| 作者 |
 希望有人能够谈谈一些著名的案例－－Start-up 的股份分配 |
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希望有人能够谈谈一些著名的案例－－Start-up 的股份分配 -- 狼协 - (362 Byte) 2003-7-19 周六, 23:22 (2303 reads) |
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
LangXie:
I am sure you can find public information on Yahoo, MSFT etc. I want to share my experience on two companies I worked on. I find them to be somewhat unique and hope it will help you. As you may be aware, I have signed NDA with my firm therefore can't disclose company names.
The first company is a financial software company founded by three ex-GoldmanSach employees. The founders put in $2M( in hard cash) and shares distributed according to amount of money each of them put in. On the side, they also created a option pool for future employees. They used stock options to reward their key employees. When we put out a term sheet, we basically treated all options as outstanding shares and allocated enough option shares for the future. This basically prevents us from being diluted in future. I would say this company is somewhat typical in U.S.
Another company is a chinese software company. The company was founded by several chinese educated and worked in U.S before. Founders did not put in a lot of money themselves but received their start-up investment from a major chinese corporation. Therefore from the owners' equity aspect, the owner is really the large corporation. However, the founders kept issuing stock options to themselves. Also, when the old options expired, the company recycled them and issued new shares. When we calculated all options issued, we find out the founders could be the largest owners. The company did not really have a guideline of option issuing. We asked the management to first buy all the shares back from the chinese corporation first. Then we will talk about possible investment. We were basically going to include all options in our post-money valuation calculation.
AS I said before, I have no opposition of using stock options rewarding employees. But the more you issue the more you will dilute yourself once you are ready to raise external funding. For VCs, they do not really care since they will include every single option issued when they calculate post-money valuation.
Let me know if you have any further question.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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