创业初期,公司还处于未完全开发阶段,可能只有一个创业计划书,或者只有初始产品。

In the initial stage of entrepreneurship, the company is still in the incomplete development stage. There may be only one entrepreneurship plan or only initial products.

对于这种初创阶段的创业型公司来说很难拿到天使投资,就算有天使投资,需要给投资人的股份也普遍较多,这时公司不妨选择通过股权的方式进行融资。

For such start-up companies, it is difficult to get angel investment. Even if there is angel investment, there are generally more shares that need to be given to investors. At this time, the company may wish to choose the way of equity crowdfunding for financing.

股权可以弥补一些股权融资覆盖不到的地方,集众人之力让初创企业从无到有。投资人手里的闲置资金很多,大多数普通投资者也想找到好的渠道投资。

Equity crowdfunding can make up for some places that equity financing can't cover, and gather people's efforts to make start-ups grow from scratch. There are a lot of idle funds in the hands of investors, and most ordinary investors also want to find good investment channels.

另外,对于一些初创企业来说,几十人甚至上百人的股东会给企业带来很多附加利益,这批投资者不仅是企业忠实的用户,还会为企业提供建设性的建议,帮助企业完善产品。

In addition, for some start-ups, crowdfunding shareholders with dozens or even hundreds of people will bring many additional benefits to the enterprise. These investors are not only loyal users of the enterprise, but also provide constructive suggestions for the enterprise to help the enterprise improve its products.

有些投资人还会利用手里的资源为企业提供客户，对创业初期的企业给予大力帮助。

Some investors will also use their resources to provide customers for enterprises and give great help to enterprises in the early stage of entrepreneurship.

这批投资者还是免费的宣传者、每个投资的小股东都有为公司做宣传的动力,他们会在自己的亲朋好友中不遗余力地对公司进行宣传推广,这些对于初创公司而言弥足珍贵。

These investors are also free propagandists, and each minority shareholder of the investment has the motivation to publicize the company. They will spare no effort to publicize the company among their relatives and friends, which are precious for start-ups.

那么,为什么股权适合创业初期而不是创业中后期的公司呢?

So why is equity crowdfunding suitable for companies in the early stage of entrepreneurship rather than in the middle and late stage of entrepreneurship?

原因有以下两个：

There are two reasons:

,创业企业在发展中期时已经过几轮融资,估值上升了不少,有些甚至已经翻倍。这时再进行股权,能给到小股东的股权少之又少。

First, start-ups have had several rounds of financing in the medium term of development, and their valuations have increased a lot, and some have even doubled. At this time, equity crowdfunding can give very little equity to minority shareholders.

与此同时,在创业中后期,企业所需融资金额远超创业初期,对于的小股东来说同样需要掏10万元,拿到的股份却大不相同,一些小股东会觉得不划算。

At the same time, in the middle and late stage of entrepreneurship, the amount of financing required by the enterprise is much higher than that in the early stage of entrepreneurship. For minority shareholders who raise crowdfunding, they also need to pay 100000 yuan, but the shares they get are very different, and some minority shareholders will feel that it is not cost-effective.

第二,企业经过一段时间的发展,具备了一定的知名度和影响力,很多风投机构会纷纷找上门来。

Second, after a period of development, the enterprise has a certain popularity and influence, and many venture capital institutions will come to the door one after another.

我们有一个学员就遇到过此类情况,公司本来打算通过股权的方式募资100万元,在筹到20万元时,出现了一个财大气粗的投资人,将剩下的80万元包圆了。后来才知道,原来是一家风投机构觉得这个项目很好,拥有不错的发展潜力,于是直接入股了。

One of our students encountered this kind of situation. The company originally planned to raise 1 million yuan through equity crowdfunding. When it raised 200000 yuan, there was a rich investor who covered the remaining 800000 yuan. Later, I learned that it was a venture capital institution that thought the project was very good and had good development potential, so I directly took shares.

一般而言,优质的创业公司在发展中后期不愁找不到风投。如果真的无人问津,只能说明这家创业公司竞争力不足,前途堪忧,此时即便进行股权，小股东也未必愿意进场接棒。

Generally speaking, high-quality start-ups do not worry about finding venture capital in the middle and late stage of development. If no one really cares, it can only show that the start-up company is not competitive and has a worrying future. At this time, even if equity crowdfunding is carried out, minority shareholders may not be willing to take over.