获取风险投资的几个误区

mymoon
等级：童生
主题：93
帖子：156
注册时间 : 2008-4-28

No.1

获取风险投资的几个误区

对于急需风险资金的企业来说，要想成功地引入风险资金并不是一件轻而易举的事情，因为在资本市场上，总体的供不应求是个永恒的规律。从国外的情况来看，虽然像雅虎，google等功成名就的企业不在少数，仅败下阵来的企业更是数不胜数。这其中固然有项目本身的原因，但企业家本身对风险投资存在着诸多错觉也是一个重要原因。下面就是国外在总结民营企业引进风险投资失败的教训的基础上，总结出的企业家经常存在的七种错觉。
误区一：风险资本公司企图拥有你公司的控制权，并经常对你公司的正常业务发号施令
事实上，没有一个风险资本公司企图拥有一个小公司的控制权，风险投资者之所以有时寻求拥有公司控股以上股权，主要是为了保证其已投入资金的安全。风险资本公司根本不想操纵你的公司，他们从不想干预你的日常业务，也不要求你逐日向他们汇报情况，他们只想参与你公司的重大决策，绝对不想介入你公司的日常管理业务。
误区二：创业者必须通过风险投资者的某个朋友介绍，才能得到该投资者的投资
事实上，你根本不需要这种朋友介绍。一份好的风险投资计划书是你最好的介绍。如果你想请求某一富有者对你的风险事业给予投资支持，或许需要这种朋友介绍。然而，大多数风险资本公司的管理者为职员人士，并非富有的知名人士，他们唯一有兴趣的是有价值的投资项目，并不关心你的社会关系。如果你有诸多好友或与有类似背景的人比较熟悉，这种联系当然可以加强你的可信程度，就是说，这种联系确有一定作用，但是，却没有必要通过朋友向风险投资者转达你的意见以取得投资,如果能由一个熟悉风险投资业务的律师或投资顾问,辅导你准备商业计划书或约见演讲,并推荐你的项目,可以增加获得风险投资的成功率。
误区三：风险资本公司唯一的兴趣是新技术开发领域
事实上，大多数风险资本公司对能使人民生活提升10－20年换代型技术并不感兴趣。由于换代技术的投资回报要相当长时期后才能实现，因而也就很难求得投资支持。应该说，风险投资者对追加型技术更有投资热情，例如新型电脑、磁片、上市技术或对原有技术的中等改革等都易于获得风险投资。

时间 :2010-3-12 10:19:49

mymoon
等级：童生
主题：93
帖子：156
注册时间 : 2008-4-28

No.2

I’ve even heard people repeat this bullsh*t Silicon Valley mantra about “failing fast” which is horse puckey. The line goes like this, “well at least you know early that your business isn’t going to work and you didn’t have to waste 2 years and $1 million trying to bang your head against a wall.” That is so self centered it winds me up. Tell that to the person who wrote you the $50,000 of their hard earned money and entrusted you to try your best. Fail fast? How does your brother-in-law feel about that?
And how do you think the next person who’s thinking about writing you a check going to feel about that sort of cavalier attitude with their money? Fail fast = quit and give up easy = spaghetti against the wall = no clear strategy going into your business = no ability / willingness to try and pivot as market conditions change = easy way out = today’s management mantra that will be laughed at in 10 years. Who started this meme? I say define a strategy, test it up front and pivot if you’re not getting the traction you had expected. Fail fast on your own dime.
Whoops. Off topic. But seriously, if you take somebody’s hard earned money treat it and them with the respect they deserve.
So, let’s say you’ve raised $200,000 in friends and family money and you’re thinking about raising a round of $1 million and investors offer you $2 million. Should you take it? Let’s assume that the $2 million buys 25% of your company, which is the norm in an equity financing.
obviously the starting point is to ask yourself how much money you’ll need until the next milestone. It’s best if you can raise at minimum 12 months’ cash and even better 18 months’ cash. 24 months for most tech startups is usually too much money.
add a buffer. Your revenue will take longer to ramp then you think. There will be some unforeseen expenditures.
that is the correct amount to raise. It should pop out of your business plan
and don’t ask for an extra $3 million to do M&A. No good investor wants that. They can fund a deal if necessary and valid at the time you present an acquisition target to them
So let’s assume that in the above scenario $1 million gets you 15 months and $2 million gets you 2 years. What to do?
This is actually something I’ve debated a lot recently. I was at breakfast with my friend Dave Young (from DLA Piper) this morning and we debated the topic. He had the best response I’ve ever heard. He said,
“When someone’s passing the hors d’oeuvres tray you always take two”
Brilliant. I think that if you’re offered fair terms that aren’t destructively dilutive, preserve options for an exit, don’t put undue pressure on your company to do things too quickly you TAKE THE MONEY. I know you think you’re going to do a bigger round later at a higher price but the problem is that if someone offers you $2 million now it’s guaranteed. That same extra $1 million might prove very difficult to get one year from now if something fundamentally changes in the market, your company isn’t getting traction as quickly as expected or your competition makes a lot of noise in the market. Or even your investors start having their own liquidity problems!
So I came up with the corollary,
“When someone’s passing you the hors d’oeuvres tray always take two. But don’t take the whole tray.”
The whole tray is obviously unhealthy. Look, these things are judgment calls and there are no mathematical answers. Just remember that for many companies success or failure often ends up being a binary outcome. Businesses usually fail for the exact same reason – they run out of money. Don’t let that be you. If the appetizers are in front of you, take two.

时间 :2010-3-12 10:20:22

mymoon
等级：童生
主题：93
帖子：156
注册时间 : 2008-4-28

No.3

误区五：风险资本公司迅速投资
恰恰相反，事实上为获得风险投资需要很长时间。按平均水准计算，大约需要6至8周时间，才能完成从初始洽谈到取得资金的过程。每个风险投资人员每月大约要审阅50一100份计划书，且通常只有10份能引发其投资兴趣。进而风险投资人员会详细阅读这10份计划书，其中一般可选择出2一3份重要计划书，需进行全面分析、调查，最后或许有一份可获准投资。
误区六：风险投资者主要支持新点子式高技术，对管理则考虑不多
事实上，风险投资者支持的对象恰恰是优秀的管理。如果你灵光一闪有新点子，但缺少良好的管理基础和丰富的工业生产经验，则风险投资者将很难相信你能实现计划书规定的目标。因为，你既没有工业生产经验，又缺少良好的管理基础。当然，你提出的计划书不一定要有完整的管理阶层，很多风险资本公司都有大量的咨询专家，他们可以在某些领域为你提供必要的帮助。
误区七：风险投资者在其决策投资之前，只需要项目的基本信息
这也是一种错误。为引起风险投资者注意，以便获得风险投资，你必须详细具体地编制商业计划书。如果你认为只要草率地编写一二页申请报告即可获得风险投资，则一定会大失所望。在开始阶段，风险投资者主要需要一套简要的汇总资料，并不是一套完美的计划书。而每一个风险投资者在与你正式接洽之前，一定要详细审阅你的完整计划书。一套良好的计划书有两种功能，第一，它能向投资一方说明你的点子；第二，它能表明你对公司的未来充满信心，有工业生产技术和经验，并对可能出现的问题了如指掌。

时间 :2010-3-12 10:21:34

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