Raising money for a startup발음듣기
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Raising money for a startup
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Let's say I'm hanging out with my buddies one night and we realize that there's a huge opportunity in selling socks online.발음듣기
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And say, you know what? In this business plan writing process, this is all we've all contributed to it individually.발음듣기
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So the first thing we want to do is we want to start a - well you know, you could do in different orders, you could just write up a business plan, or you can start the corporation.발음듣기
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And I'm going to indicate the corporation by creating a balance sheet right from the get-go.발음듣기
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So, what are the assets of the corporation, and what are the debt - and what are the liabilities - and we could talk a little bit about what a corporation even is.발음듣기
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It's essentially just an idea. I mean, you could say it takes physical form to some degree in the business plan, but it's just an idea first.발음듣기
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And we learned in the balance sheet videos - and you might want to watch the balance sheet videos as a prerequisite to this one - but in general, assets are equal to liabilities plus equity.발음듣기
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So everything we have - so the assets are equal to our equity - and I'll do that in a brown color - so there's no liabilities and we just have equity.발음듣기
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For example, if - I haven't assigned any numbers here and I did that for a reason - but if the assets were $10 million and liability was $5 million, if we had owed $5 million to someone else, then you would have $5 million left for the equity.발음듣기
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Me and my five buddies, or I guess my four buddies, we decide we're the owners of the company, so we'll be equal shareholders.발음듣기
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Let's say to begin with we have a million shares, so each of us have 200,000 shares in the company.발음듣기
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And you normally do assign some value to those shares initially, it's some pennies per share, but I won't get into the technicalities of that.발음듣기
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And some of them go to me and then the rest of them go to buddy one, buddy two, buddy three, and buddy four.발음듣기
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Good enough. Well, just an idea and some paper and some well intentioned individuals alone isn't enough to start a company.발음듣기
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We're going to have to create some type of an online presence, and do some programming, and maybe have a warehouse, and do some marketing.발음듣기
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So we're going to have to - and really we're going to have to quit our jobs so that we can work on this full time.발음듣기
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And the venture capital world, it's kind of separated into different people who invest in different stages.발음듣기
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And these are the guys that are kind of these, I don't want to stereotype it, but they'll be kind of like the old guys who made it big in the `80s and now they're sitting on billions of dollars.발음듣기
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And they want to participate in the neat, fun ideas that young guys like me and my friends think of.발음듣기
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And so they're kind of like your rich uncle who says, oh that's a great idea, I'll throw some money behind that.발음듣기
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They're going to take a stake in your company and hope that your - they give you enough money to kind of get your venture going.발음듣기
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So let's say we go to an angel investor, and we say hey, angel investor, don't you think this is a great idea?발음듣기
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You know, socks are something people run out of every week, we can even do subscriptions for socks.발음듣기
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I'm going to invest. But we have to figure out what I'm going to get in exchange for investing in your company.발음듣기
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$5 million, that's enough for us to quit our jobs, and then we could all take salaries for some time.발음듣기
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So in order to come to that conclusion, you have to determine what is what we had before he came to the picture worth, right?발음듣기
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What is this worth? And this value, this is called a - well in general, whenever you're valuing anything, it's called a valuation.발음듣기
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And since we want to know what this is worth - this is before we got any kind of money from investors - this would be called a pre-money valuation.발음듣기
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Because, if us and this angel investor agree that this - our assets before we go to them - are worth $5 million.발음듣기
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So if we agree that they're worth $5 million - let me draw that so, what color was I doing that in?발음듣기
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It was in yellow - so if we agree - let me draw it a little bit smaller - essentially it's just an idea, and then we have the shares, a million shares.발음듣기
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When we talk about valuation we're talking about the value of the assets, especially because we're not dealing with any debt right now.발음듣기
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And in general, when you're doing a startup company, if I want to start socksonline.com, and I go into my local bank and say, hey give me a loan, they're just going to turn me away.발음듣기
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Because if you have a venture that really doesn't exist yet and has no cash flow, they know that you're not going to pay the interest on the debt, so you're not going to even be able to raise debt until you are a more mature company.발음듣기
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We said before any of this stuff on the top existed, the pre-money valuation of just our idea was $5 million.발음듣기
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This is worth $5 million. So the combined assets, if you believe that this is worth $5 million, is now $10 million, right?발음듣기
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And if you think about it, if you think about the company in this form right now, we - me and my buddies - we've contributed half of the value of the company.발음듣기
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So what we'll do is, we'll actually issue another million shares and give it to this rich dude.발음듣기
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So something interesting here, and some people often talk about the notion of dilution, right?발음듣기
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I now own 10% of something that's twice as valuable, as opposed to 20% of something that's half as valuable.발음듣기
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