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VC是美女?VC是野兽?

       先忆苦思甜一下吧:

        在我刚开始创业的时候,我以为VC掌握着创业者芸芸众生的生死大权。不是吗?当VC一开闸放水,我的企业就活了,VC要是开恩能在我的企业里多多砸点钱,我不就马上成了创业英雄,可以腾云驾雾直上纳斯达克了。

        像很多天真的创业者那样,我也曾手捧商业计划书,到处虔诚地祈祷VC“芝麻芝麻开开门”。有一天,我又一次在众目睽睽之下脱光了自己的裤子,接受了VC的无情鞭鞑和羞辱之后,拖着失落的神情走出了那家VC的会议室(我第一次脱裤子的故事请见“融资 =死亡行军”)。走廊里,一位灰白头发的老VC叫住了我,他拍了一下我的肩膀,像是对我的失落有所同情,索然地说:“Hey young man, we investors are vulnerable……”什么? Vulnerable?我一下子没反应过来,以为自己的脑子出了问题,VC力大无比,简直像是变形金刚,他怎么会说VC是Vulnerable的呀?Vulnerable的意思不是“易受伤害的,有弱点的,易受攻击的,脆弱的……”吗?!

        老VC这句信口掂来却犹如隐喻的话,从来没有从我的脑海里消散过。一直到我变成了一个投资人,当上了一个VC之后,我才真正理解他这句话的分量是多么的不可承受之轻……

        好了,言归正传。

        此时此刻,我坐在办公室里,我背后是一座金砖堆砌而成的墙、我面前是前来找钱的你。你大概很难想象,在我道貌岸然的平静外表下面,内心是多么的vulnerable……我为什么要把钱投给你啊?凭什么我会相信你美妙无穷的融资故事?假如这回我又被你忽悠了怎么办?!

        我真想大声地对你说:创业者兄弟,是你、绝对是你,掌握着VC的生死大权。

        VC像是个大户人家的千金小姐,虽然家缠万贯但毕竟是个柔弱女子,渴望爱情却害怕爱上了风流淍荡的唐璜,梦穿嫁衣却恐惧又遇上了一位负心郎。所以得千挑万挑,然后在结婚前,约法十张,讲好条件、做好最坏打算。

        VC的Termsheet中讲的是投资的原则性条件(其实都是“自我保护性的”),你如果不能明确答应,那么咱们少说废话、好来好散。

A. 优先股东 (Preferred Shareholders)
        VC通常不愿意占公司的大股,而是希望让团队在公司里有足够的股份,这样团队才会有足够的动力200%地努力工作、去创造财富。但是VC当小股东,拿的是“优先股”,意思是公司里的重大决定,比如任命CEO、CFO,对外收购或出售公司,甚至每年每季度的计划方案,都得听VC说了算。
        (创业者:啊?!还有优先股东这种说法?公司董事会里不是少数服从多数的吗……?这样吧,请先继续说。)

B. 创始人的期权股 (Founder’s Vesting Stock)
        当VC在一家公司注入资本之后,创始人的股份实际上变成了“期权”,行权期少则两年、多则三年。
        (创业者:岂有此理,我两年前卖了房子开公司,苦干到今天怎么连个股东都不是了??)

C. 注资周期 (Traunches)
        VC投资一大笔钱,通常不会一次到位,而是会根据预先谈好的里程碑,分期分批向公司注资。
        (创业者:哇塞,一口气还吃不饱的喔!)

D. 对赌条款 (Put Options)
        VC会假设你说的全都是真的,基于你的美丽故事VC答应给你很高的公司估值和白花花的银子。要是钱被套进来了却事与愿违你做不到呢?那也有补救的方法,比如调整公司最初的估值,减少你的股份……
        (创业者急切地:也就是说,那要是我做不到,不仅要减持我的股份,那么是不是还意味着下面的钱也就不进来了????)

E. 核心团队非竞争条款 (Key Person None-Compete)
        核心团队如果离开了公司,3-5年甚至更长时间内不能从事同类或相关的行业。
       (创业者:那叫我怎么活呀?我除了这点儿手艺,别的什么都不会呀,你叫我去喝西北风啊!)

F. 团队期权 (ESOP)
        VC进来以前,创始人要拿出相当一部分股票,作为未来新进高管和员工的期权池。
        (创业者:我已经出让一大块股份给你们了,还要我再给啊,凭什么?)

G. 上市失败 (Rejected IPO)
        公司在预计的时间内不能上市,公司得买回VC的股份,价格现在就讲好,一般来说公式是不低于VC投资额的10倍,或者35%的IRR、外加20%的年利息。
        (创业者:什么?公司上不了市那也是我的错呀?再说,我到时候哪里去找这么多钱赔给你们啊??)

H. 清算优先权 (Liquidation Preference)
        如果因为任何原因公司要清算,VC有权先将他的那部分权益先拿走,如果还有些剩下的,那才是你的。
        (创业者:我们到了清算的时候都还是不平等的吗??)

I. 独家谈判权 (Exclusive Negotiation)
        VC和你的Termsheet是需要保密的,通常要求在6个月里是独家的。
       (创业者:这是什么意思呢?是不是我和你们签了这份termsheet,我不可以拿着它再去忽悠其它VC了?)

J.注资条件 (Closing Conditions)
        VC在注资前常常还有一系列的注资条件,比如你老婆不能再当公司会计但可以做前台,你小舅子不再担任公司副总但可以去跑销售,去年前年公司避税在外走账欠的工商税款要补交掉,服务器里的盗版软件统统要删掉重新装正版的……
        (创业者:天啊,问你讨点儿钱居然这么难啊…… =:@O??!!)
        (CV漫不经心地:我只是公事公办把原则和你过一遍,说了你也不要气急,因为所有的VC都是这么干的。)

        ……

        聪明的女人和男人结婚时,应该参考VC的投资条款起草“结婚合约”,这样肯定可以保证女人在离婚时不会吃亏叫冤了。

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