With the rapid change of business environment, equity has attracted more and more attention.

 

同时，股权架构是任何一家企业的根基，只有根深蒂固，我们的企业才能枝繁叶茂。

 

At the same time, the ownership structure is the foundation of any enterprise. Only when it is deeply rooted can our enterprise flourish.

 

随着大众创新、万众创业的潮流，股权架构的设计决定着一家公司未来能够走多远！

 

With the trend of mass innovation and entrepreneurship, the design of equity structure determines how far a company can go in the future!

 

创始人、合伙人、核心员工、投资人有哪些侧重 点？

 

What are the priorities of founders, partners, key employees and investors?

 

一、宏观层面

 

1、 Macro level

 

创业公司早期为核心的四类人：创始人、合伙人、核心员工、投资人。

 

There are four types of people as the core in the early stage of start-up companies: founders, partners, core employees and investors.

 

他们都是属于公司也是早期风险的承担者和价值贡献输出者，在人力资本、互联网轻资产驱动的初创公司，科学的股权架构基本上是要满足早期这核心四类人的诉求：

 

They all belong to the company, as well as the early risk bearers and value contributors. In the start-up companies driven by human capital and internet light assets, the scientific equity structure basically meets the demands of the four core types of people in the early stage:

 

1、创始人维度来看

 

1. Founder dimension

 

本质上的诉求是控制权，所以在早期做股权架构设计的时候一定考虑到创始人控制权，有一个相对较大的股权

 

The essence of the appeal is the right of control. Therefore, when designing the equity structure in the early stage, we must consider the founder's control right and have a relatively large equity

 

2、合伙人维度来看

 

2. Partner dimension

 

合伙人/联合创始人作为创始人的追随者，基于合伙理念价值观一定是高度一致。合伙人作为公司的所有者之一，希望在公司有一定的参与权和话语权。所以，早期一定拿出一部分股权来均分

 

As the followers of the founders, partners / CO founders must be highly consistent based on the concept of partnership. As one of the owners of the company, partners hope to have a certain right of participation and discourse in the company. Therefore, early must take out a part of the equity to share equally

 

3、核心员工维度来看

 

3. From the perspective of core employees

 

他们的诉求是分红权，核心员工在公司高速发展阶段起到至关重要的作用，在早期做股权架构设计的时候需要把这部分股权预留出来，等公司处于发展阶段的期权就能派上用场

 

Their appeal is the dividend right. The core employees play an important role in the rapid development stage of the company. In the early stage of equity structure design, they need to reserve this part of equity, so that the options of the company in the rapid development stage can be used

 

4、投资人维度来看

 

4. From the dimension of investors

 

投资人追求高净值回报，对于优良项目他们的诉求是进入和退出，所以在一定程度上说，投资人要求的优先清算权和优先认 购权是非常合理的诉求，创始团队在面临这些诉求的时候，一定程度上还是需要理解。

 

Investors pursue high net worth returns. For excellent projects, their demands are fast entry and quick exit. Therefore, to a certain extent, the priority liquidation rights and preemptive rights required by investors are very reasonable demands. The founding team still needs to understand these demands to a certain extent.