Kutanga Term Sheets Inotsanangurwa: Kupfuura Kukosha Kwaunoda Kuziva

Nhamba huru iyoyo yekukoshesa inogona kunzwa sekukunda kukuru, asi kazhinji ingori nyaya yakaoma zvikuru. Ruzivo rwechokwadi rwepepa rekambani yekutanga runowanikwa kunze kwekuongorora , uko zvikamu zvekutonga, mari yekubuda, uye equity yemutangi zvinonyatsotsanangura ramangwana rako. Gwaro iri richakubatsira kupfupikisa mutauro wepamutemo kuti uone zvinonyanya kukosha.

Nyaya Yechokwadi Yakavigwa muTeam Sheet Yako

Funga nezvetemu pepa sepurani yekuvaka yekudyidzana kwako nemuisiri. Nepo kukosha kwacho kunobata misoro yese, ingori kero yemugwagwa. Iwo akaomesesa mameseji - kuvharirwa zvido, zvidziviriro, uye kutonga kwebhodhi - ndizvo zvinotsanangura hwaro, chimiro, uye pakupedzisira, ndiani ane makiyi eramangwana rekambani. Kutarisa panhamba huru chete kwakafanana nekuyemura mutengo wemba usingambotarise kuperera kwayo.

Izvi zviri kuitika kupfuura kare, kunyanya sezvo mabhizimisi ekutengesa makambani ari kukura. Semuenzaniso, muNetherlands, mapepa ekutengesa makambani matsva ave akaoma zvikuru. Iye zvino zvave tsika yekuti mabhizimisi ekutengesa makambani eDutch ave nezvikamu zvakadzama pamusoro pezvinodiwa zvekutengesa makambani (kazhinji ka1 kana kupfuura), kodzero dzekudzivirira kuderedzwa kwemitengo, uye dziviriro chaiyo yevanoisa mari inoita kuti vanoisa mari vawane mari yavo yekutanga pakutanga.

Kugadzirisa Danho reKukurukurirana

Usati watombotanga kutaurirana aya akaomesesa clause, imba yekambani yako inofanirwa kunge yakarongeka. Hurongwa hwemutemo hwaunosarudza pakutanga hune chekuita nemaitiro aunoita kuenzana, kubata mutero, uye kuti kutanga kwako kunotaridzika sei kune vangangove vanoisa mari.

Kugona kwemuvambi kutaurirana pepa rematemu rakanaka rinoenderana nekugadzirira kwavo. Kunzwisisa kupindirana pakati pechimiro chako chekambani uye kuchengetedzwa kwevaisiri mari hakugone kutaurirana kuti ubudirire kwenguva refu.

Semuyenzaniso, sarudzo yako yebhizinesi mubatanidzwa inoisa mamiriro ezvese remangwana mari yekutsvaga mari. Usati warasika mumasora ematemu mapeji clauses, zvakakosha kuti uve nekubata kwakasimba kwekutanga kwebhizinesi zvimiro. Kuwana mubato pakunzwisisa misiyano yakakosha pakati pemhando dzebhizinesi seS Corp vs LLC zvinogona kukanganisa zvakanyanya mabatirwo ekudyara uye kuenzana kunoitwa munzira.

Kuti ikubatsire kufamba neizvi, tatyora iwo akanyanya kuomesesa matemu mapeji maratidziro uye maitiro avo chaiwo epasirese kune vanovamba.

Key Term Sheet Clauses Inopfuura Kukoshesa Pakungotarisa

Pakupera kwegwaro iri, iwe unenge uine ruzivo rwekutarisa kupfuura iyo yemusoro kukosha uye kutaurirana chibvumirano chinovaka kambani inoenderera pane hwaro hwakasimba. Tichafukidza:

• Liquidation Preferences: Ndiani anotanga kubhadharwa kana kambani yatengeswa.
• Zvigadziro zvekudzivirira: Idzo kodzero dzeveto vatengesi vako vane pamusoro pezvisarudzo zvakakosha.
• Board Kuumbwa: Ndiani anonyatso kudzora gwara rekambani.
• Vesting uye Anti-Dilution: Matanho anodzivirira vese vanovamba uye vanoisa mari.

Maitiro eLiquidation Sarudzo Inotsanangura Kubuda Kwako Kubhadhara

Kana kambani yako yatengeswa, havasi vese vane migove vanobhadharwa panguva imwe chete kana nenzira imwe chete. Pfungwa yekusarudza mari yekubvisa chikwereti ndiyo inosarudza kuti ndiani anowana mari yake kutanga kana mari yekubuda yagoverwa.

Fungidzira kukosha kwese kubva pakutengesa kwekambani yako pie ichangobva kubikwa. Vasati vavamba kana vashandi vasati varavira chimedu chimwe chete, iyi clause ine simba inopa vatengesi vako kodzero yekutora chidimbu chavo chakazara kutanga.

Ichi ndicho chimwe chezvikamu zvakakosha zvikuru mune chero term sheet nekuti chinoumba zvakananga mhedzisiro yemari yako. Yakagadzirwa sedziviriro kune vanoisa mari, vachiva nechokwadi chekuti vanogona kudzoserwa mari yavo yekutanga vasati vawana masheya akafanana (sewe nechikwata chako) purofiti. Chimiro chakajairika chauchaona ndechekusarudza ka1x , zvinoreva kuti mudyari anofanira kugamuchira kanenge mari yese yaakaisa pakutanga.

Asi dhiyabhorosi ari mune zvakadzama. Mashandiro anoita iyi sarudzo anogona kusiyanisa zvakanyanya, uye apa ndipo panofanira kunyatso teerera. Mhando mbiri huru ndedze "kusatora chikamu" uye "kutora chikamu" migove yakasarudzwa, uye mutsauko uripo pakati pawo wakakura.

Vasiri-Kutora Chikamu Vanofarirwa

Iyi ndiyo yakajairika uye muvambi-ushamwari chimiro. Nezvisiri-kutora chikamu zvakasarudzwa stock, investor anotarisana nesarudzo kana kambani inotengeswa. Vanogona kana:

1. Tora zvavanoda: Gamuchira mari yavo yekutanga kumashure (semuenzaniso, 1x mari yavo).
2. Shandura kuita common stock: Rega zvavanoda uye ugovane mumari sezvakangoitawo munhu wese, zvichienderana nehuwandu hwevaridzi.

Zvine musoro, ivo vanosarudza chero sarudzo inovapa mubhadharo wakakura. Kana iri nzira huru yekubuda uko danda ravo revaridzi rakakosha kudarika mari yavo yekutanga, vanotendeuka. Mukubuda zvine mwero, ivo vanonamatira nezvavanofarira kuchengetedza capital yavo.

Kutora Chikamu Kunodiwa: Iyo "Double Dip"

Kutora chikamu chakasarudzika stock kwakawanda, zvirinani kune vanoisa mari. Zvinovatendera kuti vawane zvakanakisa zvepasi rose mune inowanzonzi “double dip”.

Kutanga, vanodzoserwa mari yavo yese yekubvisa mari (semuenzaniso, mari yavo yekutanga yavakadyara). Zvadaro , mushure mekunge mari yavo yabviswa, vanowana mukana wekugovera mari yasara zvichienderana nehuwandu hwevaridzi vavo. Vanodzoserwa mari yavo pamwe nechikamu chavo chezvasara.

Kutora chikamu chakasarudzika stock kunogona kuderedza zvakanyanya mubhadharo wevatangi nevashandi, kunyanya mumamiriro ekubuda ane mwero. Ipoindi yakakosha yekutaurirana, uye kunzwisisa ma mechanics ayo kwakakosha kune chero muvambi.

Kuzviona Mukuita: A Payout Scenario

Ngatitarisei muenzaniso uri nyore. Munhu anoisa mari anoisa €2 miriyoni mukambani yako kuti awane 20% yemugove. Gare gare, unozotengesa kambani ne €10 miriyoni.

• NeKusada Kutora Chikamu (1x): Mubhadhari ane sarudzo. Vanogona kana kutora yavo € 2 mamiriyoni kuda kudzosera kana shandura kune zvakajairika stock uye uwane 20% of € 10 mamiriyoni, iyo zvakare € 2 mamiriyoni. Mhedzisiro yacho yakafanana, kusiya € 8 mamiriyoni kune vamwe vese.
• NeKutora Chikamu Kunodiwa (1x): Apa ndipo pazvinonakidza. The investor anotanga atora yavo € 2 mamiriyoni kuda kubva kumusoro, kusiya € 8 mamiriyoni. Zvadaro, vanowana yavo 20% chikamu chezvasara € 8 mamiriyoni, inova imwe € 1.6 mamiriyoni. Kutora kwavo zvachose ikozvino € 3.6 mamiriyoni (€ 2M + € 1.6M) Izvi zvinosiya chete € 6.4 mamiriyoni kune vavambi nechikwata.

Sezvamunoona, izwi rimwe chete iroro—“kutora chikamu”—rakachinja mari yaibhadharwa nemudyari ne €1.6 miriyoni uye rakakanganisa zvakaenzana uye zvakasiyana pane zvakatorwa nevakatanga kambani. Kusanzwisisa izvi kunogona kukonzera kusawirirana kukuru mumutsara, ndosaka kuva nekujekeswa kwakakwana kwekodzero dzevane migove kubva pazuva rekutanga kwakakosha kudzivirira matambudziko emangwana. Kana zvinhu zvikaoma, kuchenjera kunzwisisa maitiro ekugadzirisa gakava revane migove muNetherlands.

Izvi hazvisi zvepfungwa chete; zvinoonekwawo muzvikamu zvikuru zvekutsvaga mari muEurope. MuNetherlands, kukanganiswa kwezvikamu zvemapepa ebasa zvinopfuura kungoongorora chete kwakajeka mukubudirira kwemakambani matsva ane mari yepamusoro. Makambani akaita seHotmart, Mollie, nePicnic anowanzo tsvaga mari nemashoko akaomarara, kusanganisira kodzero dzekubvisa mari kubva pa1x kusvika pa2x uye kodzero dzekubatanidzwa.

Kuwana kubata kwakasimba pane aya ekubhadhara mechanics idanho rakakosha mune chero mari yenhaurirano. Inofambisa hurukuro kupfuura iyo inopenya yemusoro wemusoro uye muchokwadi chekuti kubuda kunorevei kwauri iwe nechikwata chako.

Ndiani Ane Chirevo Chekupedzisira Nezvidziviriro zvekudzivirira

Kunze kwehupfumi hwechokwadi hwekubuda, gwaro remashoko ndiro panotsanangura simba riri pakati pevatangi nevanoisa mari muhupenyu hwese hwekambani. Apa ndipo panoshanda mitemo yekudzivirira . Muchidimbu, ikodzero dzekusabvumira vanoisa mari pamusoro pesarudzo dzakakosha dzekambani yako.

Zvifunge semukuru wengarava—unokwanisa kutonga zvizere mafambiro ezuva nezuva, kubva pakugadzirisa nzira kusvika pakutungamirira vashandi. Zvidziviriro zvekudzivirira, zvisinei, ipa vatengesi vako ruoko pane helm yekutendeuka kukuru. Ivo havagone kufambisa ngarava ivo pachavo, asi vanogona kukumisa kuita mafambisirwo makuru pasina mvumo yavo yakajeka.

Kubva pakuona kwevanoita mari, kodzero idzi inshuwarisi isingagoneki. Vakapa mari yakawanda, uye izvi zvigadziro inzira yavo yekudzivirira iyo mari kubva kune zvisarudzo zvinogona torpedo kukosha kwekambani kana chimiro. Kune muvambi, zvakadaro, vanogona kunzwa vachiganhurira, vachidzikamisa rusununguko rwaunoda kuti uve nimble uye kukura.

Sarudzo Dzakafanana Dzinofukidzwa Nedziviriro Dziviriro

Nepo iyo chaiyo rondedzero inogona kusiyana, idzi kodzero dzeveto dzinowanzo pinda mukuita zviito zvikuru zvekambani zvinogona kukanganisa zvakananga migove yemuridzi. Vagadziri vemari vanozoda kutaura zvavanotaura usati waita chero yeiyi mafambiro.

Yakajairwa seti yezvidziviriro zvekudzivirira kazhinji inopa vanoisa mari kodzero yekuvharisa kambani kubva:

• Kutengesa kana kuvhara kambani: Ichi ndicho chikuru. Inovimbisa kuti vanotanga havagone kutengesa bhizinesi nemutengo wakaderera pasina vanoisa mari kusaina.
• Kusandura kodzero dzestock yaunofarira: Izvi zvinomisa kambani kusandura zvirevo zvemasheya emutengi nenzira inoita kuti asanyanya kufarirwa.
• Kupa mitsva mitsva yepamusoro kune iyo investor's shares: Izvi zvinodzivirira nzvimbo yemuridzi mumutsara, kuve nechokwadi kuti vanochengeta kukosha kwavo kana paine chiitiko chekumisa.
• Kubhadhara kana kuzivisa mibairo: Mumazuva ekutanga, vatengesi vanoda kuona mari ichidzoserwa kuti ikure, isingabhadharwe kune vanogovana.
• Kutora chikwereti chakakosha: Kuwedzera pachikwereti kunowedzera njodzi, chimwe chinhu vatengesi vanozoda kubvumidza kutanga.
• Kuchinja saizi yebhodhi revatungamiriri: Izvi zvinoita kuti hurongwa hwehutongi hwakabvumiranwa hurambe huripo.

Kunzwisisa zvinhu izvi chikamu chakakosha chekugadzirisa hukama hwako nevanoisa mari. Zvizhinji zvezvinhu izvi zvinozopedzisira zvanyorwa mumagwaro epamutemo anotungamira mashandiro ekambani yako. Kuti uone kuti mitemo iyi yakarongwa sei pamutemo, unogona kudzidza zvakawanda nezvechibvumirano chevane masheya kumakambani ekuNetherlands.

Kutsvaga Kuenzanisa Kwakanaka muKukurukurirana

Chinangwa panguva yenhaurirano hachisi chekubvisa zvidziviriro zvachose-izvo hazvisi kuzoitika. Pane kudaro, chinangwa chinofanira kunge chiri pakutsvaga nzvimbo yakadzikama yepakati inochengetedza zvido zvemuiti wemari pasina kusungirira vanovamba.

Mhedzisiro yekutaurirana zvidziviriro ndeyekuparadzanisa sarudzo, dzekuchinja kambani kubva kune dzezuva nezuva dzekushanda. Vavambi vanoda kuzvimiririra kuti vafambise bhizinesi; vatengesi vanoda izwi pazvinhu zvinokanganisa hupenyu hwekambani.

Imwe nzira inoshanda yekutaurirana ndeyekubatanidza zvinhu izvi nezvibvumirano. Semuenzaniso, pachinzvimbo chekukumbira mvumo yevanoisa mari kune chero chikwereti chitsva, munogona kubvumirana pane chikamu chinongotanga kodzero yekudzivirira chikwereti pane imwe mari, senge €100,000 . Izvi zvinokupa mukana wekutarisira mari diki yekushanda pasina kukumbira mvumo nguva dzese.

Imwe pfungwa yakakosha yenhaurirano idanho rekuvhota rinodiwa kubvumidza zviito zvikuru izvi. Ko mumwe anotungamira investor anowana veto here, kana kuti inoda vhoti yakawanda yevose vanofarirwa vagovani? Iyo yekupedzisira inowanzo nyanya kuvamba-hushamwari, sezvo ichidzivirira bato rimwe kubva kune unilaterally kuvharira sarudzo yakakosha.

Pakupedzisira, izvi zvigadziro ibwe repakona rehukama hwe investor-muvambi. Iyo yakakurukurwa zvakanaka seti yezvidziviriro inoratidza kuti mativi ese ari maviri anoenderana kwenguva refu, kuvaka hwaro hwekuvimba hunoenda kure nenhamba pane yekuyera siraidhi.

Kushandura Equity kuita Simba neBoard Seats

Chiyero chako chekuenzanisa chinogona kumiririra muridzi pabepa, asi hazvingozvipa iwe kutaura mune ramangwana rekambani yako. Pesvedzero chaiyo inoitika muboardroom, umo mahombe ehurongwa sarudzo anopokana uye mavhoti anokandwa. Ichi ndicho chikonzero kunzwisisa kuti kuumbwa kwebhodhi kunotsanangurwa sei mupepa rako rekutanga kwakakosha-inoona kuti ndiani ari kufambisa ngarava.

Funga nezvazvo seizvi: migove yako ikodzero yako yekuvhota, asi bhodhi revatungamiriri ihurumende inotungamira nyika. Izwi pepa rinonyatsoratidza kuti ndiani anowana chigaro patafura iyoyo, achishandura chikamu patafura yekepisi kuita simba rechokwadi, rinobatika.

Kugadzira Post-Funding Board

Mushure mekuvhara kutenderera kwemari, chimiro chebhodhi chinogara chichichinja kuratidza huridzi hutsva. Yakajairwa setup yekambani yekutanga-danho bhodhi revanhu vatatu kana vashanu. Iyi haingori nhamba yakawandisa; Chimiro chakanyatsorongeka chakagadzirirwa kupa vatsigiri vanokosha inzwi.

Bhodhi revanhu vashanu rinowanzoputsika seizvi:

• Zvigaro zviviri zveVavambi: Yakabatwa nevavambi, inomiririra vagovani vakajairwa uye chiono chekutanga chekambani.
• Zvigaro zviviri zveVashandi: Yakarongedzerwa vatengesi vanotungamira, vachimiririra vagovani vanosarudzwa vanongoisa capital.
• Chimwe Chigaro Chakazvimiririra: Yakazadzwa neasina kwaakarerekera, wechitatu-bato nyanzvi iyo vese vanovamba uye vatengesi vanobvumirana pazviri.

Ichi chimiro chakagadzirirwa kugadzira kuenzana kwesimba. Hapana boka rimwechete rine ruzhinji chairwo, izvo zvinomanikidza munhu wese kushandira pamwe nekukurukura zvakanaka nyaya huru. Iyo nhengo yebhodhi yakazvimiririra inowanzova yakakosha tie-breaker uye sosi yechinangwa, ine ruzivo kutungamira.

Simba reNzvimbo Yebhodhi Yakazvimirira

Chigaro ichocho chakazvimirira kazhinji ndicho chakanyanya kurongeka uye chakakosha kuzadza. Uyu munhu haana kusungirirwa zvakananga kune vanovamba kana vanoisa mari, saka vanogona kupa zano risina divi uye kubatsira kuyananisira kana kusawirirana kuchimuka.

Inoshanda yakazvimirira nhengo yebhodhi inounza hunyanzvi hweindasitiri, network yakasimba, uye nhanho-inotungamira maonero. Vanofanirwa kusarudzwa nekuda kwekugona kwavo kuwedzera kukosha kwechokwadi uye kutungamira kambani, kwete kungoita vhoti inotenderera.

Kusarudza munhu akakodzera pano ndiko kwakakosha. Semuvambi, unofanirwa kunge uchitsvaga mumwe munhu ane ruzivo rwekuita basa anogona kuita semuperekedzi uye bhodhi rekuridza hurongwa. Basa ravo nderekuita zvakanakira kambani yese, izvo zvisingakoshi kana muvambi uye zvido zvevanosima mari zvinosiyana.

Kunzwisisa Kuvhota Simba Dynamics

Zvino, heino tsanangudzo yakaoma: havasi vese zvigaro zvebhodhi zvakagadzirwa zvakaenzana. Chirevo chakakosha mumapepa mazhinji ematemu chinoti sarudzo huru-kunyanya idzo dzakafukidzwa nedziviriro-inoda kubvumidzwa nevatungamiriri vanomiririra stock yakasarudzika. Izvi zvinoreva kuti kunyangwe ivo vakatanga nehunyanzvi vachidzora zvigaro zvakawanda zvebhodhi, vatungamiri vemari vanogona kuramba vaine veto pamusoro pezviito zvakakosha.

Apa ndipo panowanikwa simba rechokwadi pakati pebhodhi kutonga uye zvidziviriro zvekudzivirira. Semuenzaniso, bhodhi rinogona kuvhota 3-2 kuti ribvumire kutenderera kutsva kwemari. Asi kana izwi repepa richipa vatungamiri vemari veto pamusoro pekupa migove mitsva, vhoti yavo "kwete" inogona kuvharidzira sarudzo zvachose.

Ichi chinhu chinowanzoonekwa muzvibvumirano zve venture capital, uye Dutch VC haisi imwe chete. Varidzi vemari vanotungamira muNetherlands vane hunyanzvi uye vanotaurirana nezvezvikamu zve term sheet zvine chekuita nekodzero dzekutonga pamwe chete nehupfumi. Kutaura zvazviri, tsvakurudzo inoratidza kuti 60-70% yemakambani matsva ekuNetherlands ari kuunganidza Series A kana B rounds anobvumirana ne term sheets dzinotsanangura kugoverwa kwezvigaro zvebhodhi, zvinosarudzwa ne depositation, uye dziviriro dzinodzivirira dilution.

Pakupedzisira, nepo chikamu chako cheequity chiri nhamba yemusoro, mitemo inodzora mavhoti ebhodhi uye kodzero dzemutungamiriri ndiyo inotsanangura kutonga. Chimiro chebhodhi chakatariswa zvine hungwaru chinova nechokwadi chekuti une pesvedzero inodiwa kuita chiono chako kwenguva refu mushure mekunge ingi iri papepa raoma. Izvi ndizvo izvo "mapepa ekutanga anotsanangurwa" ari chaizvo-kunzwisisa simba, kwete mutengo chete.

Kuchengetedza Stake Yako neVesting uye Anti-Dilution

Kunyange zvazvo mamwe magwaro emashoko achitsanangura kuti ndiani anowana chii pakubuda uye kuti ndiani ane simba, mamwe acho anosanganisira kugadzirisa zvido zvenguva refu uye kudzivirira munhu wese kubva pamatambudziko asingadzivisiki ari munzira. Nzira mbiri dzakakosha dzekudzivirira dzauchasangana nadzo dzinosanganisira kuronga nguva uye mitemo yekudzivirira kuderedzwa kwemari.

Mazwi aya haasi chiratidzo chekusavimbana. Kure nazvo. Funga nezvavo sechibvumirano chepre-nuptial chekambani yako-yakakosha magadhi anovimbisa kuzvipira uye nekupa mambure ekuchengetedza kune vanovamba uye vanoisa mari zvakafanana. Ivo vanobatsira kuchengetedza equity chimiro chakanaka uye chakagadzikana sezvo kambani inokura.

Kuwana Migove Yako neVesting Schedule

Saka, iwe wakapihwa chikamu chikuru cheequity. Fantastic. Asi iwe hausi wega wega wega pazuva rekutanga. Vesting ingori nzira yekuwana yako yakazara muridzi weiyo migove nekufamba kwenguva. Icho chishandiso chine simba chekuzvipira chinosungirira kuenzana kwako kune yako yekuenderera mberi nekupa.

Nei izvi zvichikosha? Fungidzira mubatsiri anosiya mushure memwedzi mitanhatu chete, achitora chikamu chikuru chekambani navo. Chikwata chasara chasara kuita zvese zvinorema kuti zvivake kukosha kwekambani, ukuwo achangobuda achine danda risingaenzaniswi. Vesting inodzivirira iyi chaiyo mamiriro nekuita chokwadi chekuti kuenzana kunowanikwa, kwete kungopihwa.

A standard vesting schedule chiratidzo chakajeka kune vanoisa mari kuti timu yekutanga iri mairi kwenguva refu. Inoenderana nekurudziro yemunhu wese pakuvaka kukosha kwakasimba, kwenguva refu-kwete kungodzingirira kukurumidza, kubuda nekukurumidza.

The Standard Vesting Structure

Purogiramu yekutenga zvinhu yaunonyanya kuona ndeyemakore mana ine gore rimwe chete . Iyi haisi nhamba chete; yave ndiyo nzira inoshandiswa neindasitiri nezvikonzero zvakanaka.

Heano kuparara:

• Makore mana eKupfeka: Yako yese yekupihwa mari inowaniswa zvishoma nezvishoma pamusoro pemwedzi makumi mana nemasere.
• Kwegore Rimwechete Cliff: Kwemwedzi gumi nemiviri yekutanga, iwe unotambira 0% zvemigove yako. Pazuva rako rekutanga nekambani - "mawere" - yakazara 25% migove yako inopfeka zvese panguva imwe chete.
• Kupfeka Kwemwedzi Mushure meCliff: Mushure mekunge wapasa chiratidzo chegore rimwe, chasara 75% mugove wako uri muzvikamu zvakaenzana zvemwedzi nemwedzi mumwedzi 36 inotevera.

Iro regore rimwe chete rinoshanda senguva yakakosha yekuyedza. Kana muvambi akasarudza kusiya mukati megore iroro rokutanga, vanofamba vasina kuenzana. Izvi zvinodzivirira cap table yekambani kuti isawandirwe nemasheya ane vanhu vasisaite kuti ibudirire.

Kumhanyisa Zvinhu Up neAcceleration Clauses

Asi chii chinoitika kumasheya ako asina kutengeswa kana kambani ikatengwa makore ako mana asati apera? Apa ndipo panoshanda mitemo yekuwedzera simba . Mutemo wekuwedzera simba unoita chaizvo sezvauri: unokurumidzisa purogiramu yako yekuwedzera simba kana chiitiko che "chinokonzeresa" chikaitika, kazhinji kutengeswa kwekambani.

Pane maflavour maviri makuru:

1. Single-Trigger Acceleration: Yese migove yako isina kutengeswa inopfeka ipapo pachiitiko chimwe chete, sekutora. Izvi zviri nyore asi zvishoma mazuva ano.
2. Double-Trigger Acceleration: Migove yako inongowedzera kana zvinhu zviviri zvikaitika. Kazhinji, kambani inotengeswa (yekutanga trigger) AND basa rako rinogumiswa pasina chikonzero nemuridzi mutsva (yechipiri trigger). Iyi ndiyo nzira yakajairika uye yakadzikama, sezvo ichikudzivirira kubva mukudzingwa neanowana anongoda kubuda mukukudza kuenzana kwako.

Anti-Dilution: Iyo Investor's Inishuwarenzi Policy

Kunyange zvazvo kuisa mari mubhizinesi kuchidzivirira kambani kubva kuvavambi vanoenda, mitemo inodzivirira kuderedzwa kwemitengo inodzivirira vanoisa mari nekukurumidza kubva pakuderera kwekukosha kwekambani. Kana ukaunganidza mari yeramangwana pamutengo wakaderera pamugove pane wekare—unozivikanwa se "downround" —huwandu hwemuridzi wekambani hunogona kudzikiswa zvakanyanya.

Anti-dilution clauses yakafanana nemutengo-yekudzivirira inishuwarenzi kune vako vanoisa mari. Vanogadziridza mutengo wepakutanga wemugadziri kuti avape migove yakawanda, vachidzivirira danda revaridzi kubva mukukanganisa kuzere kweiyo dilution.

Dhiyabhorosi ari muzvinyorwa, sezvo kune marudzi maviri akasiyana-siyana ekudzivirira-dilution kudzivirira.

• Broad-Based Weighted Average: Iyi ndiyo yakajairwa, muvambi-hushamwari nzira. Inoshandisa fomula inotarisisa ese akasarudzika migove yekambani kugadzirisa mutengo wemuridzi. Mhedzisiro yacho iri pakati nepakati uye inopararira zvakaenzana kune vese vanogovana.
• Full Ratchet: Iyi inonyanya kukoshesa investor-inoshamwaridzika uye inogona kuve ine hutsinye kune vanovamba. Iyo inodzoreredza migove yemuisiridzi kune itsva, mutengo wakaderera wepasi pasi, zvisinei kuti ingani migove mitsva inoburitswa. Izvi zvinogona kukonzera hombe, inorwadza dilution chiitiko chako iwe nevamwe vese vari pacap table.

Kuwana kukosha kwepamusoro kunonakidza, asi pepa renguva rine vheji yakanaka uye yakafara-based anti-dilution inopa kugadzikana uye kurongeka kwaunoda kuti uende kure. Zvisungo izvi hazvingori bumbiro remutemo; ivo vane hwaro hwekuvaka kambani yakasimba.

Yako Muvambi's Checklist yeTerm Sheet Negotiation

Izvozvi, sezvo isu tatyora mechanics kuseri kwenhamba, yave nguva yekuisa iyo ruzivo mukuita. Iko kukosha chaiko kwechero dhiri inowanikwa muchimiro chayo, kwete kungoita musoro wenyaya. Pepa renguva yakanaka ndiro rinoisa hwaro hwehukama hune hutano, hwenguva refu.

Usati wambofunga nezvekusaina, rangarira kuti uri kupinda muukama hunogona kugara kwemakore. Zvakakosha kukoshesa mudzvanyiriri anoita semudiwa wepachokwadi pane uyo anongokanda kukosha kwepamusoro kwauri nemashoko ehasha akabatanidzwa. Kukosheswa kwakadzikira zvishoma neanotsigira, akanyatsoenderana investor inenge inogara yakangwara yenguva refu bheji.

Matanho Akakosha Usati Wasaina

Sezvaunoswedera pedyo nekupedzisa chibvumirano, funga nezvechinyorwa ichi semutsara wako wekupedzisira wekudzivirira. Kugadzirisa zvinhu izvi kunokudzivirira kubva kumashoko asina kunaka anogona kukanganisa kambani yako kwemakore anotevera.

• Bata ane ruzivo rwezvemitemo: Zvakakomba, usaedze kufamba izvi wega. Unoda gweta rinoshanda neventure capital financing. Chiitiko chavo mukuona mireza matsvuku uye kutaurirana zvirevo zvakakodzera huremu hwayo mugoridhe.
• Muenzaniso Wese Wekubuda Mamiriro: Tora gweta rako kana chipangamazano wezvemari kuti avake spreadsheet inoenzanisira zvakasiyana-siyana zvekubuda. Iwe unofanirwa kuona chaizvo kuti zvinhu zvakaita sekumisikidza zvaunofarira uye kodzero dzekutora chikamu zvinokanganisa kubhadhara kwako pamitengo dzakasiyana dzekutengesa. Inoita kuti mhedzisiro yechikamu chimwe nechimwe ive pachena.
• Isa pamberi Partner Fit: A investor mukuru anounza zvakawanda kupfuura mari chete patafura. Ivo vanopa hunyanzvi hwavo, vanovhura network yavo, uye vanopa gwara kana zvinhu zvaoma. Zvibvunze kuti: uyu ndiye munhu wandinogona kufonera zano rechokwadi patinenge tichipesana nazvo?

Temu sheet harisi gwaro rezvemari chete; ndiyo purani yemubatanidzwa wenyu mune ramangwana. Kutaurirana nehungwaru uye kufanoona ndechimwe chezvinhu zvakakosha zvauchaita semuvambi.

Kupedzisa Zano Rako

Sechikamu chegadziriro yako, zvakakoshawo kuve nehurongwa hwakajeka hwekuti ungadzivirira sei pfuma yako yekutanga. IP yako chinhu chakakosha chinokanganisa kukosha kwenguva refu kwekambani yako, uye vanoisa mari vanotarisa izvi zvakanyanya.

Chekupedzisira, yeuka kuti kutaurirana inzira yemativi maviri. Kana wagadzirira zvakanaka uye wanyatsonzwisisa "chikonzero" chiri shure kwezvikumbiro zvemudyari, unogona kupa mhinduro dzekugadzira dzinoshanda kune wese munhu. Kuti unyatsogadzirisa maitiro ako, zvinogara zvichibatsira kuongorora nzira dzakasimbiswa dzekutaurirana kwezvibvumirano dzinotarisa pakugadzira mhedzisiro inobatsira vose. Pamusoro pezvose, chinangwa hachisi chekungowana mari chete; asi ndechekuvaka kambani inobudirira.

Mibvunzo Inowanzo Kubvunzwa Nezve Term Sheets

Kunyangwe mushure mekunge watenderedza musoro wako pamashoko makuru, ndezvemuzvarirwo kuva nemimwe mibvunzo inononoka pamusoro pezvinoreva izwi bepa mukuita. Ngatitorei zvimwe zvinozivikanwa zvakanyanya kusava nechokwadi zvinosangana nevavambi, kubva pamatekiniki ekutaurirana kusvika kune chaiyo-yepasirese maitiro emamwe mazwi.

Ndeupi Musiyano Uripo Pakati PeKusunga uye Kusingasungire Term Sheet?

Unogona kufunga nezvepepa rebasa rekutanga serisingasungi zvachose . Chaizvoizvo chibvumirano chakadzama chekubatana maoko kana tsamba yechinangwa; inotsanangura mitemo yakarongwa yekudyara asi haisi chibvumirano chekupedzisira, chinogona kusimbiswa pamutemo. Chinangwa chayo chaicho ndechekuva nechokwadi chekuti munhu wese ari kutaura chokwadi nezvezvinhu zvikuru asati apinda muhurongwa hwekuongorora kwakakodzera hunodhura uye hunotora nguva uye kunyora magwaro epamutemo akajeka.

Izvo zvakati, akati wandei ezvirevo akakosha anowanzo itwa zvakajeka achisunga. Izvi zvinowanzobatanidza:

• No-Shop Clause: Iyi ihombe. Zvinokutadzisa kutaura kana kukumbira zvipo kubva kune mamwe maVC kwenguva yakatarwa, zvichipa mushambadzi uyo akapa izwi rekuti pepa rega.
• Kuvanzika: Chirevo chakajairwa chinoda kuti iwe nemubhadharisi muchengete ruzivo rwenhaurirano dzenyu pasi pekuputira.

Ini Ndotevedzera Sei Mhedzisiro yeLiquidation Sarudzo paKubuda Kwangu?

Nzira yakanakisa yekunyatsonzwisisa zvinorehwa nezvemari ndeyekuvaka iri nyore spreadsheet-inowanzonzi "cap table waterfall analysis". Zvinonzwika zvakanyanya kuoma kupfuura zvazviri.

Kutanga, muchanyora vese vane migove yenyu—vakatanga, vanoisa mari, vashandi—uye kuti mumwe nemumwe ane migove mingani. Tevere, gadzirai makoramu mashoma ezviitiko zvakasiyana-siyana zvekubuda, semuenzaniso, €5 miriyoni, €15 miriyoni, uye €50 miriyoni. Pachiitiko chimwe nechimwe, danho rekutanga nderekubhadhara vanoisa mari zvichienderana nesarudzo yavo yekubvisa mari (semuenzaniso, ka1 kavakatanga kuisa mari yavo). Chero chinosara chinozogoverwa kune vese vane migove zvichienderana nehuwandu hwavo hwemuridzi. Ichi chiitiko chinoita kuti zvive pachena kuti ndiani anowana chii mumhedzisiro dzakasiyana-siyana.

Ndinofanira Kunetseka NeKutora Chikamu Chandinoda Kugovera?

Ehe, zvechokwadi. Unofanira kungwarira zvikuru pano. Migove inosarudzwa inobatanidzwa inoshamwaridzana zvikuru nevanotengesa mari uye inogona kuderedza zvakanyanya mari inobhadharwa nevakatanga makambani nevashandi pavanobuda. Chimiro ichi chinobvumira mudyari kuti "awedzere kaviri" - vanowana mari yavo yekutanga kutanga, uye vozowanawo muridzi wavo wemari yasara.

Kunyange zvaive zvakajairika munguva yakapfuura, migove yekutora chikamu zvizere yave kuderera mumakwikwi emari emakwikwi, kunyanya mumisika yakaita seNetherlands. Kana iwe ukaona izwi iri, rinofanira kubatwa semureza mukuru mutsvuku.

Kana investor ari kusundira zvakasimba kune izvi, zvakakosha kutevedzera dilutive maitiro ayo. Iwe unofanirwa kutaurirana zvakasimba kuti uwane migove yakasarudzika isiri-kutora chikamu pane. Kana vakasadedera, kubvumirana kunogona kuve kuvharidzira kutora chikamu pane imwe yakawanda yekudyara kwavo.