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1、原文：Financingstart-upsStartinganewcompanyischallenging-bothscaryandthrilling-whetheritsuccessornot.Ifthebusinessdoessuccess,thechallenges,scares,andthrillsjustkeepg2rowing.Inthebook,wedescribesomeofthechallengesinordertolessenthescares.Thethrillsremainintactforyoutoenjoy.Let’sbeginbyconsideringwherew
2、earegoing.Thefirstconceptphaseisinvestigation,duringwhichyouexplorethepotentialviabilityofyourbusinessconcept.Duringthispre-seedstage,youarelikelytospend$5000ofyourownmoney,andyouwillprobablybeworkingalone.Inthesecondconceptphase,theseedstage,youarelikelytospend2to12months(allnumbersareincrementalfr
3、omthepreviousphase)exploringthefeasibilityofyourbusinessinmoredetail.Youcanexpecttospend$50000ofyourmoneyandwhateveryoucanraisefromFFF(friends,familyandfools).Hopefully,duringthisstageyouwillbeabletorecruitaninterimchieffinancialofficertohelpyouprepareabusinessplanandfinancialprojections.Inthefirstd
4、evelopmentphase,youarelikelytospendanother3to12monthsand$200000to$1000000developingyourbusinessasanoperatingentity.Thismoneyislikelytocomefromangelinvestors.Sinceyouarecreatingafullbusinessatthispoint,youshouldhaveaninterimmanagementteam.youmaynotyethaveallseniormanagementpositionsfilled,butyoushoul
5、dhavemostoftheminplace.Theseconddevelopmentphaseistheintroductionofyourproductintothemarket.Duringtheperiod,youarelikelytospend$2to$20million,whichyouwouldhaveraisedfromventurecapitalistsinwhatiscalledafirstroundoffinancing.Bythistime,youshouldhaveafullmanagementteaminplacethatistransitioningoperati
6、onsintothoseofafullbusiness.Withthisoverviewoftheevolutionofastart-up,let’sturntothefocusofthisbook-itsfinancing.Althoughfundingforanemergingcompanycancomefromdifferentsources,afewgeneralizationsareapplicabletoallofthem.Whateverthesource,existingshareholdersmustconsidertheeconomicparticipationtobegi
7、ventothefunder,themanagementparticipationtobegivenup,thecostofthefunding,thedurationofthefunds,andthesecuritytobeprovided.[A]EconomicParticipationOneofthemostdifficultdecisionsinanynewfinancingistheec
