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	<title>创业投资与创业融资 &#187; 技术</title>
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		<title>尽职调查的内容和企业可能发生的危机</title>
		<link>http://www.vc-investment.net/blog/%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%e7%9a%84%e5%86%85%e5%ae%b9%e5%92%8c%e4%bc%81%e4%b8%9a%e5%8f%af%e8%83%bd%e5%8f%91%e7%94%9f%e7%9a%84%e5%8d%b1%e6%9c%ba/</link>
		<comments>http://www.vc-investment.net/blog/%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%e7%9a%84%e5%86%85%e5%ae%b9%e5%92%8c%e4%bc%81%e4%b8%9a%e5%8f%af%e8%83%bd%e5%8f%91%e7%94%9f%e7%9a%84%e5%8d%b1%e6%9c%ba/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 14:13:23 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[企业]]></category>
		<category><![CDATA[尽职调查]]></category>
		<category><![CDATA[市场]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[管理]]></category>
		<category><![CDATA[财务]]></category>
		<category><![CDATA[资产]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=191</guid>
		<description><![CDATA[尽职调查过程中，不但要仔细参观企业，与企业的中高层管理人员交谈，还要要求目标企业提供企业的历史变更、重大合同、财务报告、财务预测、各项细分的财务数据以及客户名单、供应商名单、技术及产品说明和成功案例分析等等。可能的话最好还要咨询企业的供应商、客户、律师和贷款银行，乃至管理人员过去的雇主和同事。甚至还需要调查提供信息的有关人员，以证明提供的信息是否可靠。 <table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">从浑水公司的操作，看怎样做尽职调查</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 8 —— VC 的尽职调查与企业的反向调查</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">买个小咖啡馆，怎样做尽职调查？</font>
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</table>]]></description>
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		</item>
		<item>
		<title>创业起步阶段需要注意的几点</title>
		<link>http://www.vc-investment.net/blog/chuangye-qibu-zhuyi/</link>
		<comments>http://www.vc-investment.net/blog/chuangye-qibu-zhuyi/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:58:57 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[产业链]]></category>
		<category><![CDATA[价值链]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[行业]]></category>
		<category><![CDATA[起步]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=186</guid>
		<description><![CDATA[创业起步阶段需要关注你的客户,认清企业在产业价值链中的位置,不要过分注重技术,熟悉企业所在的行业,加强企业文化建设,加强管理团队建设,善于利用外部资源,不要忽视财务管理.<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">投资项目或创业企业为什么要 分阶段投资？</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">谈创业方向和商业模式的选择</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">创业初期就需要营销，营销就是经纪</font>
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		<title>谈创业方向和商业模式的选择</title>
		<link>http://www.vc-investment.net/blog/%e8%b0%88%e5%88%9b%e4%b8%9a%e6%96%b9%e5%90%91%e5%92%8c%e5%95%86%e4%b8%9a%e6%a8%a1%e5%bc%8f%e7%9a%84%e9%80%89%e6%8b%a9/</link>
		<comments>http://www.vc-investment.net/blog/%e8%b0%88%e5%88%9b%e4%b8%9a%e6%96%b9%e5%90%91%e5%92%8c%e5%95%86%e4%b8%9a%e6%a8%a1%e5%bc%8f%e7%9a%84%e9%80%89%e6%8b%a9/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:32:57 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
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		<category><![CDATA[投资]]></category>
		<category><![CDATA[高科技]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=178</guid>
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		<item>
		<title>“经济殖民”对中国工业的发展的贡献</title>
		<link>http://www.vc-investment.net/blog/%e2%80%9c%e7%bb%8f%e6%b5%8e%e6%ae%96%e6%b0%91%e2%80%9d%e5%af%b9%e4%b8%ad%e5%9b%bd%e5%b7%a5%e4%b8%9a%e7%9a%84%e5%8f%91%e5%b1%95%e7%9a%84%e8%b4%a1%e7%8c%ae/</link>
		<comments>http://www.vc-investment.net/blog/%e2%80%9c%e7%bb%8f%e6%b5%8e%e6%ae%96%e6%b0%91%e2%80%9d%e5%af%b9%e4%b8%ad%e5%9b%bd%e5%b7%a5%e4%b8%9a%e7%9a%84%e5%8f%91%e5%b1%95%e7%9a%84%e8%b4%a1%e7%8c%ae/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 12:34:19 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[制造业]]></category>
		<category><![CDATA[国际商务]]></category>
		<category><![CDATA[产业]]></category>
		<category><![CDATA[工业]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[文化]]></category>
		<category><![CDATA[新教伦理]]></category>
		<category><![CDATA[经济发展]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=164</guid>
		<description><![CDATA[接受外来经济殖民对中国经济的发展意义很大。引进外资的真正收获不是“资”，是外资企业管理人员带来的工作态度、工艺技术与管理方法。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>VC的风格</title>
		<link>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e9%a3%8e%e6%a0%bc/</link>
		<comments>http://www.vc-investment.net/blog/%e5%88%9b%e4%b8%9a%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e9%a3%8e%e6%a0%bc/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 11:58:17 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[公司]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[市场前景]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[行业]]></category>
		<category><![CDATA[财务报表]]></category>
		<category><![CDATA[风向]]></category>
		<category><![CDATA[风格]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=147</guid>
		<description><![CDATA[创业投资公司有的不同风格。第一类是主要看财务报表；第二类是看技术，结合市场前景和对创业人的感觉；第三类是选行业，看风向。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>单纯以技术作价控股成立合资公司，结果是双方都不满意。</title>
		<link>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e4%bd%9c%e4%bb%b7%e5%87%ba%e8%b5%84%e6%8e%a7%e8%82%a1%e5%90%88%e8%b5%84%e5%85%ac%e5%8f%b8/</link>
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		<pubDate>Wed, 06 Jan 2010 09:55:15 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[VALUATION]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[评估]]></category>
		<category><![CDATA[项目]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=106</guid>
		<description><![CDATA[很多海归希望不出钱，单出技术，还要求控股，着很不现实。 事实上，技术拥有人单纯以技术作价入股成立公司，最后结果是出技术方和出资金方两方面都不满意。 携高新技术项目回国探路的海未归，有很多可能潜意识作怪故意给自己设一个跨不过去的槛，过一把创业幻想证明自己价值的瘾，然后给自己一个光冕堂皇的理由（不是我没有努力过，是我没有找到识货的”），继续在海外过领工资的神仙日子。 有一小部分稍微现实一些的，最后在中国找个地方落下脚来。 这里假设一个简化的投资案例：有一个海归，携世界先进技术，自认为价值10,000万RMB。找到一个土鳖老板，寻求1000万RMB的投资。 下面是我给出非标准解答。 就我们的观察，回国创业大约有40%白折腾一场的，最后收摊走人；有30%不温不火，能够维持糊口；有30%算是成功的，而成功的里面绝大部分实现的价值只有原来预计的几分之一。 创业人数 _________ 40% __ 30% __ 30% 实现价值 __________ 0% __ 10% __ 30% 加权乘积 __________ 0% ___ 3% ___ 9% 加权平均_________12% 如果技术海归携一项技术回国寻找投资人，他自认为他的技术值一个亿RMB。按照上面的计算，有经验的投资人只能给他作价0.12个亿RMB。很多海未归，到这儿就与投资人谈不拢了，每个海未归都认为自己是Top 5%， 认为自己的项目是Exceptional Good，结果就是胜利归海继续给资本家打工。剩下的不多几个，认可的投资人的折扣系数，经过讨价还价，价值谈高了一点，双方认可技术作价1220万 RMB，海归坚持控股，于是投资人投入1000万RMB、现金运作这个项目。股份比例计算如下： *_______________ 价值 ___________ 股份比例 技术作价_____ 1,222 _____________ 55% 投资人现金___ 1,000 _____________ 45% 一个项目，值不值得继续做下去，平均两年基本上见分晓。现在来看看海归机会成本和投资投入成本的比较。假设海归因为全职回国，每年减少税后收入10万美元，两年折合136万RMB。 ********************* 每年收入减少 年数 减少收入(合计) 技术持有人机会成本______ 10 _________ 2 [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 9 —— 创业投资公司怎样评估项目的</font>
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		<title>以技术或“无形资产”入股如何操作</title>
		<link>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e6%88%96%e4%b8%93%e9%95%bf%e5%85%a5%e8%82%a1%e5%a6%82%e4%bd%95%e6%93%8d%e4%bd%9c/</link>
		<comments>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e6%88%96%e4%b8%93%e9%95%bf%e5%85%a5%e8%82%a1%e5%a6%82%e4%bd%95%e6%93%8d%e4%bd%9c/#comments</comments>
		<pubDate>Sun, 03 Jan 2010 10:25:05 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业融资]]></category>
		<category><![CDATA[价值]]></category>
		<category><![CDATA[入股]]></category>
		<category><![CDATA[合作方式]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资人]]></category>
		<category><![CDATA[方案]]></category>
		<category><![CDATA[无形资产]]></category>
		<category><![CDATA[智力]]></category>
		<category><![CDATA[资金]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=102</guid>
		<description><![CDATA[以技术或专长入股，如果资金全部（或大部分）由投资人出，技术提供方只出“无形资产”，在“无形资产”的价值尚未实现，怎么操作？本文总结了几个方案，给出常见的几种以智力或无形资产入股的合作方式。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 5 —— 给自己的企业作价</font>
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		</item>
		<item>
		<title>VC 投资公司的投资取向</title>
		<link>http://www.vc-investment.net/blog/vc-%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e6%8a%95%e8%b5%84%e5%8f%96%e5%90%91/</link>
		<comments>http://www.vc-investment.net/blog/vc-%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e6%8a%95%e8%b5%84%e5%8f%96%e5%90%91/#comments</comments>
		<pubDate>Sat, 02 Jan 2010 05:28:32 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[投资公司]]></category>
		<category><![CDATA[财务]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=61</guid>
		<description><![CDATA[项目投资有两个基本取向，一个是技术取向，另一个是财务取向。技术取向的投资公司更新换投资于早期的项目，尽职调查也侧重于对技术和市场前景的调查。财务取向的投资公司倾向于投资业务成熟的企业，尽职调查对管理能力更注重，投资时会设计较复杂的投资结构。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<title>怎样获得VC的投资 4 —— 融资前的准备工作</title>
		<link>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-4-%e2%80%94%e2%80%94-%e8%9e%8d%e8%b5%84%e5%89%8d%e7%9a%84%e5%87%86%e5%a4%87%e5%b7%a5%e4%bd%9c/</link>
		<comments>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-4-%e2%80%94%e2%80%94-%e8%9e%8d%e8%b5%84%e5%89%8d%e7%9a%84%e5%87%86%e5%a4%87%e5%b7%a5%e4%bd%9c/#comments</comments>
		<pubDate>Sat, 26 Dec 2009 07:30:20 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[financing]]></category>
		<category><![CDATA[fund raising]]></category>
		<category><![CDATA[market]]></category>
		<category><![CDATA[product]]></category>
		<category><![CDATA[team]]></category>
		<category><![CDATA[technology]]></category>
		<category><![CDATA[产品]]></category>
		<category><![CDATA[团队]]></category>
		<category><![CDATA[市场]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[融资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=28</guid>
		<description><![CDATA[融资前的准备工作 * 管理团队 成功的企业都有一个共同的特点，就是他们有一个优秀的团队，这是创业成功的第一要素。而完全依赖于企业家一个人的创业企业，往往会令投资商望而却步。一个完美的创业团队包括三方面的成员：管理、营销、以及技术人才。 * 市场 第二个因素是企业必须面向有潜力的市场。这个市场有很大的容量，或者有很高的成长性，而企业能够在恰当的时候引入恰当的技术或产品来满足这个市场的需求。 * 产品或技术 如果产品很容易模仿，那么很可能落入价格战的归宿，已经有完善销售网络的大公司将很容易把新手挤掉，品牌建立也需要时间与资金。而专利、版权、独占的销售渠道及牢固的战略联盟都可以让企业保持持久的竞争优势。但是，如果产品或技术太过创新，由于市场会有一个接受的过程，如果没有很好的营销策划，同样可能导致市场导入的困境。 初创企业应该怎么做 创业企业也许一开始不能完全满足前述三个方面的要求，但必须有令其满足的策略和方法。创业企业即使没有在生产技术上的创新，如果在商业模式、营销、成本控制、激励体制的建立等方面有出色的表现，也会使企业具有卓越的竞争力。 对于初创企业，从一开始就建立一个完整的骨干队伍并不现实，因为小公司还不足以吸引管理高手。如果启步时做不到组成一个完美的团队，就必须在发展过程中完善，决对不要为了节省一点工资支出而放弃最优秀的人选。但是如果在初创期仅仅为了队伍的完整而组建了一个能力并不胜任公司发展的团队，有可能为将来重新聘请高级经理造成困难。 实例：创办期的苹果电脑 创业投资最经典的一个例子就是美国著名的苹果电脑公司（Apple Computer）所创造的硅谷奇迹。该公司的创始人乔布斯（Steve Jobs）与沃兹奈克（Stephn Woziak）曾经是中学时期的同学，他们在1976年设计出了一款新型的个人用电脑（产品），样品苹果一号展出后大受欢迎，销售情况出乎意料地好（市场）。受此鼓舞，他们决定进行小批量生产。他们卖掉旧汽车甚至个人计算机一共凑集1400美元，但小小的资本根本不足以应付这急速的发展。从英特尔公司销售经理职位上提前退休的百万富翁马库拉（Armas Clifford Markkula）经别人介绍找到了这两个年轻人，他以多年驾驭市场的丰富经验和企业家特有的战略眼光敏锐地意识到了未来个人电脑市场的巨大潜力（市场）。他决定与两位年轻人进行合作创办苹果电脑公司，经过与乔布斯和沃兹尼共同讨论，他们花了两个星期时间制定出一份苹果电脑公司的经营计划书。马库拉又掏出9.1万美元入股，还争取到美洲银行（Bank of America）25万美元的信用贷款，这样三个人合伙成立公司，马库拉占三分之一的股份。 然后，三人共同带着苹果的经营计划，走访马库拉认识的创业投资家，结果又筹集了60万美元的创业资金。为了加强公司的经营管理，一个月后马库拉又推荐了全美半导体制造商协会主任斯科特（Michael Scott）担任公司的总经理。1977年6月，四个人组成了公司的领导班子，马库拉任董事长，乔布斯任副董事长，斯科特任总经理，沃兹奈克是负责研究与发展的副经理（管理团队）。技术、资金、管理的结合产生了神奇的效果。 马库拉和乔布斯说服了沃兹奈克脱离惠普，全身心投入苹果公司。他们决定保留苹果的名字。因为马库拉意识到公司在黄页号码簿中的排位靠前有利于市场营销（因为Apple以A打头），他也相信苹果的含义很好，把“苹果”和电脑放在一起，似乎有某种类似于古老印度宗教中的顿悟（enlightenment）的奇异效果，这将有助于人们记住这一品牌。 接着乔布斯找到了硅谷最著名的公关和广告公司的老板——为英特尔设计芯片广告的麦克凯纳（Regis McKenna）。起初麦克凯纳拒绝了苹果公司的要求，但乔布斯三番五次地上门拜访。“我不否认沃兹奈克设计了一台好机器，”麦克凯纳说，“但如果没有乔布斯，那台机器可能至今还躺在电子爱好者商店里。沃兹奈克很幸运，因为他的伙伴是一位福音传道者。”麦克凯纳最终同意为苹果帮忙。他作出了两大贡献：其一是创造了苹果的标识，今天那个被咬了一口的苹果形象几乎尽人皆知；其二是除了在行业杂志上登广告外，还在像《花花公子》这样的流行杂志上刊登彩色广告，广告强调这款低价格家庭用电脑的实用性。在那个年代，麦克凯纳的这一步堪称大胆，他说：“这是为了唤起全国的注意力，让低成本计算机的概念为全民所接受。” 其他公司卖微机已经两年了，但从来没有一家公司以这种方式刺激公众的想象力。麦克凯纳赋予苹果公司一种“人格”，并使这个品牌在市场上占有一席之位。若干年后麦克凯纳加入一家著名的创业投资公司，也成为了一个投资家。 沃兹奈克设计制造了苹果电脑，马库拉有商业上的敏感性，斯科特有丰富的生产管理经验，麦克凯纳创造了苹果的声誉，但最终是乔布斯以传教士式的执著精神推动了所有这一切（管理团队）。 着手准备文字材料 大部分创业企业没有完善的商业计划，经营企业要作好计划，融资工作也不例外。建议企业在开始融资前，根据企业建设的思路做好以下文字工作： * 对建立企业或业务扩展进行可行性研究； * 制定初步的商业计划； * 计划企业的资产规模和负债规模，进而作出财务计划； * 根据初步的商业计划和财务计划来勾画详细的营运计划； * 策划债务和股本资金的来源； * 对企业的融资前价值和融资后价值进行测算； * 计划融资方案，为投资商构思资金退出方案。 同时为了准备下一步的融资，创业企业还要把公司文件管理好。这些文件包括公司章程、出资文件、验资报告、财务报表、借款清单、债权清单、资产清单、技术专利、评估报告、历次董事会概要等等。 融资的战略考虑 企业发展要有战略考虑，而作为企业发展的一个环节，融资也要有战略考虑。在融资战略的策划与实施过程中，需要认真考虑的问题有： * 在什么时机融资； * 所需资金的数量； * 股权融资与债券融资的分配； * [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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