1.明確公司內部的幾種角色

1. Clarify several roles within the company

一開始公司有幾種角色必須要清晰而明確，創始人、聯合創始人、員工、外部投資人。

At the beginning, the company must have several clear and distinct roles, including founder, co-founder, employee, and external investor.

創始人和聯合創始人必須要全職投入，誰兼職就不要考慮，這種騎墻行為是最沒有擔當的，創始人最重要的責任就是擔當！

Founders and co founders must invest full-time, and whoever works part-time should not be considered. This kind of wall riding behavior is the least responsible, and the most important responsibility of founders is to take responsibility!

另外還有一種情況：就是在一個創始團隊中，又扮演出資人，又提供部分資源，有時候還干點活的人，他們是最麻煩的。

Another situation is that in a founding team, those who play the role of investors, provide some resources, and sometimes even do some work are the most troublesome.

作為投資人，不管你幫創業團隊做了多少事，都是你資本的增值部分，也是別人要你錢的理由。你不能在投資人和創始人之間來回騎墻。

As an investor, no matter how much you help the entrepreneurial team, it is the value-added part of your capital and also the reason why others want your money. You cannot ride back and forth between investors and founders.

投資人也應該清楚，我是投資人我就掙投資人的錢，不掙創始人該掙的錢。所以如果一開始創業遇到這樣的人，你不把他處理好，會非常麻煩。

Investors should also be aware that as an investor, I earn the money of the investor and not the money that the founder should earn. So if you encounter someone like this at the beginning of your business and don't handle them well, it will be very troublesome.

2.股權結構一定要干凈

2. The equity structure must be clean

首先股權結構一定要干凈，不要特別復雜。一個創業公司的股權應該有三類：創始人的股權、員工的期權和投資人的股權。

Firstly, the equity structure must be clean and not particularly complex. A startup company should have three types of equity: founder's equity, employee options, and investor's equity.

創始人可以出資也可以不出資，因為創始人是以過去的經驗和資源以及未來對公司的全職投入作為條件來換得公司的股權。

Founders can contribute or not, as they obtain equity in the company based on past experience and resources, as well as future full-time investment in the company.

而且按照一般的股權投資規則，創始人出小錢或不出錢占大股，投資人出大錢占小股。

Moreover, according to the general rules of equity investment, founders who contribute small or no money account for the majority of the shares, while investors who contribute large money account for the minority.

3.博弈

3. Game theory

天使投資人跟創始人其實是一種博弈關系，如果你是很牛的創業者，你肯定會找最牛的投資人。

Angel investors and founders are actually in a game relationship. If you are a very talented entrepreneur, you will definitely look for the most talented investor.

如果最牛的投資人不投，你才會考慮二三線投資人，因此二三線的投資人很難接觸到特別好的創業項目。

If the best investors don't invest, you will consider second - and third tier investors, so it is difficult for second - and third tier investors to access particularly good entrepreneurial projects.

股權投資市場的集中度非常高。

The concentration of the equity investment market is very high.

我們看過去十多年在美國上市的高科技互聯網公司的招股說明書，分析一下它的股權結構，會發現，參與其中的股權投資機構集中在30-50家之間，在這之外的投資機構，基本都跟去美國上市沒什么關系。

If we look at the prospectus of high-tech Internet companies listed in the United States over the past decade and analyze their equity structure, we will find that the number of equity investment institutions participating in it is between 30-50, and the number of investment institutions outside of it has nothing to do with listing in the United States.

有人說，如果中國有5000家VC和PE的話，至少有4900家沒有按規則辦事。

Some people say that if there are 5000 VC and PE companies in China, at least 4900 have not followed the rules.

翻譯一下，就是這4900家投資機構其實都在干陪太子讀書的事，說的陽光一點兒，這4900家存在的價值就是把有錢人手里的錢，通過股權投資的方式還給社會。

By translation, these 4900 investment institutions are actually doing the business of accompanying the Crown Prince to study. To put it more openly, the value of these 4900 institutions is to return the money in the hands of the wealthy to society through equity investment.

因為創業者的成功率其實也就有1%-2%，所以也就有1%-2%的投資機構，大概也就是幾十家，能夠通過股權投資獲得收益。

Because the success rate of entrepreneurs is actually only 1% -2%, there are also 1% -2% investment institutions, probably dozens, that can obtain returns through equity investment.

4.投資人不要試圖去控制公司股權

4. Investors should not attempt to control the company's equity

所有創業型企業，如果投資人試圖去控制公司股權，最后一定會把公司玩死。

All entrepreneurial enterprises, if investors try to control the company's equity, will definitely end up killing the company.

這也是投資機構在交了無數學費之后得出來的結果，投資人和創業者都必須各自守著自己的邊界，不要越界。

This is also the result obtained by investment institutions after paying countless tuition fees. Investors and entrepreneurs must each guard their own boundaries and not cross them.

5.股權的兩個核心利益

5. The two core interests of equity

股權有兩個核心利益：第一是投票權；第二是利益分配，就是收益權。

Equity has two core interests: the first is the right to vote; The second is the distribution of benefits, which is the right to benefits.

大家都競爭投票權，因為投票權決定分配權，誰成為第一大股東，誰就有權改組董事會，改組經理層班子。

Everyone competes for voting rights because voting rights determine distribution rights. Whoever becomes the largest shareholder has the right to reorganize the board of directors and management team.

6.股權設計要解決2個問題

6. Two issues need to be addressed in equity design

設計創業公司股權結構的時候，要解決兩個問題：

When designing the equity structure of a startup company, two issues need to be addressed:

一是創始人對公司的控制權；二是出讓股權的目的是什么？

One is the founder's control over the company; What is the purpose of transferring equity?

出讓股權的目的，第一是獲得先進資本，先進理念；第二是獲得人才；第三是獲得對公司具有重大戰略意義的資源。

The purpose of transferring equity is, firstly, to obtain advanced capital and advanced concepts; The second is to acquire talents; The third is to obtain resources that have significant strategic significance for the company.

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