公司早期要引入天使資金，會(huì)面臨股權(quán)融資設(shè)計(jì)問(wèn)題。

In the early stages of introducing angel funds, companies may face issues with equity financing design.

作為創(chuàng)業(yè)者如果有幸被天使“相中”，并且確定了投資意向，相信你的團(tuán)隊(duì)已經(jīng)通過(guò)了“盡職調(diào)查”考驗(yàn)。這意味你的行業(yè)背景、成長(zhǎng)潛力、團(tuán)隊(duì)管理以及個(gè)人品質(zhì)等都得到了天使的認(rèn)可。

As an entrepreneur, if you are fortunate enough to be favored by an angel and have confirmed your investment intention, I believe your team has passed the "due diligence" test. This means that your industry background, growth potential, team management, and personal qualities have all been recognized by angels.

那么，接下來(lái)創(chuàng)業(yè)者應(yīng)該做什么?下面山東股權(quán)頂層架構(gòu)設(shè)計(jì)公司為您分析：

So, what should entrepreneurs do next? Below, Shandong Equity top-level architecture design company will analyze for you:

投資意向書(shū)

Investment Intention Letter

當(dāng)天使確定投資意向時(shí)，首先會(huì)邀你簽署一份投資意向書(shū)。

When an angel confirms their investment intention, they will first invite you to sign an investment intention letter.

投資意向書(shū)一般不會(huì)設(shè)置得太過(guò)復(fù)雜，它只是天使與創(chuàng)業(yè)者之間的一份保密或排他的協(xié)議。投資意向書(shū)雖然不涉及投資的具體條款，但它卻是萬(wàn)事的開(kāi)端，有了這份意向書(shū)作為基礎(chǔ)，后續(xù)的談判才能穩(wěn)步進(jìn)行。

Investment intention letters are generally not set too complex, they are just a confidentiality or exclusive agreement between angels and entrepreneurs. Although the investment intent letter does not involve specific investment terms, it is the beginning of everything. With this intent letter as the basis, subsequent negotiations can proceed steadily.

估值:著眼于未來(lái)

Valuation: Focusing on the Future

創(chuàng)業(yè)公司能得到天使的垂青，它本身的價(jià)值、發(fā)展?jié)摿κ侵匾目荚u(píng)因素。因此對(duì)公司的評(píng)估是天使先要和創(chuàng)業(yè)者談?wù)摰脑掝}。通過(guò)評(píng)估，天使可以了解公司目前的價(jià)值以及未來(lái)的收益增長(zhǎng)。

The value and development potential of a startup company are important evaluation factors for gaining the favor of angels. Therefore, evaluating a company is a topic that angels should first discuss with entrepreneurs. Through evaluation, angels can understand the company's current value and future revenue growth.

交易結(jié)構(gòu):慎重設(shè)計(jì)

Transaction structure: carefully designed

確定好公司估值后，雙方就要對(duì)投資過(guò)程中的交易結(jié)構(gòu)進(jìn)行逐條設(shè)計(jì)。所謂交易結(jié)構(gòu)，就是協(xié)議雙方在實(shí)現(xiàn)終利益歸屬時(shí)的一系列安排。天使投資也一樣。

After determining the company's valuation, both parties need to design the transaction structure of the investment process item by item. The so-called transaction structure refers to a series of arrangements made by both parties to the agreement when realizing the ultimate ownership of interests. The same goes for angel investments.

天使投資的本質(zhì)是股權(quán)融資，交易結(jié)構(gòu)的設(shè)計(jì)會(huì)影響到公司股權(quán)架構(gòu)的變化。尤其是天使在設(shè)計(jì)交易結(jié)構(gòu)時(shí)會(huì)使用可轉(zhuǎn)換優(yōu)先股、可轉(zhuǎn)換債券等條款，這些條款是站在投資人的角度上，為保障投資人利益而設(shè)置的。

The essence of angel investment is equity financing, and the design of transaction structure will affect the changes in the company's equity structure. In particular, Angels will use terms such as convertible preferred shares and Convertible bond when designing the transaction structure. These terms are set from the perspective of investors to protect their interests.

先確定投資細(xì)則，后再簽署協(xié)議

Determine investment details before signing the agreement

意向書(shū)簽訂了，投資協(xié)議還需再簽一次。投資意向書(shū)只是天使拋出的一根橄欖枝，這根橄欖枝的作用僅僅是告訴你:“我想投資你，并且你得為這事保密，在我們還沒(méi)把這事談妥的這段時(shí)間你不許接其他人的橄欖枝”，僅此而已。

The letter of intent has been signed, and the investment agreement needs to be signed again. The investment intention letter is just an olive branch thrown by an angel, and the purpose of this olive branch is to tell you: "I want to invest in you, and you need to keep this matter confidential. You are not allowed to take someone else's olive branch during the period when we have not yet settled this matter." That's all.

而投資協(xié)議才是真正能夠約束雙方一系列投融資行為的法律文件:當(dāng)天使和創(chuàng)業(yè)者把估值和交易結(jié)構(gòu)這兩大塊都差不多達(dá)成共識(shí)后，就需要為簽署一份正式的投資協(xié)議而逐條談判了。投資協(xié)議一般的條款只要雙方協(xié)商確定各自權(quán)利義務(wù)即可。

And the investment agreement is the legal document that can truly constrain a series of investment and financing behaviors between both parties: when angels and entrepreneurs reach a consensus on valuation and transaction structure, they need to negotiate one by one to sign a formal investment agreement. The general terms of an investment agreement require both parties to negotiate and determine their respective rights and obligations.

成長(zhǎng)期(引入投資階段)的股權(quán)設(shè)計(jì)問(wèn)題相關(guān)事項(xiàng)就講解到這里了，希望能夠給您好的幫助，更多事項(xiàng)就來(lái)我們網(wǎng)站http://zhenzhush.com咨詢吧！

That's all for the equity design issues during the growth period (introduction of investment stage). We hope to provide you with good help. For more information, please come to our website http://zhenzhush.com Consult!