在人力资本/互联网轻资产驱动的初创公司，科学的股权架构基本上是要满足早期这核心四类人的诉求：

In start-ups driven by human capital / Internet asset light, the scientific ownership structure is basically to meet the demands of these four core categories of people in the early stage:

创始人维度来看

From the founder dimension

本质上的诉求是控制权，所以在早期做股权架构设计的时候一定考虑到创始人控制权，有一个相对较大的股权（一般建议是合伙人平均持股比例的2-4倍）

In essence, the demand is control, so the founder's control must be taken into account when designing the ownership structure in the early stage, and there is a relatively large equity (it is generally recommended to be 2-4 times the average shareholding ratio of partners)

合伙人维度来看

Partner dimension

合伙人/联合创始人作为创始人的追随者，基于合伙理念价值观一定是高度一致。合伙人作为公司的所有者之一，希望在公司有一定的参与权和话语权。所以，早期一定拿出一部分股权来均分（这部分股权基本上占到8%-15%）

As a follower of the founder, the partners / CO founders must have highly consistent values based on the partnership concept. As one of the owners of the company, partners hope to have a certain right to participate and speak in the company. Therefore, in the early stage, we must take out part of the equity to share equally (this part of the equity basically accounts for 8% - 15%)

核心员工维度来看

From the perspective of core employees

他们的诉求是分红权，核心员工在公司高速发展阶段起到至关重要的作用，在早期做股权架构设计的时候需要把这部分股权预留出来，等公司处于发展阶段的期权就能真正意义派上用场（通常建议初次分配完之后同比例稀释预留10%-25%）。

Their demand is the dividend right. The core employees play a vital role in the rapid development stage of the company. In the early stage of equity structure design, this part of equity needs to be reserved. When the company is in the rapid development stage, the options can be used in a real sense (it is generally recommended to dilute and reserve 10% - 25% in the same proportion after the initial distribution).

投资人维度来看

From the perspective of investors

投资人追求高净值回报，对于优良项目他们的诉求是进入和退出，所以在一定程度上说，投资人要求的优先清算权和优先认购权是非常合理的诉求，创始团队在面临这些诉求的时候，一定程度上还是需要理解。

Investors pursue high net worth return. For excellent projects, their demands are rapid entry and rapid exit. Therefore, to a certain extent, the priority liquidation right and priority subscription right required by investors are very reasonable demands. The founding team still needs to understand these demands to a certain extent.

在人力资本驱动的创业时代，我们要思考的不仅仅是股权比例的问题，而是围绕着股权做体系化设计。

In the era of human capital driven entrepreneurship, we should not only think about the proportion of equity, but also make systematic design around equity.