創業初期,公司還處于未完全開發階段,可能只有一個創業計劃書,或者只有初始產品。

In the initial stage of entrepreneurship, the company is still in the incomplete development stage. There may be only one entrepreneurship plan or only initial products.

對于這種初創階段的創業型公司來說很難拿到天使投資,就算有天使投資,需要給投資人的股份也普遍較多,這時公司不妨選擇通過股權眾籌的方式進行融資。

For such start-up companies, it is difficult to get angel investment. Even if there is angel investment, there are generally more shares that need to be given to investors. At this time, the company may wish to choose the way of equity crowdfunding for financing.

股權眾籌可以彌補一些股權融資覆蓋不到的地方,集眾人之力讓初創企業從無到有。投資人手里的閑置資金很多,大多數普通投資者也想找到好的渠道投資。

Equity crowdfunding can make up for some places that equity financing can't cover, and gather people's efforts to make start-ups grow from scratch. There are a lot of idle funds in the hands of investors, and most ordinary investors also want to find good investment channels.

另外,對于一些初創企業來說,幾十人甚至上百人的眾籌股東會給企業帶來很多附加利益,這批投資者不僅是企業忠實的用戶,還會為企業提供建設性的建議,幫助企業完善產品。

In addition, for some start-ups, crowdfunding shareholders with dozens or even hundreds of people will bring many additional benefits to the enterprise. These investors are not only loyal users of the enterprise, but also provide constructive suggestions for the enterprise to help the enterprise improve its products.

有些投資人還會利用手里的資源為企業提供客戶，對創業初期的企業給予大力幫助。

Some investors will also use their resources to provide customers for enterprises and give great help to enterprises in the early stage of entrepreneurship.

這批投資者還是免費的宣傳者、每個投資的小股東都有為公司做宣傳的動力,他們會在自己的親朋好友中不遺余力地對公司進行宣傳推廣,這些對于初創公司而言彌足珍貴。

These investors are also free propagandists, and each minority shareholder of the investment has the motivation to publicize the company. They will spare no effort to publicize the company among their relatives and friends, which are precious for start-ups.

那么,為什么股權眾籌適合創業初期而不是創業中后期的公司呢?

So why is equity crowdfunding suitable for companies in the early stage of entrepreneurship rather than in the middle and late stage of entrepreneurship?

原因有以下兩個：

There are two reasons:

第一,創業企業在發展中期時已經過幾輪融資,估值上升了不少,有些甚至已經翻倍。這時再進行股權眾籌,能給到小股東的股權少之又少。

First, start-ups have had several rounds of financing in the medium term of development, and their valuations have increased a lot, and some have even doubled. At this time, equity crowdfunding can give very little equity to minority shareholders.

與此同時,在創業中后期,企業所需融資金額遠超創業初期,對于眾籌的小股東來說同樣需要掏10萬元,拿到的股份卻大不相同,一些小股東會覺得不劃算。

At the same time, in the middle and late stage of entrepreneurship, the amount of financing required by the enterprise is much higher than that in the early stage of entrepreneurship. For minority shareholders who raise crowdfunding, they also need to pay 100000 yuan, but the shares they get are very different, and some minority shareholders will feel that it is not cost-effective.

第二,企業經過一段時間的發展,具備了一定的知名度和影響力,很多風投機構會紛紛找上門來。

Second, after a period of development, the enterprise has a certain popularity and influence, and many venture capital institutions will come to the door one after another.

我們有一個學員就遇到過此類情況,公司本來打算通過股權眾籌的方式募資100萬元,在籌到20萬元時,出現了一個財大氣粗的投資人,將剩下的80萬元包圓了。后來才知道,原來是一家風投機構覺得這個項目很好,擁有不錯的發展潛力,于是直接入股了。

One of our students encountered this kind of situation. The company originally planned to raise 1 million yuan through equity crowdfunding. When it raised 200000 yuan, there was a rich investor who covered the remaining 800000 yuan. Later, I learned that it was a venture capital institution that thought the project was very good and had good development potential, so I directly took shares.

一般而言,優質的創業公司在發展中后期不愁找不到風投。如果真的無人問津,只能說明這家創業公司競爭力不足,前途堪憂,此時即便進行股權眾籌，小股東也未必愿意進場接棒。

Generally speaking, high-quality start-ups do not worry about finding venture capital in the middle and late stage of development. If no one really cares, it can only show that the start-up company is not competitive and has a worrying future. At this time, even if equity crowdfunding is carried out, minority shareholders may not be willing to take over.