初创企业的融资[文献翻译]

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1、原文：Financingstart-upsStartinganewcompanyischallenging-bothscaryandthrilling-whetheritsuccessornot.Ifthebusinessdoessuccess,thechallenges,scares,andthrillsjustkeepg2rowing.Inthebook,wedescribesomeofthechallengesinordertolessenthescares.Thethrillsremainintactforyoutoenjoy.Let’sbeginbyco

2、nsideringwherewearegoing.Thefirstconceptphaseisinvestigation,duringwhichyouexplorethepotentialviabilityofyourbusinessconcept.Duringthispre-seedstage,youarelikelytospend$5000ofyourownmoney,andyouwillprobablybeworkingalone.Inthesecondconceptphase,theseedstage,youarelikelytospend2to12mon

3、ths(allnumbersareincrementalfromthepreviousphase)exploringthefeasibilityofyourbusinessinmoredetail.Youcanexpecttospend$50000ofyourmoneyandwhateveryoucanraisefromFFF(friends,familyandfools).Hopefully,duringthisstageyouwillbeabletorecruitaninterimchieffinancialofficertohelpyouprepareabu

4、sinessplanandfinancialprojections.Inthefirstdevelopmentphase,youarelikelytospendanother3to12monthsand$to$developingyourbusinessasanoperatingentity.Thismoneyislikelytocomefromangelinvestors.Sinceyouarecreatingafullbusinessatthispoint,youshouldhaveaninterimmanagementteam.youmaynotyethav

5、eallseniormanagementpositionsfilled,butyoushouldhavemostoftheminplace.Theseconddevelopmentphaseistheintroductionofyourproductintothemarket.Duringtheperiod,youarelikelytospend$2to$20million,whichyouwouldhaveraisedfromventurecapitalistsinwhatiscalledafirstroundoffinancing.Bythistime,you

6、shouldhaveafullmanagementteaminplacethatistransitioningoperationsintothoseofafullbusiness.Withthisoverviewoftheevolutionofastart-up,let’sturntothefocusofthisbook-itsfinancing.Althoughfundingforanemergingcompanycancomefromdifferentsources,afewgeneralizationsareapplicabletoallofthem.Wha

7、teverthesource,existingshareholdersmustconsidertheeconomicparticipationtobegiventothefunder,themanagementparticipationtobegivenup,thecostofthefunding,thedurationofthefunds,andthesecuritytobeprovided.[A]EconomicParticipationOneofthemostdifficultdecisionsinanynewfinancingistheeconomicpa

8、rtici