好比你家附近有家做了10年的小餐厅，去年挣了10,000元，前年只挣5,000元，明年要挣15,000元（高成长），餐厅经营的是机器做的水饺（新模式）。老板说：“这么好的餐厅，大家一起发财吧！我把餐厅作价50万（50倍发行市盈率），谁要是给我12.5万，我给他25%的股份。”结果，众多邻居听说这个事，蜂拥而至，纷纷抬价，最后的胜利者给了老板25万，拿下了餐厅25%的股权（餐厅估值100万，市盈率为100倍）。

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How LPs in Venture have been fooled, many times over

That is exactly what has happened to LPs in Venture who did not ask the specific questions that could have led to their success in Venture. In many cases those LPs failed to generate impressive returns in Venture because they did not know they had to ask specific questions and should have taken control of the situation in order to get the results that the sector is able to generate.

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最后一个重要的问题是，所有的创始人的普通股（购买价格很低，几乎忽略不计，所以相当于是通过出工出力的方式换取的股份）都要被赋予一个公司回购权。股份是逐步兑现的，因此，如果某个创始人在干了1、2年之后离开公司，他只能拿到按照在公司工作的时间挣到的股份（ReachVC.com注：比如，如果约定所有创始人至少干满5年，那如果创始人A干满2年后离开，他只能拿回已购买股份的2/5，即40万股，其余60万股由公司原价回购）。我的观点是，所有的普通股都需要赋予公司回购权，但由于优先股是通过现金购买的，不应该赋予回购权（即投资者一次性全部拿到手）。

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在互联网产业的鼎盛时期，硅谷的企业家都梦想自己的公司可以上市，因为这既是对公司的承认，也可以使公司获得公众投资。但越来越多的热门科技公司开始放弃IPO（首次公开招股），或者将IPO无限期推迟。最新的例子是杰雷米·斯多普曼（Jeremy Stoppelman），他的商家点评网站Yelp是美国增长最快的网站之一。1月28日，Yelp表示将接受私募投资公司Elevation Partners超过1亿美元的投资，以促进Yelp的增长，并使员工将股票兑现。斯多普曼表示：“公司将来选择上市可能是可行的，但推迟上市也有诸多好处。”

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How to Allocate Shares in a Startup When One Founder is Also an Investor

The founders have figured out an ownership ratio that makes sense to them.  Let’s say there are 3 co-founders, all of whom will be active day-to-day.  One founder will invest $100,000 in seed capital and the others will invest only nominal cash.  The founders have agreed that each of them should get 33.33% of the initial shares.  For simplicity let’s say that each founder gets 1,000,000 shares.

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某创业板拟上市企业是一个传统产业创新服务的公司，尽管目前的盈利水平较高，但受行业发展特性和竞争环境的影响，其成长性并不理想。这家公司一直在和诸多投资机构接洽，商讨引入基金投资人，但公司的两个投资条件吓退了大部分投资者：不对业绩做任何承诺，投资市盈率不低于12倍。

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Backing out of a term sheet

Venture capital term sheets are not legally binding (except certain subclauses like confidentiality and no-shop provisions). That said, there is a well-established norm that VC’s don’t back out of signed term sheets unless they discover something really, really bad – fraud, criminal backgrounds of founders etc. The best VC in the world, Sequoia Capital, whose companies account for an astounding 10% of NASDAQ’s market cap, has (according to trustworthy sources) only backed out on one term sheet in the last 10 years.

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2006年是创投的春天，2009年开始是创业家的春天。创业板的推出标志着资本市场的各个通路、各个链条全部打通，无论是早期还是成长期或者是晚期。过去我们面对一个很尴尬的局面，今天很多银行资本家、银行家都来到了会场，过去银行和中小企业贷款是非常保守的，即使很好的企业，银行也不愿意贷款，因为他们缺乏专业的力量。

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苏宁电器刚上市时，张近东坦言：“对资本市场的运作及结果，我不太懂。”朱新礼则说过，自己对于资本运作还是个小学生。这两位企业家绝不是谦虚，而是大实话。在资本运作面前，许多从未经历上市的企业的确还是小学生，规范的公司治理、完善的运行机制、合规合法的财务报表……对于许多准备冲刺上市的企业来说，IPO的游戏规则不啻为一个漫长而痛苦的嬗变过程。然而，为走捷径、规避上市带来的各种隐性成本，在IPO成功的华丽外衣下，潜伏着形形色色的潜规则。

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Don't Take Angel Investments From VCs

The VC that invested in the angel round tried to the pre-empt the Series A fundraising with a low-ball term sheet, but the entrepreneur thought he could do better and politely told them “thanks, but i’d like to test the market”.  The response of the VC was swift and furious. For all intents and purposes, they basically told the entrepreneur that he had better take their low-ball offer because if he didn’t they wouldn’t invest and if they didn’t invest he basically had zero chance of raising money because every other VC that looked at the deal would assume that the reason the angel VC wasn’t investing was because there was something wrong with the company. 

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