ˡ̳ޥ󥵥ХХ

ˡ̳濴ȤˡΧ˴ؤܡȥԥåΤҲ̤ơХХʻ뤹٤ƤΥӥͥѡ˹׸֥

ܡۡؼϥɥ֥å١ ˥֤ʤܤAtoZ


οǯǡˡΧ̳䥦ΤǼ夲٤ޤäƤ෿ΰĤǤ

2015ǯʹߤä˸ǡֽܴˡ̳פNo.2087, 2126, 2128֥ӥͥ㡼ʥפNo.103-105ò줾Ǻܤ졢֥Ǥ⤤Ĥ򥢥å褦ˤʤޤ

ǶǤϡ֥ӥͥˡ̳פ2017ǯ11ýޤֵǤϡBUSINESS LAWYERSפķϺĤǤβϢƤޤ


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ƻ䥦Τ󤬼夲졢ΤӤɼԤ˴ФƤΤ⡢ޤܤǤϼȤäĴãޤȤƤʤäȤȥå֡बܳʲ̳ȤΥˡޤäʤΤǤ礦

εޤʼ֡ιޤ˹ˡΧϽǼҤʸδԤɤĤƤʤäȤ١̳βͤȤ⤤٤ˡ̳֥ϥɥ֥åץ꡼Ƚ碌ƤȤ櫓Ǥ


ϥɥ֥å
Ρ
ˡ̳
2017-09-13



٥㡼ȤؤǤʤƱ²ʡ澮ȤλȾѤξ̤䡢򿦰ؤγ󥻥ƥͿ㡼פΤ褦Կ˴٤äƤޤäȤλĴãʤɡӤ¿ϤˡΧ¿Τμ򤤤ʬ䤹Ǥ뤫ʥ٥㡼ȲȤɼԤǤϤʤˡˡΧ̳ȤƤοȤǤܼƤ򸫤ִ֡ʤۤɡȹޤ

譵ԡҤѤ

2ϡȾѤѤ
3ϡ۲ҤѤ
4ϡ٥㡼ȡʥȥå״ȡˤμ

譶ԡҤѤ

2ϡIPOμ
3ϡμ1ܽԸաµķ踢
4ϡμ2̵ķ踢
5ϡμ3ȥå󥰡ȥå
6ϡμ4󽷷μ
7ϡμ5ԿȤλĴãμ
8ϡμ6ݸռ

Ĥޤꡢ桼ȤΥơǤ뤫Ǥ뤫ˤäơλȤƻȯԵƤȷޤ櫓ǡ˹碌Ʋ⤹ʬ䤹ʤ˷ޤäƤޤͤȡΤˡ


μ˴ؤƤϡϤ٥㡼ȸΤΤˤȤäƿȶä˽ɤƤޤޤ֤ĴŬڤ񥤥󥻥ƥ֤˼ɤ׸ΤȤäŪʰ̣յ⤷ƤäƤơμ̳иʤˤɤߤ䤹ƤˤʤäƤޤ

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ޤμȯԤˤĤƤϡ
ȥ西AA
ƣࡡ裱ͥ
ˡSCNȥå󥰥ȥå
㡼סA
ȤäܤˤƤޤʤºݤ괾ðǰ˼ʤ顢åȤƤޤ

ΤꡢϷиʤľ˿夲ƶ̣äȤǤǯΥݥ졼ȥХʥ󥹥ɤʸ̮顢

椬ȤȤƤϡλ³ŪĹĹŪʴȲ͸ΤˤϤɤΤ褦ʻܹʤ繽ŬǤ뤫ˤĤȥ西AAʤɤΤ⻲ͤ˼Ū˸ƤǡܽԸաµķ踢ޤƼμѤ뤳Ȥ⸡ƤƤ٤ǤP268-269

Ȥ԰ո⤢ꡢδǤ⸦椷ƤɬפꤽǤ

ܡۡإեʥˡʾˡǡ͡١ ˡˤ뵬ȤϤɤ礦٤


¼ˡΧ̳ηꤴ£ޤ꤬Ȥޤ


եʥˡ()ǡ
ˡ̳
2017-08-05



14ǯβȤȤǡͻȳϤäȼĹƤԤˤʤäƤΤǤϤʤǤ礦ͻȳǤʤ٥㡼žȤƤΤ褦ʼԤˤȤäƤ⡢IPO䥹ȥåץˡ̳ˤϤޤǯǤեˡʤɤˤؤ褦ˤʤäƤǤΤǡΤε򳵴ѤǤʸåץǡȤΤѤ꤬ȤǤ


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ˡǤǤˡΧʣ߹礤˲ˤʤեʥʬܽϡ񡦹󥬥ݡȤäͻޡåȤˡΧ¤ꥫС褦Ȥյߤޤäơξ崬1200ڡĶܥ塼ȤʤäƤޤ˳ξܺ٤ˤĤƤܽǰѤ뤽줾˾äƤʬ⾯ʤޤ󤬡줬äƴϢ⤹뤿ɬ׺¤ξ̤α̤⤿餷ʬɤǤƤƬäƤʤäˡιҤ䵬ˤطʤäʬ䤹Ƥ뤳ȤȻפޤ

ˡʤǤϤΡʸƤʤĴģȼαѥ롼ˤĤƤ⡢
ɮԤˤƶͻģ˳ǧȤܤʶ路ä⤷ʤȤΤȤǤä
֡򡦡Ȥ⤤Ƥ褦Ǥ
Ȥäȼ̳ɤ¨ڤˤȤʤɤϡʬζˡȤαѤ˶줷९饤Ȥ˴źäƥݡȤƤи˭٤񤫤Ƥ뤳Ȥ򴶤ޤ


äˡμ̳ˤƸ蘆ɤȤáбѤ߽ŤͤνˤĤơϤ˽񤫤줿ΰ᤬ζ˥Ȼɤޤ

ͻϢεʣĽزƶͻؤμͳʳư­ˤʤäƤ뤳Ȥϻ¤Ǥ뤬ΤΤ뤹ΤǤϤʤޡåȤΥˡʬ˵߼äͽ¬ǽȼ¸ŬڤʵǤ뤳ȤɬפǤȤǧɬפǤ٤եʥ󥹡䡼λϡȸ礤ɤȤä礤Ѥ߽Ť͡٤ȴ¸ˡˡñΩƤǤƤʤȤˡˤ뿷ʲۤ뤳ȤǤP14

°ȳǡȤ뵬褦ȤưǡȯȤΤȡּҤϴޤ줿ʤס֤ŤˤƤۤܤĤ줺˺ѤΤǤϡפȤפ顢¿δ¦طԤɤȤϵΥ֤ȤǡοͤԤβӹߡȤ°ҤΤߤʤ餺ȳΤ⴬ǸĤʢݤ򤨤ʤ顢ȳΤˤȤäƥץ饹ȤʤȤɤФƤѤܤˤޤϤޤˡ򱢤񤹤ǤϤʤäƳˤƤijޥλѤǤ


ǯˡ̳ѡ󤬤ΥꥢȯŸŪʬƻΤҤȤĤȤơӥ󥰤ޤറģȳΤȤξij̳ΰܤޤäƤ褦˴ƤޤäȤӹ̤뤿ˤϡϡ̮ϡϤ⤵뤳Ȥʤ顢Τ褦ʡֳˤ뿷ʲۡפ̩ʤФȡϤΰοͤιưŤͤʤͤƤޤ

ܡۡVenture Deals١ Υ١ΥޤˤˡȤƤΥޥΥƥл


ƹˤ٥㡼ξĤβٴƧޤͥˤʤȤʤ륿ॷȡˤƤȥݥȤ狼䤹Ƥֽ񡣤軰ǤԤޤ





ǤȤμʺۤϡCrowd Fundingβ⤬ΩξϤȤƲɮ줿glossaryӺˤ⽼¤ޤܽΥǤ륿ॷȤΥץˤĤƤϡ쥤Ȥ䤹ʤäʳѹϲäƤޤǤ䤬åȤfill in٤СäʤǤˤϤʤäʣޤΤǡѤκݤϤĤ


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ܽǤ̥ϤˤĤƤϡǤ˼ġڡˡΧ̳Υ֥bizlaw_styleӥͥ㡼ʥ2017ǯ2Υ֥åýP58ǺܤΰƤǾҲ𤵤ƤȤǤ䤫դäȤСȤвConvertible Debtvaluation capʤɤλȤߤβʬǸƼ褦ˡ٥㡼˷ȤäȤʤͤˤ⥤᡼ͯ褦Ūʿ򤢤ƤϤƷθ̡ư⤷褦ȤӤƤΤܤΤȤȻפޤ

Convertible debt is just that: debt. It's a loan. The loan will convert to equity (preferred stock, usually) at such time as another round is raised. The conversion usually includes some sort of discount on the price to the future round.
For example, assume you raise $500,000 in convertible debt from angels with a 20% discount to the next round, and six months later a VC offers to lead a Series A round of a $1 million investment at $1.00 a share. Your financing will actually be for $1.5 million total, although the VCs will get 1 million Series A shares ($1 million at $1.00 per share) and the angels will get 625,000 Series A shares ($500,000 at $0.80 per share). The discount is appropriate, as your early investors want some reward for investing before the full Series A financing round comes together.
The next economic term is the valuation cap, also known as the cap. The cap is an investor-favorable term that puts a ceiling on the conversion price of the debt. The valuation cap is typically seen only in seed rounds where the investors are concerned that the next round of financing will be at a price that is at a valuation that wouldn't reward them appropriately for taking a risk by investing early in the seed round.
For example, an investor wants to invest $100,000 in a company and thinks that the pre-money valuation of the company is somewhere in the $2 million to $4 million range. The entrepreneur thinks the valuation should be higher. Either way, the investor and the entrepreneur agree to not deal with a valuation negotiation and instead decide to consummate a convertible debt deal with a 20 discount to the next round.

ʤ嵭ѤǾҲ𤵤ƤConvetible Debt˲ä߶ȵꥹ򤷤ĤķȤƤΥץ뤵ɵᤷSAFESimple Agreement for Future EquityˡKISSKeep It Simple SecurtyˤȤä񥹥बȯ졢ºݤ˼Ѥܤˤ褦ˤʤäƤޤˤĤܸDz⤵줿ΤȤƤϡ
ľˡΧ̳ɮƤStartup Innovators
TMIˡΧ̳3۸ΤɮƤBizlawInfo
ITȤǥϥȤƤФβɮƤJPxSV Startup Lawyer
ʤɤѻͤˤʤޤˤʤäƤߤƤ


ƹΤߤʤ餺ܤǤͻؤǤʤ̻ȲҤݥ졼ȥ٥㡼ԥCVCˤεǽ٥㡼Ȥ˥ޥΥƥл񤹤ƤޤɤˤϡͳȤơ٥㡼Ȥؤ֤䤫ʥ饤󥹡פޤϡֿȤΰפȰ֤ŤˤäȤ٤꤬ʥΥ١Υޡʴ¸Ȥ˼˲ŪѤ˥꥽򿶤ʤˤ򤷤褦ȤƤΤǤϤʤȽ񤫤ƤޤΤˡŪ٥㡼Ȥ¿䤬ʹǤ⡢äŪǹԤCVC¿ʤäƤޤ

ȲҤˡ̳ѡ󤬴ȤĹľŪ󥹤ϡ礬򿩤M&AΤ褦ʡȿˤƿв񤦤ɤȤäˤޤǸꤵƤޤ嵭ŪǹԤCVC̤٥㡼ȤؤΥޥΥƥлȤ뤬ޤС跿γȯԡϤȤϰۤʤ񥹥˴ؤμɬޤ뤳ȤˤʤꤽǤä򸫿ơͽ򤷤ƤƤ»ϤʤΤȹͤޤ

ܡۡإ٥㡼Ȥˡ̳AtoZ١ ΥߥʡʤƼ֤ˤ櫓ʤбļԤȡ٤Ȥ


AZXˡΧ̳αꤴ£ޤ꤬Ȥޤ

ȲȤҤ򶽤ͺȤ򽸤ᡢĹƻ˾褻ޤǤˡ¤ɤΤ褦ˡΧμ³ʸ񡦼٤ۤʤФʤʤ֤Ƥ䤤ˤĤơǯΥ٥㡼бĤηŪΤˤȤ館ǡбļԥɤˤ⤽ٱ礹ȥɤˤΩĽҤ褦˻פޤ


٥㡼Ȥˡ̳AtoZ
кѼ
2016-10-26



ȽơɤȤΤϤäȸ᤮Τ褦˻פ뤫⤷ޤ󤬡䤬ܽˤ򴶤ΤϡǤϸʤäVϤΡֻĴãեʥ󥹤ˤäƤפν¤֤ˤޤʳ󤪤ӳַˤˤĤơͥ俷ͽռҺĤʤɤ߷פ˴ؤˤ⿨ʤ顢бļԤȤξƧޤƶŪʸĤΥݥȤƤƤǤ

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򤹤ȤǤϡAZXˡΧ̳ꤵϴŪ˥٥㡼ηбļԥɤλٱ򤵤Ƥ뤳Ȥ¿Ȼפޤʤ顢ȲȤȤ뤿ˤϡꥹ餦Ȥ¸ߤԲķ硣ɤ餫ͭˤȤȤǤϤʤξԤΥꥹ˴ؤ򿼤ᤵ˴Ťáʸġˤ򤭤Ω뤳ȤޤɬפȤǰΤ褦ʤΤܽü˴ޤȤСǤɬ¸ߤɽݾھˤĤƤΰꡣ

ɽݾھγǧϡҤθȹפƤ뤫ǧȤȤˤʤޤǧη̤ϰʲΣĤʬΤ̾Ǥ

ۤʤ¤㡧¤Ͼɸ¾ҤͭƤ
ʬǤϤ狼ʤ㡧ʾ٤󵯤뤪줬ʤפݤϡ꼡ʤΤǼʬǤϤ狼ʤ
ϤΤޤޤǤ褤ǤϼƤɬפǤ
֭ۤʤ¤ץϡȤˤΤ褦ʻ¤ݤ𤲤ơɽݾھ㳰ȤƤ餦ɬפޤ
ʤξ硢Ȳ¦־ɸ꤬ΤǡξϺƤפȽ礬ޤΤƤޤȡɸʳɽݾڤޤǤʤʤäƤޤᡢ̾ȤϡΤκˤϱƤޤޤǤ⤿񤭤㳰Τбˡȸޤ
ˡ֭ʬǤϤ狼ʤץϡ֡Τ줬ʤפȤε䡢ʬʳμ衢Ϣҡ硢򿦰ξ˴ؤ뵬ʤɤǤ褯뤳Ȥޤ
Τ褦ʾϡȯԲҤΤ¤פʤɤʸɲäơİƤϰϤǤȤݾڤȤ˽ΤŪǤ
˴ؤơ¦Τ¤פ˽褦륱⤢ޤϡ¦ȤơΤꤨŪĴʬä׻ˤĤƤݾڤƤȤΤǤ
Τ¤פǤϡΤʤդΤФơΤ¤פǤϡΤʤäȤƤ⡢ΤʤäȤˤĤĴ­ʤɤ٤äˤդʤȤȤˤʤޤ
ɤ٤Ĵ򤹤٤ϡоݻνĴפŪѤ֤ʤɤθơȯԲҤζŪʾ¨ƥХȽǤΤǡ¿ۣʳǰȤ虜ʤ̤ޤ
ŶȤƤϡΤ¤פŷ뤷ʤФʤʤ¿Τ¾ǤȤȵȲȤ嵭ΰ̣ΰ㤤򤷤ơŪ˸Ĥʤ뤳Ȥ˾ޤޤ

嵭ʬʤɤϡҲˤäƤʤʤ񤭤äפ꤬ǺޤȤäΤǤϤʤȿ仡ޤȲҤ٥㡼񤹤뤳ȤƤ桢ʥ󥹤ǤβԤäƤȤϾʤʤΤǤϤʤǤ礦

ޤQ&AνҤȤ˵򴶤⤤ä뤫ȻפޤܽQ&AΥϡˡΰ˴ؤϤ뤭äեȤƤQuestionꡢAnswerǤϤΰ˴ؤ복ǰ̤ε¤ηŪȤ饹ȤȤʤäƤޤʹֻդˤ狼䤹ߥʡ̤ɤޤƤäƤ褦ʴСȤäǤ礦ܽμɼؤˤϤȤäĤ䤹Ȼפޤ⤽⤽äߥʡ֤ˤʤɤʤǤбļԡȤˤϡɬפʤȤĤޤ߿ǤΤǸΨŪǤߤ򤤤СߥʡŪʥΥä̤˽Ф롢ȤХѥݤΥ饤ɤᤴȤ˽ФơߥʡǤ٤äƤּ¶ѥ꡼ŪʥˤƤ顢ܽοƤߤ䤹䤹ˤʤäȤϻפޤ


٥㡼ˤ뵯ȲȤȤδطĤΥݥȤˤĤƤϡůΡȤΥƥեʥ٤䡢ǶˮǤФΥ掠Ȥؤĩ٤ˤƤޤޤ̡꡼ץ饯ƥפ󤬾Ҳ𤵤ƤVenture Deals٤裳ǤФʤɡǺߤΥϥ򥿥꡼˸ʹǤ뤳ȤƤ褦˻פޤطԤ򤨤ƿӥͥΩ夲ٱ礹ȤΩǤˡ̳Ȥơååפ礫ʤΰˤʤĤĤ뤳Ȥ򴶤ޤ

Ρ־ϵ̳פˡŪ«ϤˤϤɤФ褤


Ҥ򤹤ʾ塢ʤ餫̡꥿ΤΤϢ뤹ַΤоݲҡоݲҳϡ2018ǯܽȤơоݲҤγ줹٤Ϥ򤹤פȤä־ϵ̳׾Ǥ

͡ʻԹ礽ƻԾĶ⤢ꡢ¤˾ˤޤǤĤҤȤΤοۤɤȤΤۤΰ찮˲᤮ޤ󡣤Ǥϡ夳äϵ̳बäˤ⤫餺򤷤ʤʤȤϡ̳ԤȤʤΤǤ礦

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ˡŪ«ϤꤹʣȽ


˴ؤȯԤ줿¼ˡΧ̳M&A˥塼쥿2015ǯ9ǡַˤϡϵ̳ˡŪ«ϤˤĤ줿Ϻʿ25ǯ215ȽȽ㥿ॹ1412228ǡˤ⤵Ƥޤ

M&A˥塼쥿 2015ǯ9¼ˡΧ̳
Ƚϡ춨ϵ̳ˤĤơ礭ʬơʣƤζηǡʣ˷μ礿ŪȤδϢʣ˷ʸȤ̷¸ߤͳȤơˡŪ«Ϥꤷ춨ϵ̳ȿͳȤXAѤޤ
ַ˸¤餺M&AˤƤϡΤ褦ˡλ餤äơƤζŪ꤬Ǥ뤳Ȥ䡢ԤΥȥεڤФʤǤ뤳ͳˡŪϵ̳䶨ϵ̳ηǵߤ뤳Ȥɤꡢ㤨СɤξǧɬפʵǧĤμ˸̳оݲҤΥɥ󲽤˸̳ǯοͻϫ̳٤ιۤ˸̳ʤɤϡŪϵ̳䶨ϵ̳ηǵꤵ뤳ȤŪ¿褦˻פޤ
Ƚʺǹʿǯ 11 24 ȽȽ̱ 158 181 ˤǤϡƤμ礭ޤջǤϹƤμ¸ɬפʾäƤ餺Ȥ褦ʳǤˤϡˡŪ«Ϥꤵ뤳Ȥ¿ȽȽνΩƧΤȤ⤤ޤ¿ʻ֤ȥȤ򤫤ƷĤԤ M&A ˤơԤ̳ȤƾಽƤʾϡε̳ƤŪǤ뤿ᡢ̳ȿΩڤǤȤäϽʬΤξǡǤʤ«뤿˵ꤷƤȤΤŪԤΰտޤǤꡢ褽ˡŪ«ϤͭʤȤԤιŪʴԤ˹פʤ褦˻פޤ

ϺȽϻȽǤǻȤϤΰãδɧҤ٤Ƥä褦ˡܤκȽϾϡϵ̳ˡŪ«Ϥǧ뤳Ȥ˥ͥƥ֤ͻҤǤޤ

ʸ˸Ȥθ


ºݤֶǤäɥեƥ󥰡ӥ塼Ωλ䤿ˡ̳ѡȤƤϡ˵ꤹʾϡϵ̳ˡŪ«Ϥǧ뤿δϤϤä򤷤ƤȤäȥɤȤʤ륱ˤƤϡȲ¦ϵ̳ˡŪ«Ϥǧ뤫ϥꥢȤʤޤǡΤδͤʸʤõƤߤȤܤ˼꤬꤬ޤ




äȤ⡢ϵ̳ǤäƤˡŪ«ϤΤʤ»ζȤʤΤǤϤʤȤСҤ򤹤Ȥˤű󤷤褦ʾˤϡ˸Ϥ褽ʤʤʤΤǡϵ̳ȿȤǧ뤳Ȥ⤢ޤξ硢Ȥε̳ȿäȤˤȤͭ϶ȼ㤤ʤФʤʤȤबСξȥåȤǡϵ̳ΰյͭ뤳ȤˤʤޤP257)
»ܤʤͳҤˤƳδŪˤ¼Ūˤ⽼­ˤ⤫餺ƹԤʤȤȤǤФȤ⤫Ϥˤ⤫餺̤ȤƳ˻ʤäˡ̤λƤˤޤबȯȤʤ϶ȼˤȤäƤϹȤޤP257

ϤꥱХȸä񤭤֤ǤϤޤۤɤΥ˥塼쥿ηƧ߹ǤäƤޤ

ˡƱP257ǾҲ𤵤ƤлʼŤθɤ߹Ǥߤȡ˴ؤȤʬϤƧޤƤΡŬڤΤŪƤޤϤʤ굮ŤʻǤ

٥㡼ȤϽСĹ˴ؤ븦񡡺ǽʥ٥㡼ȤϽСĹ˴ؤ븦
(i)»׾̳¾٥㡼Ȥηбľߤơ׷Ƥˤ⤫餺٥㡼Ȥ򤷤ʤȤȯưȤ­פȡ(ii)ǯޤǤ˳򤷤ʤмưŪȯưȤֳɸ෿פʬǤ롣(i)­פѤ٥㡼ԥ뤬¿

venturekenkyuukai
P78-79
෿μ֤Ƨޤȡϡäơʲαդ٤Ǥ
ˡ˳¸ʤΤ(ii)ɸ෿뤤ϡ˥եɽŤˡʤ򡢥٥㡼ԥեɤμۡʤ뤤Ϥ˷в©äۡˤǤ͡ˡˤɾۤΤǤ⤤ʡʤ뤤ϥ٥㡼ԥ뤬ꤷʡˤȤ뤳Ȥϡȯư٥㡼ȼȤϤȤϴطʤŪĶˤäȯˤ⤫餺η̤Υ󥵥ɥꥹ򤹤٤ƥ٥㡼¦碌ƤȤ̣ǡʿ路ƤΤǤϤʤ
ˡ˳¸ʤ(i)­(ii)ɸ෿ˤ뤤ϡ˥եɽŤˡʤǤ͡ˡˤɾۤΤǤ⤤ʡʤ뤤ϥ٥㡼ԥ뤬ꤷʡˤȤ뤳Ȥϡ̤Ȥơ٥㡼ԥեɤʡʡֽиסˤȤơ¾ȤؤѤ򤷤ˤƤΤǤϤʤP80-81
嵭ĤδƧޤȡ˳¸ʤΤ(ii)ɸ෿뤤ϡ˥եɽŤˤϡǤ͡ˡˤɾۤȤĤġ٥㡼¦ȥ٥㡼ԥե¦ȤĤ򤷤᤿ʡʤʤλǤŬʡˤǡ᤹ȤȤ٤ǤϤʤޤ˳¸ʤΤ(i)­ˤĤƤϡǤ͡ˡˤɾۤȤĤĥ٥㡼¦ȥ٥㡼ԥե¦ȤĤ򤷤᤿ʤȥ٥㡼ԥեɤμۡʤ뤤Ϥ˷в©äۡˤΤ줫⤤᤹ۤȤȤ뤳ȤͤΤǤϤʤP81

ʸˡʤޤ꤯ɤ󤷤ȤʤäƤޤˡŪ«Ϥ뤳Ȥ⽽ʬ˲ǽɤƤǤ

ޤȤ


ʾƧޤƻʤˤȡ
  • ˥󥯤ϵ̳εϡȽ夽ε̳ۣ椵ϤꤵƤ⤢뤿˾˶뤳ȤפǤꡢդ뤳ȤˤϽʬ˰̣
  • ­Ѥξϡ֤κ֤ӷбΤηŪŬ礷ڷҤȽǡҤλ˾Ȥ餷ν򳫻³ԤǤȤȽǤˤ⤫餺Ʊ٥㡼ȤΤɬפʽϼ³򳫻Ϥμ¸˸ƹŪϤ򤷤ʤäסǤεҴŪɾۤȤĤĤ⡢§ȤƤȤμۤ˷в©äۡʤʤȽлۥ١ˤ᤹פȤȤ٤
  • ɸ෿Ѥξϡ֥٥㡼ȤǯޤǤ˳ʤסǤεҴŪɾۡʤʤ١ˤ᤹פȤȤ٤
ȤǤ礦

ȽƧޤơȥɤȤƤ˰򸫤ʤСɸ෿ϺѤʤǤޤϳɸ෿­Υϥ֥åɵˤƤۤΤ⡢ȤäƤޤ

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եʥ󥷥륢ɥХΤ褦ʿȤ餹Сޤ鲿äƤΤȤäȻפޤM&AȤΤϤĤŤ뺧Ʊʤʤȡ褦䤯ȤߤǤ褦ˤʤޤ

в񤤤Ȥ
ߤǧ륳ߥ˥
ܿõ
򡦥ץݡ
̵ΰ

󥸥롢٥㡼ԥ롢ȲҤ硢ȡܷϥեɡĤȡȤΩ֤ˤäơФǻ˥ǡϽФˤ衢ɤ˽Υʤޤɤ󥸥ɽǤ̤ˤ狼䤹ɽȤƻѤ뤳ȤƼϤˤѤʤȤ

ǥ塼ǥꥸ󥹤ΤӤˡֺѤʬ򻯤ƤäפȼʼŤͤƱ٤˿äƤꡢॷȾǾऴȤˤޤޤĤŤͤơ־äס餱פȰͫꤷƤ褦ǤϡޤȤޤΤޤȤޤʤʤǤ礦ˡ̳ȤƷи˭٤Ǥ⡢ͤȤƥƤʤĤM&AƷˤäƤǤФȡʤȤޤ󡣤ϤޤƤǤ

s-IMG_5564

ʬ¢֤򸫤Ƥ̵̤˽Ҥ¿M&Aʬǡˡ̳ѡˤΤ褦ʥåȤηϽ񤬾ʤΤϤʤǤȵäΤǤ뺧ˤƥޥ˥奢ϥġܤ˽񤫤줿ƥ˥å򤢤ƤϤ褦Ȥ뤳Ȥʥ󥻥󥹤ʤΤƱȤޤ


ƤʾСˤȤϲ򶵤Ƥʸϡ¦Ǥ뵯ȲȤɤפ褯򤷤Ƥ񤫤줿Τ˹ʤޤ򤷤Ƥ򤵤 by ĤνRˡפäƤĤǤΰ̣ǡϤΤϤϤʤǤ礦ʰƥ٥㡼ԥ붨ҤʷˤĤƲ⤵줿ޥ꡼⤪ˡ




ʸǤϤޤshibaken_lawܤҲ𤯤äƤʤɡ




webɤΤȤơޤȤƲäƤ뤳⻲ͤˤʤޤ

Startup Innovators
s-startupinnovators


M&AƷ򤦤ޤ᤿ʤ顢ʸɤޤǤʤŷοͲäʤޡƤĤ̤˽Ф˸¤ޤ

ܡۡإꥳХ졼αѸ ȥåŷΤߡ١ ŪʸѷνᡢˤAcqui-hireʥϥ˻


ϺǶᡢ٥㡼ԥ˸¤餺̴Ȥ˽°ˡ̳ѡǤäƤ⡢ӥ塼뵡ƤΤǤϤʤȴƤΤǤˤäơ򤹤뤿μؤɤʪȤƾҲ𤷤Τ顣


ꥳХ졼αѸ졡ȥåŷΤ
å롦å
IBCѥ֥å
2015-06-25



ܽϡ֥ꥳХ졼ΥӥͥѡΤ褦˻ȤäƤ뤱ɤ⡢̤ΥӥͥѡˤȤäƤüѸפ100ɥԥååפ1ɤIJ⤹Ρäˡ̳ѡ˥󥸤Ƥ櫓ǤϤʤΤǤȤʥꥳХ졼ˡĤξ̤ǻȤѸ줬ǺܤƤޤȤФʤΡ

Bootstrapping
Vesting cliffs
Single Trigger Acceleration
Down Round
Cap Table
Burn Rate
Unicorn
Pivot
Iteration
Vertical
Acqui-hire
Perks

äѸܸǤʤǫˡļºݤαʸ䥹ԡǤλȤȤ˾Ҳ𤷤ƤޤΥΤ褦ɮפǡɤʪȤƤⵤڤɤƤˤʤäƤޤ

s-IMG_5544

ΤäƤۤȤƤϡ֤줯餤ζȳѸ˷ʬ͡פȤ٤ǡʤߤ褬ˡ˻ȤäƤ뤿ᡢ餫̣䤤ˤȤΤǤʸμ̳Ȥ̣ǤϿ٤ƤܤǤ顢äդ⤽ΤޤޥʱѸȤ͢뤳ȤˤʤꤽǤƤƤ»ϤʤǤ礦ä񤬤ˤʤƤ⡢ܤɤTech CrunchWIREDʤɤεɤȡ볦ꥢˤʤäʬǧǤȻפޤ


ơƬǻϡ̴ְȤ˽°ˡ̳ѡǤäƤ⡢ӥ塼뵡ƤΤǤϤʤפȽҤ٤ޤͳȤơñ˥ȥå״ȤФߤޤäƤȤĤ˵󤲤ΤǤäơȤοͺϤߤΤͤѤĤĤ󤲤ƤȻפޤ

Ȥꥹޥ͡򥹥ȥåפ񤹤ΤʤʤäΤƱˡҤƵȤԤ䡢⤽⽢٤⤻˳ȤԤϡܤǤ⤹ǤͼǤϤʤʤäƤޤषͥŪռΤʿͺۤɡȤ°ʤѷŪ«°ʤäƤȤäƤǤϤޤ󡣼ºݡȤοͻǺߤϡʾҲ˲äơˤäΤΩָζԤޤǤβŪʡֿ´ѡѡפȤߤǤϳݤǤʤή줬®ƤȤˤʹޤʤȡȤͥʿͺϤڤ褦ȤȤˡͥʿͺ򽾶ȰȤơָѡפΤǤϤʤοͺबȤҤФơֽлפ򤹤뤳Ȥǡˤ䤫ϢӤƤȤˤʤΤǤϤʤȡ

ޤˤܤǤҲ𤵤Ƥ륭"Acqui-hireʥϥˡɤ˾ħ褦ˡäͥʿͺؤ濴ˡȵ§˴ŤѷˤŪϫƯϲޤ夫顢οͺࡦӻܴط˴ŤϢӡƯ򤹤ؤȡѤäƤͽޤ

ޤǤ뤫ɽݾڤιȴʸ


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