公司早期要引入天使资金，会面临股权融资设计问题。
In the early stages of introducing angel funds, companies may face issues with equity financing design.
作为创业者如果有幸被天使“相中”，并且确定了投资意向，相信你的团队已经通过了“尽职调查”考验。这意味你的行业背景、成长潜力、团队管理以及个人品质等都得到了天使的认可。
As an entrepreneur, if you are fortunate enough to be favored by an angel and have confirmed your investment intention, I believe your team has passed the "due diligence" test. This means that your industry background, growth potential, team management, and personal qualities have all been recognized by angels.
So, what should entrepreneurs do next? Below, Shandong Equity top-level architecture design company will analyze for you:
投资意向书
Investment Intention Letter
当天使确定投资意向时，首先会邀你签署一份投资意向书。
When an angel confirms their investment intention, they will first invite you to sign an investment intention letter.
投资意向书一般不会设置得太过复杂，它只是天使与创业者之间的一份保密或排他的协议。投资意向书虽然不涉及投资的具体条款，但它却是万事的开端，有了这份意向书作为基础，后续的谈判才能稳步进行。
Investment intention letters are generally not set too complex, they are just a confidentiality or exclusive agreement between angels and entrepreneurs. Although the investment intent letter does not involve specific investment terms, it is the beginning of everything. With this intent letter as the basis, subsequent negotiations can proceed steadily.
估值:着眼于未来
Valuation: Focusing on the Future
创业公司能得到天使的垂青，它本身的价值、发展潜力是重要的考评因素。因此对公司的评估是天使先要和创业者谈论的话题。通过评估，天使可以了解公司目前的价值以及未来的收益增长。
The value and development potential of a startup company are important evaluation factors for gaining the favor of angels. Therefore, evaluating a company is a topic that angels should first discuss with entrepreneurs. Through evaluation, angels can understand the company's current value and future revenue growth.
交易结构:慎重设计
Transaction structure: carefully designed
确定好公司估值后，双方就要对投资过程中的交易结构进行逐条设计。所谓交易结构，就是协议双方在实现终利益归属时的一系列安排。天使投资也一样。
After determining the company's valuation, both parties need to design the transaction structure of the investment process item by item. The so-called transaction structure refers to a series of arrangements made by both parties to the agreement when realizing the ultimate ownership of interests. The same goes for angel investments.
天使投资的本质是股权融资，交易结构的设计会影响到公司股权架构的变化。尤其是天使在设计交易结构时会使用可转换优先股、可转换债券等条款，这些条款是站在投资人的角度上，为保障投资人利益而设置的。
The essence of angel investment is equity financing, and the design of transaction structure will affect the changes in the company's equity structure. In particular, Angels will use terms such as convertible preferred shares and Convertible bond when designing the transaction structure. These terms are set from the perspective of investors to protect their interests.
先确定投资细则，后再签署协议
Determine investment details before signing the agreement
意向书签订了，投资协议还需再签一次。投资意向书只是天使抛出的一根橄榄枝，这根橄榄枝的作用仅仅是告诉你:“我想投资你，并且你得为这事保密，在我们还没把这事谈妥的这段时间你不许接其他人的橄榄枝”，仅此而已。
The letter of intent has been signed, and the investment agreement needs to be signed again. The investment intention letter is just an olive branch thrown by an angel, and the purpose of this olive branch is to tell you: "I want to invest in you, and you need to keep this matter confidential. You are not allowed to take someone else's olive branch during the period when we have not yet settled this matter." That's all.
而投资协议才是真正能够约束双方一系列投融资行为的法律文件:当天使和创业者把估值和交易结构这两大块都差不多达成共识后，就需要为签署一份正式的投资协议而逐条谈判了。投资协议一般的条款只要双方协商确定各自权利义务即可。
And the investment agreement is the legal document that can truly constrain a series of investment and financing behaviors between both parties: when angels and entrepreneurs reach a consensus on valuation and transaction structure, they need to negotiate one by one to sign a formal investment agreement. The general terms of an investment agreement require both parties to negotiate and determine their respective rights and obligations.
That's all for the equity design issues during the growth period (introduction of investment stage). We hope to provide you with good help. For more information, please come to our website http://www.daoshangbao.com Consult!
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