1. Who is the partner?

The shareholders of the company's equity mainly include the team of partners (founders and co-founders), employees and external consultants (option pool) and investors. Among them, the partner is the largest investor and equity holder of the company.

Whether it is entrepreneurial ability or entrepreneurial mentality, 3-5 years.

People who are full-time committed to expectations are partners in the company. The main point here is that partners are people who can devote themselves to the company's expectations for a long time to come, because the value of a startup company is realized through all the partners of the company.

It takes a long time for people to work together to achieve it. Therefore, the co-founders who quit halfway should not continue to be partners after quitting the company and enjoy the expected value of the company's development.

Partners are bound by [long-term] [strong relationships].

2. Who should not be a partner in the company?

It is easier to pray for God than to send it, and entrepreneurs should carefully issue equity according to the standards of partners.

(1) resource commitment

Many entrepreneurs may need to use a lot of resources to start the company's development at the beginning of their business. At this time, it is easiest to commit too much equity to the previous resource commitment and turn the resource commitment into a company partner.

The value of a startup needs the long-term investment of time and energy by the entire startup team. Therefore, for those who only promise to invest resources and do not participate in entrepreneurship full-time, it is suggested to give priority to project commission and talk about interest cooperation instead of equity binding.

(2) Part-time staff

For part-time employees who are skilled in NB but do not participate in entrepreneurship full-time, it is best to issue a small amount of equity according to the company's external consultant standards. A person can't be regarded as a founder if he doesn't devote himself wholeheartedly to the company. Anyone who helps the company while doing his other full-time work can only take wages or wages "owe" and don't give shares.

If this "founder" has been working full-time until the company gets venture capital, and then resigns to work full-time, he or she is not much better than the first batch of employees. After all, they didn't take the same risks as other founders.

(3) angel investors

The logic of venture capital is:

Investors invest a lot of money, occupy a small number of shares, and buy equity with real money;

Entrepreneurial partners invest less capital, accounting for a large proportion, and earn equity through long-term full-time service companies.

In short, investors only pay, not contribute. The founder not only contributed (a small amount of money), but also contributed. Therefore, angel investors should buy shares at a price higher than that of partners, and should not buy shares at a low price according to the standards of partners.

This situation is most likely to happen when a team is formed to start a business. The founding team and investors allocate equity according to the proportion of capital contribution. Investors do not participate in the business full-time or only invest part of resources, but they hold too many shares in the team.

(4) Early ordinary employees

On the one hand, the company's equity incentive cost is very high. On the other hand, the incentive effect is very limited. In the early days of the company, giving employees a 5% stake may not motivate employees, and even think that the company is bluffing and painting cakes, which has a negative incentive effect.

However, if the company issues incentive equity to employees in the middle and late stage (for example, after the B round of financing), it is likely that 5% equity will solve the incentive problem of 500 people, and the incentive effect is particularly good.

Second, how to distribute the partner's equity?

Third, the withdrawal mechanism of partner's equity.

The latter two are similar, but the format is the same as above;

People with lofty ideals from Shanghai;