Core Insights - The article emphasizes that fundraising is not a "stage task" but a "full-process project" that should be approached with the end goal in mind, ensuring a smooth delivery and securing equity [3][45] - It outlines a structured approach to fundraising, dividing it into four key stages: BP refinement, capital negotiation, due diligence cooperation, and equity delivery [3][45] Stage 1: BP Refinement - The Business Plan (BP) should not merely be a "story" but a "value map" that supports the delivery process [5] - Each statement in the BP must be verifiable during due diligence, necessitating a clear list of core data and supporting evidence [6][7] - The BP structure should align with due diligence logic, focusing on key areas such as company basics, business model, core competitiveness, financial planning, risks, and exit strategies [8][10][12][13] Stage 2: Capital Negotiation - Negotiation should focus on creating a "collaborative framework" that ensures smooth delivery rather than solely on valuation [15] - Founders should establish their bottom line before discussing valuation to avoid unfavorable terms [16][17] - Key negotiation points include performance guarantees, fund supervision, board seats, and anti-dilution clauses, all of which should prioritize post-delivery risks [18][20][21] Stage 3: Due Diligence Cooperation - Due diligence is a proactive process where companies should guide the direction and resolve issues to meet delivery requirements [24] - Preparing a comprehensive materials package and a clear process table is essential for efficient due diligence [25][26] - Companies should actively address questions and small issues during due diligence to prevent them from escalating [27][28][29] Stage 4: Equity Delivery - Delivery involves ensuring that "money, rights, and responsibilities" are clearly defined and executed [32] - Companies must verify that all preconditions for delivery are met and resolve any unmet conditions before the delivery date [33][34] - Post-delivery, it is crucial to clarify ongoing obligations, including information disclosure and performance guarantees, to avoid future conflicts [39][40][42]