投资人愿意投钱给初创企业，除了看重创业项目本身以及分析创始人能力等之外，在意的就是公司的组织架构和股权架构。一般投资者对企业的股权结构分配有什么样的喜好呢？

Investors are willing to invest in start-ups, in addition to valuing the entrepreneurial project itself and analyzing the founder's ability, what they care about is the company's organizational structure and equity structure. What is the general investor's preference for the distribution of ownership structure?

其一，投资者是比较反对股权的平均主义

First, investors are more opposed to equity equalitarianism

平均主义给企业带来的后果是没有人能承担起整个公司，也没有人能做主。对于刚创立的规模较小的公司，投资者更偏向于让公司的核心人物（比如说创始人，或者是CEO）拿到的股份应该比其他所有人所占的股份之和还要稍多一些；举例：比如说以67%以上、51%、34%这些比较关键的比例为准。投资者之所以偏向于让公司的核心人物掌握多数股权，主要原因在于让一个决策者（通常是初创企业的CEO，或创始人）产生对企业的控制权，不至于使企业无法做出有用的决策。让企业在初期实现成长的目标，从而使得投资人的投资能有兑现的可能。

The result of egalitarianism is that no one can afford the whole company, and no one can be the master. For newly founded small-scale companies, investors are more inclined to let the company's core figures (such as founders or CEOs) get a little more shares than the sum of other owners; For example: for example, the more critical proportions of 67%, 51% and 34% are taken as the criteria. The main reason why investors prefer to let the core person of the company control the majority of the shares is to let a decision maker (usually the CEO or founder of a start-up enterprise) have control over the enterprise, so that the enterprise will not be able to make useful decisions. Let the enterprise achieve the goal of rapid growth in the early stage, so that the investment of investors can be realized.

其二，投资者还看重初创企业在创业初期有没有给股权调整预留空间。

Second, investors also value whether there is room for equity adjustment in the initial stage of start-up.

也就是说，考虑有没有给之后的员工激励和风投预留股权。因为创业者需要有一个长远的眼光，考虑企业往后的发展还需要引进什么人才什么资源，不要在开始的时候就把股权分足。这时候就需要有一个股权池或期权池的概念，一般来说股权预留的比例大概在15%-20%左右。或者也可以把开始需要分配股权的每个人的股比都先降5%下来，放在股权池里。以后根据项目开展的不同阶段，每个人的不同贡献进行股权的调整。并且是在早期建立股权池，因为晚期建立期权池股权就可能被投资人稀释。

In other words, consider whether there is any reserved equity for employee incentive and venture capital. Because entrepreneurs need to have a long-term vision, consider what talents and resources they need to introduce for the future development of the enterprise, and don't divide up the equity at the beginning. At this time, we need to have a concept of equity pool or option pool. Generally speaking, the proportion of equity reservation is about 15% - 20%. Or you can reduce the share ratio of everyone who needs to allocate equity at the beginning by 5% and put it in the equity pool. Later, according to the different stages of the project, each person's different contribution to adjust the equity. And it is in the early establishment of equity pool, because the late establishment of option pool equity may be diluted by investors.

其三，投资人更倾向于有明显梯度的股权架构。

Third, investors prefer the ownership structure with obvious gradient.

举例：比如一般可以采取“创始人持股50-60%+联合创始人持股20-30%+预留股权池10-20%”的股权结构。投资人对企业股权架构的喜好给予我们设计股权架构一个参考和建议。但是，对于企业给予投资者的股权，也要有一定的准则。一般来说，给投资者股权的分配要遵循“投资者投大钱，占小股，得股权，需退出”的思路。我们一直在强调要根据对企业的贡献大小来分配股权。资金对于任何一个企业都是至关重要且贡献直接的资源。但同时企业的股权也是很有限的。不能让投资者占大股，导致没有足够剩余的股权分给其他人，这样容易导致企业有钱却办不成事。

For example: for example, the equity structure of "founder holding 50-60% + co founder holding 20-30% + reserved equity pool holding 10-20%" can be generally adopted. Investors' preference for corporate equity structure gives us a reference and suggestion for designing equity structure. However, there should also be certain criteria for the equity granted to investors by enterprises. Generally speaking, the distribution of equity to investors should follow the idea of "investors invest a lot of money, occupy a small share, get equity, need to exit". We have been emphasizing the distribution of equity according to the contribution to the enterprise. Capital is a vital and direct resource for any enterprise. But at the same time, the equity of the enterprise is also very limited. Investors should not be allowed to hold large shares, resulting in not enough residual equity to be distributed to other people, which easily leads to enterprises having money but not being able to do things.

另外，投资者提供的资金对企业来说，不管是用于业务扩张还是给员工派发薪酬，都是直接对企业受益的，因此，投资者应该在履行资金投入后直接获得股权。但是，投资者获得的股权也只是暂时的，因为对投资者来说，获得企业股权并不是的目的，而是要在企业升 值后将股权变现。而企业也需要在之后的融资中，有一定的股权份额分给新的投资者。因此，要设定好投资者的退出机制。

In addition, the funds provided by investors, whether for business expansion or salary distribution to employees, are directly beneficial to the enterprise. Therefore, investors should directly obtain equity after fulfilling the capital investment. However, the equity obtained by investors is only temporary, because for investors, the purpose of obtaining equity is not to realize the equity after the appreciation of the enterprise. And enterprises also need to have a certain share of equity to new investors in the subsequent financing. Therefore, it is necessary to set up a good exit mechanism for investors.