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50个股权设计要点分享!适合企业各个阶段
梧桐树下V·2025-06-04 09:49

Core Viewpoint - The article discusses the complexities of equity structure in modern enterprises, emphasizing the need for a balance between team motivation, stable development, and founder control. Group 1: Equity Structure Design - The premise of equity design is "same share, same right" [1] - Different voting mechanisms exist between the board of directors and the shareholders' meeting, with a "one person, one vote" system for the board [2] - Control rights are crucial for founders, who must consider how to prevent dilution of control during financing [3] Group 2: Employee Equity Incentives - Employee equity incentives focus on fairness across different positions and ongoing motivation after receiving equity [4] - Absolute control is defined as 67%, relative control at 51%, and veto power at 34% [4] - Various thresholds for shareholder rights are outlined, such as 20% for defining competitive rights and 10% for calling a temporary shareholders' meeting [4] Group 3: Investor Rights and Priorities - Investors typically seek priority rights, including shareholding ratios of 5%-10% in seed stages and 10%-20% in angel rounds [7] - Voting rights often include veto rights and protective clauses in shareholder meetings, reflecting investor concerns over capital safety and trust in the founding team [8] - Priority rights encompass preferential dividend rights, anti-dilution rights, and other special rights to ensure quick capital entry and exit [9] Group 4: Practical Applications and Case Studies - The article mentions a course on equity design that covers the entire lifecycle of equity, from initial setup to exit strategies, using real case studies [10] - It highlights the importance of understanding high-frequency risks and practical decision-making in equity governance [12] - Various case studies illustrate successful implementations of partnership systems and equity incentives in companies like Huawei and others [13][14]