors should not be allowed to hold large shares, resulting in not enough residual equity to be distributed to other people, which easily leads to enterprises having money but not being able to do things.
In addition, the funds provided by investors, whether for business expansion or salary distribution to employees, are directly beneficial to the enterprise. Therefore, investors should directly obtain equity after fulfilling the capital investment. However, the equity obtained by investors is only temporary, because for investors, the purpose of obtaining equity is not to realize the equity after the appreciation of the enterprise. And enterprises also need to have a certain share of equity to new investors in the subsequent financing. Therefore, it is necessary to set up a good exit mechanism for investors.