在人力資本/互聯網輕資產驅動的初創公司，科學的股權架構基本上是要滿足早期這核心四類人的訴求：

In start-ups driven by human capital / Internet asset light, the scientific ownership structure is basically to meet the demands of these four core categories of people in the early stage:

創始人維度來看

From the founder dimension

本質上的訴求是控制權，所以在早期做股權架構設計的時候一定考慮到創始人控制權，有一個相對較大的股權（一般建議是合伙人平均持股比例的2-4倍）

In essence, the demand is control, so the founder's control must be taken into account when designing the ownership structure in the early stage, and there is a relatively large equity (it is generally recommended to be 2-4 times the average shareholding ratio of partners)

合伙人維度來看

Partner dimension

合伙人/聯合創始人作為創始人的追隨者，基于合伙理念價值觀一定是高度一致。合伙人作為公司的所有者之一，希望在公司有一定的參與權和話語權。所以，早期一定拿出一部分股權來均分（這部分股權基本上占到8%-15%）

As a follower of the founder, the partners / CO founders must have highly consistent values based on the partnership concept. As one of the owners of the company, partners hope to have a certain right to participate and speak in the company. Therefore, in the early stage, we must take out part of the equity to share equally (this part of the equity basically accounts for 8% - 15%)

核心員工維度來看

From the perspective of core employees

他們的訴求是分紅權，核心員工在公司高速發展階段起到至關重要的作用，在早期做股權架構設計的時候需要把這部分股權預留出來，等公司處于快速發展階段的期權就能真正意義派上用場（通常建議初次分配完之后同比例稀釋預留10%-25%）。

Their demand is the dividend right. The core employees play a vital role in the rapid development stage of the company. In the early stage of equity structure design, this part of equity needs to be reserved. When the company is in the rapid development stage, the options can be used in a real sense (it is generally recommended to dilute and reserve 10% - 25% in the same proportion after the initial distribution).

投資人維度來看

From the perspective of investors

投資人追求高凈值回報，對于優良項目他們的訴求是快速進入和快速退出，所以在一定程度上說，投資人要求的優先清算權和優先認購權是非常合理的訴求，創始團隊在面臨這些訴求的時候，一定程度上還是需要理解。

Investors pursue high net worth return. For excellent projects, their demands are rapid entry and rapid exit. Therefore, to a certain extent, the priority liquidation right and priority subscription right required by investors are very reasonable demands. The founding team still needs to understand these demands to a certain extent.

在人力資本驅動的創業時代，我們要思考的不僅僅是股權比例的問題，而是圍繞著股權做體系化設計。

In the era of human capital driven entrepreneurship, we should not only think about the proportion of equity, but also make systematic design around equity.