With the rapid change of business environment, equity has attracted more and more attention.

 

同時(shí)，股權(quán)架構(gòu)是任何一家企業(yè)的根基，只有根深蒂固，我們的企業(yè)才能枝繁葉茂。

 

At the same time, the ownership structure is the foundation of any enterprise. Only when it is deeply rooted can our enterprise flourish.

 

隨著大眾創(chuàng)新、萬(wàn)眾創(chuàng)業(yè)的潮流，股權(quán)架構(gòu)的設(shè)計(jì)決定著一家公司未來(lái)能夠走多遠(yuǎn)！

 

With the trend of mass innovation and entrepreneurship, the design of equity structure determines how far a company can go in the future!

 

創(chuàng)始人、合伙人、核心員工、投資人有哪些側(cè)重 點(diǎn)？

 

What are the priorities of founders, partners, key employees and investors?

 

一、宏觀層面

 

1、 Macro level

 

創(chuàng)業(yè)公司早期為核心的四類人：創(chuàng)始人、合伙人、核心員工、投資人。

 

There are four types of people as the core in the early stage of start-up companies: founders, partners, core employees and investors.

 

他們都是屬于公司也是早期風(fēng)險(xiǎn)的承擔(dān)者和價(jià)值貢獻(xiàn)輸出者，在人力資本、互聯(lián)網(wǎng)輕資產(chǎn)驅(qū)動(dòng)的初創(chuàng)公司，科學(xué)的股權(quán)架構(gòu)基本上是要滿足早期這核心四類人的訴求：

 

They all belong to the company, as well as the early risk bearers and value contributors. In the start-up companies driven by human capital and internet light assets, the scientific equity structure basically meets the demands of the four core types of people in the early stage:

 

1、創(chuàng)始人維度來(lái)看

 

1. Founder dimension

 

本質(zhì)上的訴求是控制權(quán)，所以在早期做股權(quán)架構(gòu)設(shè)計(jì)的時(shí)候一定考慮到創(chuàng)始人控制權(quán)，有一個(gè)相對(duì)較大的股權(quán)

 

The essence of the appeal is the right of control. Therefore, when designing the equity structure in the early stage, we must consider the founder's control right and have a relatively large equity

 

2、合伙人維度來(lái)看

 

2. Partner dimension

 

合伙人/聯(lián)合創(chuàng)始人作為創(chuàng)始人的追隨者，基于合伙理念價(jià)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(quán)和話語(yǔ)權(quán)。所以，早期一定拿出一部分股權(quán)來(lái)均分

 

As the followers of the founders, partners / CO founders must be highly consistent 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, early must take out a part of the equity to share equally

 

3、核心員工維度來(lái)看

 

3. From the perspective of core employees

 

他們的訴求是分紅權(quán)，核心員工在公司高速發(fā)展階段起到至關(guān)重要的作用，在早期做股權(quán)架構(gòu)設(shè)計(jì)的時(shí)候需要把這部分股權(quán)預(yù)留出來(lái)，等公司處于發(fā)展階段的期權(quán)就能派上用場(chǎng)

 

Their appeal is the dividend right. The core employees play an important role in the rapid development stage of the company. In the early stage of equity structure design, they need to reserve this part of equity, so that the options of the company in the rapid development stage can be used

 

4、投資人維度來(lái)看

 

4. From the dimension of investors

 

投資人追求高凈值回報(bào)，對(duì)于優(yōu)良項(xiàng)目他們的訴求是進(jìn)入和退出，所以在一定程度上說(shuō)，投資人要求的優(yōu)先清算權(quán)和優(yōu)先認(rèn) 購(gòu)權(quán)是非常合理的訴求，創(chuàng)始團(tuán)隊(duì)在面臨這些訴求的時(shí)候，一定程度上還是需要理解。

 

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