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1 如何跟萬惡惡的投資人談判 - 打開 Term Sheet 的潘朵拉盒子 TK Quest Venture Partners

2 創投是什什麼? 可以吃嗎? 父母或親戚天使銀行行創投股權群眾募資平台錢快速到位早期投資, 不不用等到有些成績不不佔股份金金額較大客戶就是最棒的投資人審核極鬆無比金金額好的話可以到幾百萬台幣幾乎完全不不影響公司營運方向錢之外的幫助很多, 人脈產業知識較豐富募資平台上成效好的話會讓之後募資容易易許多優點親子關係好的話, 甚至可以不不用還錢錢也快速到位通常也會有商業人脈優勢適合短期營運資金金缺口理理論上說服成本較低可於危急時救你一命專業投資機構, 因此可幫助公司穩健成長不不用像其他群眾募資平台, 有交貨壓力力, 可以隨時調整產品可養一批相當忠實的客戶群金金額可大可小, 端看需求原則上不不太影響公司營運, 創辦人掌有高度自主權生意如果不不好, 從此不不敢回家過年年天使畢竟還是天使, 不不輕易易下凡債權權利利高涉入公司營運較多, 影響公司未來來發展法規限制下可募得的金金額不不高須額外孝順父母如果遇到不不好或不不懂網路路的天使, 將是屁股裡的痛有額外利利息成本佔董事席次程序沒有比較簡單, 文件準備多風險個人信貸的話還有個人 credit 問題不不對的創投是一輩子的痛需對外公布重大訊息創新商模溝通成本也高若群募不不成功, 很難跟其他籌資管道交代可能須抵押

3 創投怎麼賺錢?

4 We are greedy vampires Assume an avg 6 years time period to see a return Prob. Multiples (X) IRR 1% % 19% % 80% % Expected cash payout Expected IRR 27.52%

6 What is Term Sheet? - A document guides the final terms of the real official agreement - Non-bonding - Everything is negotiable

7 Term Sheet 須注意事項 Price - Pre Money Valuation ( 小心 Option pool shuffle) 你以為的 valuation 其實實際的 valuation Existing shareholders 8M 80% 6M 60% New investors 2M 20% 2M 20% Option pool 2M 20% Total valuation 10M 100% 10M 100% of your company

8 Valuation - Don t go after big valuation : Unicorn is for Gov, VCs, Incubators. - Best and simplest method: How much you need x how much you re willing to give out VC Method

9 VC Method ROI = Exit Value / Post-money Valuaiton Post-money Valua7on = Exit Value / ROI You Ask for 0.5 M Asump7on Revenue at exit yr 20 M ADer tax earning # (15% of rev) P/E ra7o ROI Exit Value Post money valua7on Pre money valua7on 3 M 15 X 20 X 45 M 2.25 M 1.75 M % for VC %

10 Preferred Stocks A. Liquidation Preference B. Antidilution C. Protective Provisions: Veto Right Sell the Company Issue more stocks Change the terms Change the size of board of directors D. Dividends E. Redemption Rights F. Right of First Refusal (pro rata right) G. Voting Right H. No-Shop Agreement

11 Liquidation Preference (X times Preference+ X times participation) Percentage Investor 5 m 20% Pre-money 20 m 80% Post-money 25 m Offer 100 m case 2: 30m As-converted 1X preference, no par7cipa7ng Investor 5 m 20 Founders 95 m 80 1X preference, fully par7cipa7ng Investor 24.0 m Founders 76.0 m 1X preference, 3X par7cipa7ng (Capped par7cipa7on) Investor 15 m Founders 85 m (Stacked preferences v.s Pari passu)

14 Antidilution (Down round 時改變轉換價格, 並非都不被稀釋 ) 1. Ratchet-based antidiluition Full ratchet Half ratchet.etc 2. Weighted average antidiluition

15 Weighted average antidiluition (Conti) Company irocks Common Stock 1,000,000 shares Series A Preferred Stock put in $500,000 ($1/per share) Series B Preferred Stock put in $1,600,000 ($2/per share) 500,000 shares 800,000 shares Option pool 100,000 shares 1 Broad-based Series A NCP = 1 x 2,400,000 + (1,000,000/1) 2,400, ,000,000 =0.77 Series A # of shares = 500,000 x ($1/$0.77) = 647,059 Series B NCP = 2 x 2,400,000 + (1,000,000/2) 2,400, ,000,000 =1.32 Series B # of shares = 800,000 x ($2/$1.32) = 1,213,793 Total 2,400,000 shares 2 Narrow-based New Investor put in $1,00,000 (Down Round) Series A NCP = 1 x 500,000 + (1,000,000/1) 500, ,000,000 =0.60 Series A # of shares = 500,000 x ($1/$0.6) = 833,333 Series B Preferred Stock ($0.5 / per share) 2,000,000 shares Series B NCP = 2 x 800,000 + (1,000,000/2) 800, ,000,000 =0.93 Series B # of shares = 800,000 x ($2/$0.93) = 1,723,077

16 簡介 Convertible Note - 可轉換公司債 : 債權轉股權 - 快速簡單便便宜 - 變形 :YC 的 SAFE 和 500Startups 的 KISS Convertible Note 的四大重點 Valuation Cap Discount Interest Rate Conversion 當下一輪輪估值飆高時保護投資人同上有利利息, 是債權的特性何時將債權轉成股權

17 - 為什什麼要找創投? 且為什什麼要找這個創投? - 估值 - DD your investors 態度投資階段基金金目前狀狀況 Valuation 跟投資人的談判技巧 - 知道什什麼該爭取什什麼該放 - track record traction relationship (referral) - BATANA: Best Alternatives to a Negotiated Agreement - 被拒絕了了該怎麼辦?

18 推薦書籍 Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist 創業投資聖經 : Startup 募資天使投資人投資契約談判策略略全方位教戰法則

序言本研習資料手冊按照投資相連長期保險考試範圍編纂而成, 該考試試題將按本研習資料手冊擬定內文每章結尾部份另列有模擬試題供參考在香港保險業監理處的應允下,

序言本研習資料手冊按照投資相連長期保險考試範圍編纂而成, 該考試試題將按本研習資料手冊擬定內文每章結尾部份另列有模擬試題供參考在香港保險業監理處的應允下, 保險中介人素質保證計劃投資相連長期保險考試研習資料手冊 2010 年版序言本研習資料手冊按照投資相連長期保險考試範圍編纂而成, 該考試試題將按本研習資料手冊擬定內文每章結尾部份另列有模擬試題供參考在香港保險業監理