Kutanga Term Sheets Inotsanangurwa: Kupfuura Kukosha Kwaunoda Kuziva

Iyo yakakura kukosha nhamba inganzwa sekuhwina kukuru, asi kazhinji inongove kavha yenyaya yakanyanya kuoma. Iwo chaiwo ekugadzira-kana-break ruzivo rwekutanga temu pepa anowanikwa kupfuura kukosha, apo zvikamu zvekutonga, kubuda mubhadharo, uye muvambi equity zvinonyatso tsanangura ramangwana rako. Iri gwara rinokubatsira iwe kutema mukati memutemo jargon 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 ndezvechokwadi izvozvi kupfuura nakare kose, kunyanya sezvo venture capital ecosystems inokura. MuNetherlands, semuenzaniso, mapepa ekutanga ekutanga akura zvakanyanya kuoma. Izvozvi zvave zvakajairwa kuDutch venture zvibvumirano kuti ubatanidze yakadzama clause pane kuvharirwa zvido (kazhinji 1x kana kuti pamusoro), kodzero dzekurwisa-dilution, uye dziviriro yevaridzi inovimbisa kuti vanoisa mari vadzose mari yavo kutanga mukubuda.

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

izwi	Zvarinotonga	Nei Zvichikosha Kune Vakatanga
Liquidation Preference	Kurongeka uye huwandu hwekubhadhara pakutengesa kana kuvharwa.	Inosarudza kana iwe uchibhadharwa, uye yakawanda sei, kunyanya mukubuda zvine mwero.
Dziviriro Dziviriro	Investor veto kodzero pamusoro pesarudzo huru dzekambani.	Inogona kudzikisira kuzvitonga kwako pane zvakakosha sekutengesa kambani kana kukwidza mari yakawanda.
Board Kuumbwa	Ndiani anogara pabhodhi revatungamiriri uye ane simba rekuvhota.	Inoraira kuti ndiani ane masimba ekupedzisira pamusoro pegwara rekambani.
Vesting Schedules	Mutsara wenguva pamusoro pevanovamba nevashandi vanowana kuenzana kwavo.	Inodzivirira kambani nekuona kuti vanhu vakakosha vakazvipira kwenguva refu.
Anti-Dilution	Inodzivirira vanoisa mari kubva pavaridzi vavo vari kudzikiswa mune ramangwana remari.	Inogona kuderedza zvakanyanya chikamu chevatangi vevaridzi kana kukosha kwekambani kwadonha.

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 ichitengeswa, havasi vese vagovani vanobhadharwa panguva imwe chete kana nenzira imwechete. Pfungwa ye liquidation preference inoraira kurongeka kwekubhadhara, zvakanyanya kuti ndiani anotanga kuwana mari kana mari yekubuda ichigoverwa.

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 chiri nyore chimwe chezvirevo zvakakosha mune chero temu pepa nekuti inogadzirisa zvakananga mhedzisiro yako yemari. Yakagadzirwa sekudzivirira kwakadzika kune vanoisa mari, kuve nechokwadi kuti vanogona kudzoserwa mari yavo yekutanga pamberi pevagovani vanogovana (senge iwe nechikwata chako) ona kudzoka. Chimiro chakajairika chauchaona ndeche 1x zvido, zvinoreva kuti munhu anodyara mari anofanira kuwana mari izere yavakaisa 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”.

Chekutanga, ivo vanowana yavo yakazara yekumisikidza yavanoda kumashure (semuenzaniso, yavo yekutanga mari). Zvadaro, mushure mekunge mari yavo yabviswa pamusoro, vanosvika shandisa mukugovewa kwemari yasara zvichienderana nechikamu chevaridzi vavo. Vanodzoserwa mari yavo uye mugove wavo wezvakasara.

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

Ngatifambei nemuenzaniso wakapfava. An investor anoisa € 2 mamiriyoni mukambani yako a 20% stake. Gare gare, iwe unotengesa kambani € 10 mamiriyoni.

• 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.

Sezvauri kuona, izwi rimwe chete riya - "kutora chikamu" - rakashandura muripo wemuridzi € 1.6 mamiriyoni uye yakave nemhedzisiro yakaenzana uye yakapesana pane zvakatorwa nevatangi kumba. Kusanzwisisa izvi kunogona kukonzera kusawirirana kwakanyanya pasi pemutsara, ndosaka kuve nekujeka kwakazara pakodzero dzevagovani kubva pazuva rekutanga kwakakosha kudzivirira nyaya dzemangwana. Kana zvinhu zvikaoma, zvine hungwaru kunzwisisa mabatiro aunokwanisa kuita kusawirirana kwevagovani muNetherlands.

Iyi haisi dzidziso chete; inotamba mumakwikwi makuru emari muEurope. MuNetherlands, kukanganisa kwematemu mapeji mapeji kupfuura kungokosha kwakajeka mukubudirira kwekutanga-kwakapihwa mari yekutanga. Makambani akaita seHotmart, Mollie, uye Picnic anowanzo chengetedza mari nemashoko akaomarara, anosanganisira kuvharirwa mari kubva 1x to 2x uye kodzero dzekutora chikamu.

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

Kupfuura ehupfumi hwakachena hwekubuda, pepa renguva ndiko kwaunotsanangura masimba emagetsi pakati pevatangi nevaisiri vemari kwehupenyu hwese hwekambani. Apa ndipo zvinodzivirira kupinda kutamba. Mumashoko akareruka, iwo seti yekodzero dzeveto dzakapihwa kune vanoisa mari pamusoro pesarudzo dzakanyanya kukosha 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 zviga izvi chikamu chakakosha chekugadzirisa hukama hwako nevaisimari. Mazhinji emapoinzi aya anozoiswa mumagwaro emutemo anotonga mashandiro ekambani yako. Kuti uone kuti aya mazwi akaumbwa sei zviri pamutemo, unogona kudzidza zvakawanda nezvazvo chii chibvumirano chevagovani chemakambani eDutch.

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 gadziriro idzi kune zvikumbaridzo. Semuyenzaniso, pane kuda investor mvumo ye ani chikwereti chitsva, iwe unogona kubvumirana pane chirevo chinongokonzera kodzero ye veto yechikwereti pane imwe nhamba, se €100,000. Izvi zvinokupa iwe kuchinjika kubata diki mashandiro emari 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 chiitiko chakajairwa mumabhizimusi makuru ezvibvumirano, uye chiitiko cheDutch VC chakasiyana. Vanotungamira vanoisa mari muNetherlands vane ruzivo uye vanotaurirana nezve yakazara temu pepa zvinyorwa zvinobata kodzero dzekutonga pamwe nehupfumi. Kutaura zvazviri, tsvakurudzo inoratidza izvozvo 60-70% YevaDutch vanotangisa kusimudza Series A kana B marounds vanobvumirana nematemu mashiti anotsanangudza zvakagovaniswa zvigaro zvebhodhi, zvinodikanwa zvekumisa, uye dziviriro yekudzivirira.

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

Nepo mamwe mazwi epapepa mitsara achitsanangura kuti ndiani anowana izvo pakubuda uye kuti ndiani ane simba, zvimwe ndezvekurongedza zvido zvenguva refu uye kudzivirira munhu wese kubva kumapundu asingadzivisike mumugwagwa. Maviri eanonyanya kukosha ekudzivirira maitiro auchasangana nawo ndeaya vesting schedules uye anti-dilution zvigadziro.

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

Iyo yakajairika vhezheni purogiramu yauchaona ndeye hurongwa hwemakore mana nemawere egore rimwe. Iyi haisi nhamba isina kurongeka; yave chiyero cheindasitiri nekuda kwezvikonzero zvakanaka kwazvo.

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 kupihwa kana kambani ikatorwa makore ako mana asati apera? Apa ndipo acceleration clauses kupinda kutamba. Chirevo chekusimudzira chinoita chaizvo sezvazvinonzwika: chinomhanyisa hurongwa hwako hwekuisa kana chiitiko che "trigger" 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

Nepo vesting ichidzivirira kambani kubva pakubva vatanga, anti-dilution zviga zvinodzivirira vekutanga vatengesi kubva pakudonha mukukosha kwekambani. Kana iwe ukasimudza remangwana rekubhadhara mari nemutengo wakaderera pane imwe neimwe pane yapfuura-inozivikanwa sea “down round”-mumiriri wemuridzi wemari anogona kudiridzwa 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.

Pakupedzisira, yeuka kuti nhaurirano inzira mbiri. Paunenge wakanyatsogadzirira uye kunyatsonzwisisa "nei" kuseri kwezvikumbiro zvemudyaridzi, unogona kupa zano rekugadzira rinoshanda kune wese munhu. Kuti urodze maitiro ako, zvinogara zvichibatsira kuongorora zvakaratidzwa chibvumirano chekukurukurirana mazano izvo zvinotarisa pakugadzira win-win mhedzisiro. Pashure pezvose, chinangwa hachisi chokungowana mari; ndiko kuvaka 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?

Iwe unogona kufunga nezvekutanga temu pepa sezvinenge zvakazara kusasunga. Chinongove chibvumirano chekubatana maoko kana tsamba yechinangwa; inotara zvirevo zvakarongwa zvekudyara asi haisi iyo yekupedzisira, inotevedzwa zviri pamutemo kondirakiti. Chinangwa chayo chaicho ndechekuona kuti munhu wese ari papeji imwe chete pamusoro pezvinhu zvakakura-pikicha asati anyura mune inodhura uye inopedza nguva maitiro ehushingi uye kunyora echokwadi magwaro emutemo.

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, iwe unonyora vese vagovani vako-vatangi, vanoisa mari, vashandi-uye kuti ingani migove imwe neimwe inobata. Tevere, gadzira makoramu mashoma eakasiyana ekufungidzira kubuda mamiriro, taura, € 5 miriyoni, € 15 miriyoni, uye € 50 miriyoni. Kune yega yega mamiriro, danho rekutanga kubhadhara kune vanoisa mari zvinoenderana nekwavanoda kuvharirwa (semuenzaniso, 1x mari yavo yepakutanga). Chese chasara chinogova pakati pevaridzi vese zvichienderana nehuwandu hwavo hwevaridzi. Ichi chiitiko chinoita kuti zvive pachena kuti ndiani anowana izvo mune zvakasiyana mhedzisiro.

Ndinofanira Kunetseka NeKutora Chikamu Chandinoda Kugovera?

Hongu, zvachose. Unofanira kungwarira zvikuru pano. Kutora migove yaunoda vane hushamwari hwekudyara mari uye vanogona kuderedza zvakanyanya mubhadharo wevatangi nevashandi pakubuda. Ichi chimiro chinobvumira investor "kunyura-kuviri" - ivo vanodzoserwa mari yavo yekutanga kutanga, ndokuzo ivo zvakare vanowana yavo yevaridzi percent yechero mari 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.