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关于创业筹资,你需要知道的

Startup Funding Explained: Everything You Need to Know

一切都源于项目 产品和服务的设想
It all starts with the vision the project, the product, the service.
没有人这么做过
No one has done it before unbelievable so painfully obvious
这一点令人难以置信 也显然让人十分苦恼
你们能搞定吗
Can you pull it off, may be your are two friends
可能吧 你俩是好朋友
你们很兴奋
you are excited,design a logo,design a name
设计了商标 想好了名字
所有有趣的游戏 都有了设计概念
all fun and games,designed a concept, things get serious
认真对待每件事
你们决定依此成立一家公司
You decide to make this a company
[音乐]
[music]
你需要一个结构 合法的结构
You need a structure,a legal structure
这些将会花费多少钱呢
How much would that cost you
在美国 公司的合作要求会让你望而却步
In the US, a cooperating of company will set you back
所有花费都在25美元
anything between twenty-five dollars and a few thousands dollars
到几千美元之间
在一定程度上 注册费用
that’s in part registration fees which largely very depanding on where you are
主要受所在区域影响
而法律费用则主要取决于
and legal fees which very depanding on how fancy you need first childless agreement to be
你要第一个没有后续的协议变得多花哨
你们的合作会变成价格导向
your cooperation turns out to be on a pricy side also you need to rent the server in order to develop your product
同时你需要租用服务器开发你的产品
于是你们决定为此向其他人筹集钱款
Therefore you decide to collect some other people’s momay for it
首要的挑战就是
到底谁会给你钱
你可能从家人 朋友那里得到
this early your venture, who on earth will give you the money you will get them from family,friends,or by crowd-sourcing it
或者通过众包的形式
通常 新成立的公司发行的十万份股
usually you’re reading corporate company issues 1000,000 shares which are equal pieces of ownership
股权相等
你需要决定每个人应该持有多少
you need to decide who will get how many of those
你们认同公司每位创立者占有4万股份
you agree on 40,000 shares or 40% of the company for each founder
或者公司的40%的股权
2万股份
and 20,000 shares or 20% of the company for the well-off family friends who buys them for $50,000 it’s called an investment
或者20%的公司股份
给投资这家公司的富人朋友
约为五万美元 这就是投资
在开始创业的初步阶段
and at such early stage in your startup it’s called a seed investment
这称为种子投资
你所付的钱属于公司
the money you pays now belongs to the company
如果公司在不久的将来倒闭了
if the company fails in the near future which statistic speaking is almost like scenario
从数据上看 这是很可能的事
或许你的投资什么都不剩
you’ve probably never seen a dam of again
5万美元占20%股份
$50,000 for 20% of the company puts the value of your enterprise at $250,000
使得你的企业有25万美元市值
这使得你的40%股份
which put the value of your 40% at $100,000,not bad
有10万美元的价值 还不错吧
请在这 这 这 签名 恭喜你们
please sign here here and here,congratulations,you incorperate your company and finish your seed round of investment
你们已经组成公司并完成了种子阶段的投资
[音乐]
[music]
经过一年
a year has passes, you are having a successful beta trial with customers
你们面临着消费者的评测
是时候雇佣更多的员工了
time to hire a few more people,want not just the server but a small office base
不仅租用服务器 还要有小办公室
5万美元的种子资本只能带你到这了
the $50,0000 of seed capital only get you so far
是时候募集第一轮大的资金流了
time to collect your first big round of cash,if you do this,and so called series A round
你会这么做的 这称为A轮融资
你在寻求一百万美元的投资
you looking for the investment of $1 millions
这回 你联系天使投资家
this time your contacting angel investor and venture capitalist also called VC
和风险投资者 他们被称为VC
风险投资人是为风投公司工作的人
VCs are people who work for venture capital firms which raise venture capital funds
他们筹集风险投资基金
他们用其他人的钱给有风险的公司投资 比如你的公司
they take other people’s money which they then invested to risky company such as your’s
天使投资人是专业的个体投资人
angel investors are individuals who professionally invest their own money into young companies
用他们自己的资金投资成长阶段的公司
通常他们曾很成功地卖掉了自己的企业
often they successfully sold their own start of many years ago and now looking to support early ventures
现在寻找支持早期的风险企业
你们联系到几位风险投资人和天使投资人
you connect a few vcs and angels some of them you found online,some you got in touch with via your friends and colleages
有些人通过网络找到你们
有些人则是通过你们的朋友或同事与你们取得联系
你们发邮件
you sent them a mail,you sent them a business plan, usually they don’t care much for the business plan
商业计划书给他们
但通常 他们并不怎么在意商业计划
他们想看到的是这个团队
they want to see the team is it competive they idea is it special
是否有竞争力 点子是否独树一帜
他们知道这不简单
they know it’s not easy,what you have already achieved is a promising.
你目前实现的目标是什么 是否有发展前景
你能达成什么目标 或者你只是在说大话
what could you achieve can you dream big
你们用Skype建立对话
you setup some skype calls a bit of small talk,a lot of business talk
闲聊 谈生意
描绘宏图很简单
describe the vision easy if you time by now
因为迄今为止 你们已经描述过无数次了
if you’ve done countless time by now
他们会问你们几个难题
they ask you tough questions have you heared of that other startup which does a similar thing,how you different
比如 你们有没有听说过其他创业者和你们在同一领域
你们又怎样做到与众不同
这激起了你们的兴趣 你们进行第二轮
you spark interest you have second calls your third calls you meet them in person they might invest
第三轮谈话 私下会面 或许他们会考虑投资你们的公司
谈价值的时候到了
time to talk valuation,there is pre-money caluation and post-money valuation
有投前估值和投后估值
投前估值是
the pre-money valuation of you startup is how you currently value it
你们企业目前的价值
投后估值是
the post-valuation is the pre-valuation plus the investment you looking to collect
投前估值加上正在筹集的投资
这通常是你们谈判时的参考指标
this is usually the one that you reference when you negotiate
因为投资分为
because the investment devide by the post-valuation equals to the invest share you startup
投后估值和创业者的投资份额
投资者想要较低的投后估值使得他们的投资比重更多
investors want low post-money valuation to get more for their money,you want have high post-money valuation to keep a larger share
而你们想要较高的投后估值以保证占更大的份额
你提议投后估值为八百万美元
you suggested post-money valuation of $8 million,for the investor who put in $1 millon this would mean 12.5% stake in your company
因为投资者投资一百万
这将会使得他们占你们公司12.5%的股份
按部就班几周下来 你们桌上会有两份报价单
a few weeks down the road you have two offers on the table
一份是风险投资人提供的投后估值六百万美元 投资金额为一百万美元的报价单
one vc offer the investment of $1millon for post-money valuation of $6 million
另一份是天使投资人提供的投后估值五百万 投资五十万美元的报价单
and an angel investor you talk to offers to invest $500,000 for $5 millon of post-money valuation
风险投资人的报价看起来更好
your offer of the vc sounds like the better deal,but the angel has great connection in the industy
但天使投资与行业的联系更紧密
这称为精明的投资家 你要怎么做?
it’s called smart money what do you do? you decide to go for both.
你会决定两者都要
你们会告诉天使投资你有六百万美元投后估值的报价单
we tell the angel that you have a standing offer of $6 millon post-money valuation,but you realy love to have her on board
但你们真的很想接受天使的投资
然后天使投资人同意投资六百万美元投后估值的报价
her agree to invest at $6 millon post-money valuation ,great!
那这次蛋糕怎么分呢 我们来算一算
how is the cake spilt this time,let’s do the math
风险投资和天使投资一共
together,the vc and the angel will put in total of $1.5 million into your business for a $6 million post-money valuation
投资一百五十万美元到你的公司
以六百万美元投后估值
这代表他们会占据公司25%的份额
this means that they will own 25% of the company
你与合伙人和家庭成员
you and your co-found and your family friends used to own 100% together.
曾占有100%的份额
随着新的投资人加入
with the new investors coming on board you will be diluted
你们的所占份额也将减少
一系列投资后
after the series of investment you cumulative share will only add up yo 75% of the company
你们份额最多只占公司的75%
这样冲淡了你们的比例
this dilution happens proportionally,does this means that you have to fewer shares now?
是不是意味着你们持有的份额也减少了呢
不 是这样的
no,here is how it is works just your company issue the first 100,000 shares
就像你们公司第一次筹集十万股份一样
当你们的资金流入 会为新的投资人产生更多的股份购买
when you incorporated it it will now issue more share for the new investors to buy
公司增加股份就像中央银行印钞票一样
the company can create shares just like the center bank can print money
公司总股份变化了
the total number of shares of the company just changes while your number of shares just remains the same
而你们持有的股份保持不变
那么公司会发行多少股份呢?
how many shares does the company issue
如果目前十万股份占公司75%
if 100,000 shares are now only 75% of the company
那意味着整个的公司股份有133000份
it is means that 100% of the company will now be equivalent to 133,000 shares
因此 投资人通过投资得到
therefore investor receive 33,000 newly issued shares for their investment
33000份新发行的股份
由于他们投资了一百五十万美元得到股份
since they pay $1.5 million for their shares,each share is now valued at $45
每股价值45美元
你们现有的四万股份
your 40,000 shares now worth over $1.8 million ,congrats
如今价值超过一百八十万美元 恭喜
公司发行股份收取现金的全过程
this whole process of a company issuing new shares to receive cash is called the captial raise
称为募集资金
如果一切顺利
if things goes well,the series of A won’t the last captical raise of your startup
A轮融资不会是你们创业的最后一轮融资
还会有B轮 C轮 D轮 等等
there will be series B,series C,series D and so on
每一轮投资
for each investment round,the company valuation will hopefully increase
公司的市值都会大大提升
同时 每次你们的公司接受投资
also,each time of your company takes new cash investment you will be further diluted
你们所占比例将会减少
每股价值45美元
remember how i said that you number of shares remain the same though,i lied
你们所占份额保持不变的事吗?骗你们的
实际上 你们的份额会分裂
actually,that will usually be stock spilt along the way which convert each single shares anyone holds into multiple shares
就像单股转为多股一样
因此每轮融资 你的股份数量有时会增长两到三倍
hence,you number of shares douled or tripled every now and then along with everyone else’s
每个人手中的股份都是这样
这么做的目的和投资条款上的诸多事宜
the purpose of this and many other things that are determined in the term sheet are a story for next time
且听下回分解
反正你们也不怎么关注法律工作
you don’t care much for legal work anyway
你们首要兴趣是发展你们的公司
you prime interest is growing your business which is now on track to each new heights
而它的发展已然达到新高度
[第六年]
[第六年]
[退出]
[退出]
自你们创立公司已经过去了6年
it had been six yearssince you found you company
你们成功完成了四轮融资
you successfully completed four investment round since then
你们通过猜测顾客喜欢什么开发相应的产品
you launch your product by now guess what customers love it,you are a huge success
获得了极大的成功
期刊杂志的专栏采访了你们
the big block write about you,and what not most important last quarter your company has not being losing money for the first time
最重要的是上一季度你们公司第一次实现零亏损
生意上赚取了利益
the business made a profits,time for exit
是时候退出了
退出公司是指投资者谈论出售他们的股份
exiting the company is investors talk for selling their shares any
每个从企业创立就投资的人
eveyone who invested cash for the business since the beginning has been queitly dreaming of a big profit
都期望得到大笔利润
投资的越早 风险越大
the earlier they invested the bigger of the risk they took,and accordingly the bigger of a profit they will get if the company really takes off
相应的 他们离开时获得的利润也就越多
通常有两种方式退出公司
there are usually two ways of exitting the company
把它买给企业巨头
selling to one of the big guys or offering it to the stock market
或者给股票市场
如果你们买给大公司
if you sell out to a big company the investors will usually sell all their shares at once
投资人通常会立马出售他们的股份
另一方面 你们和你们的合伙人通常不会这么做
you and your co-workers on the other hand usually won’t, whoever buys you needs your people to stay motivated to run the whole thing
无论谁收购 都希望你们的人保持动力 继续运作一切
因此 你们的股份会转化成购买你们公司的企业的股份
therefore you shares will be transfer to the shares of the company who bought you
使你能持有一部分股份 这称为股权归属
and then made available to you over time this is called vesting your shares
如果你们过早离开或者没能达成你们认同的里程碑状态
if you left early or you don’t reach some milestone you agreed on then you won’t receive all your shares
那么你们不能得到全部的股份
另一个比较潇洒的退出方式是变得足够强大
the much cooler way to exit is to become big enough so that you would be able to sell your company shares on the stock market
好在股市上出售你们公司的股份
这个过程叫做
the process of doing this is called initial public offering or in short IPO
首次公开募股 简称IPO
—IPO是啥?—IPO是……
[what is IPO?]
别听信马丁•斯科塞斯
don’t believe martin scorcese, how it work is painfully easy
首次公开募股运作起来很简单
首次公开募股本质上只是另一次集资
in essence an IPO is just another capital raise once again you company will issue new shares
再一次使你们的公司发行新的股份
只是这次投资者不是天使投资
only that the investors who buys them is neither an angel nor vc it is the public
也不是风险投资 而是公众
当你们上市的那一刻起
the day you go public your company times a bunch of new shares on the stock market
你们的公司在股市上增加了很多新的股份
及此 人们能买卖股份
from then on people can buy or sell them among themselves
而且 你现在持有股票凭证
furthermore you now hold tradable paper almost as good as cash
这些和现金一样有用
股价每天都有浮动
price of which goes up and down everyday
你们能在IPO锁定期外任何时间 在股市出售股份
you can sell your stock to the stock market and market price anytime with the exception of the IPO lock-up periods which are topic for another time
以后我们会谈到IPO锁定期
您以64美元的起始价格发行股票
you floated the shares at starting price of $64 and they short up to over$70 on the first day of trading
并在交易的第一天以高于70美元的价格卖空
由于股票分割
do two stock spilt along way you now sitting on 10 million shares of your company
让你们现在能坐在有一千万股份的公司里
你们个人财富超过了7亿
your personal wealth is over $700 million, you could cash in but do you want that
你们能兑现 但你们想这么做吗
你们立下宏图大志的那一刻恍如昨日
it feels like yesterday that you two just had a vision now you are one in a million
而现在的你们是万里挑一的人
革命尚未成功 同志仍需努力
there is a lot to achieve and yet endless things to do
即便投资者们称之为融资过剩
even though the investors call it an excess, for many founders it is just the beginning
但对于许多创业者来说 这只不过是个开始
[音乐]
[music]

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视频概述

从开始创业到几轮融资再到后来的上市,视频简单介绍了创业融资的常识

听录译者

收集自网络

翻译译者

鈺其外

审核员

审核团MG

视频来源

https://www.youtube.com/watch?v=677ZtSMr4-4

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