發布時間：2021-01-22 發布人：山東股章瀏覽次數：755次 來源：www.newadnetwork.com
From the macro level, there are four types of people in the early stage of start-up companies: founders, partners, core employees and investors. They all belong to the company, and they are also early risk takers and value contribution exporters. In the human capital / internet light asset driven start-ups, the early design of equity structure basically revolves around the high recognition based on the value output of human capital.
The scientific equity structure is basically to meet the demands of the four core groups in the early stage
From the perspective of the founder, the essence of the appeal is the control right, and the founder's appeal is to grasp the development direction of the company. Therefore, when designing the equity structure in the early stage, we must consider the control right of the founder, and have a relatively large equity (generally, it is recommended to be 2-4 times of the average shareholding ratio of partners)
From the perspective of partners, as followers of founders, partners / CO founders must have highly consistent values based on the concept of partnership. As one of the owners of the company, partners hope to have a certain right of participation and discourse in the company. Therefore, in the early stage, we must take out part of the equity to share equally
From the perspective of core employees, their demand is the dividend right. Core employees play a crucial role in the rapid development stage of the company. When designing the equity structure in the early stage, they need to reserve this part of the equity, which can be used when the company is in the rapid development stage
From the perspective of investors, investors pursue high net worth returns. For excellent projects, their demands are fast entry and fast exit. Therefore, to a certain extent, the liquidation priority and priority required by investors are very reasonable demands. The founding team still needs to understand these demands to a certain extent.
From the micro level, equity is the aggregation of a variety of shareholders' rights, among which the important ones are resolution right and dividend right.
When we really do the equity structure design in the early stage, we may need to consider more detailed analysis behind the four macro dimensions. In fact, in the era of human capital driven entrepreneurship, we need to think about more than the equity ratio! But around the equity to do systematic design.