解码交易：2如何与天使和风险投资条款清单达成协议
学期表：不能和他们一起生活，没有他们就活不下去，definitely can't make sense of them.迈克·康扎，合作伙伴摩根·刘易斯，让我们了解了2如何与天使和风险投资条款清单达成一致的一些复杂性。
He opened the session by explaining the difference between angel and venture capital.天使资本是由个人投资者直接投资的资金，以可转换票据的形式，SAFEs,普通股，and seed or other preferred stock.风险投资，另一方面，投资者资金是否由投资专业人士积极管理？generally in the form of Series A and later preferred stock.
无论哪种情况，think about what you're receiving.As Mike explained,"What you're looking for is more than just money." You hope to gain active,strategic business advisors who can offer perspectives and access to their own networks.
可转换票据和保险箱
Convertible notes andSAFEs(Simple Agreement Future Equity) are very similar.当你不知道或不同意你公司的估值时，这些机制可以帮助你筹集资金，他们都在一个转折点上转换为股权：一轮合格的融资，通常在一到两年后发生。Mikesummarized the benefits of notes: "The beauty of a note is that you're puntingon the valuation point."
通常提供可转换票据或保险箱，discounts area perk for investors.20% is a common discount or,expressed differently,theinvestor is exchanging the note for shares at a per share price equal to 80%.
到期日和利息也是重要的考虑因素。虽然可转换票据和保险箱都与股票有关，并包含折扣和转换上限等条款，保险箱在技术上不是债务，因此永远不会到期。
普通股和优先股
股票，另一方面，is a direct equity investment that comes along with economic and voting rights.必须设定估价，and this is when you will hear terms likepre money valuation和beplay官网体育货币后估值come into play.
Venture capitalist will always be looking forpreferred stockwhile angel investors are often looking forcommon stock.What's the difference?As Mike explained,"Common stock is the baseline of equity in a company." Common stock tends to be very simple (for example,one share = one vote),虽然“优先股在其他概念中开始分层”，但优先股往往伴随优先权而来，即清算优先权，和控制，such as特别表决权和反稀释条款.
Don't forget about货币前股份，or the total shares prior to a financing round.货币前股票可以包括创办人的股票，stock option pools,and convertible notes.它们之所以重要，是因为它们是决定股价的方程式中的分母。The bigger the total of pre money shares is,股价越高，最终发行给投资者的股票就越少。
- Share Price = Pre Money Valuation / Pre Money Shares
- 发行股份=投资/股价
有兴趣了解更多关于投资者和条款的信息？
查看我们过去的一些周二课程：