Cap Table
Definicion / Concepto
Herramienta clave para entender la propiedad y la estructura de capital del startup, esencial en las negociaciones de financiamiento. Muestra quien posee que porcentaje de la empresa. (Fuente: Glosario de Entrepreneurship + Material Clase 1)
Detalle
Splitting the Pie
Evolucion tipica del cap table desde el founder (100%) a traves de las rondas:
- Founder: 100%
- + Co-Founder: 50/50 (+ option pool)
- + Uncle + Angel: Founder 1 31.2%, Founder 2 31.2%, Angel 16.7%, Uncle 4.2%, Option pool 16.7%
- + VC: Founder 1 19.2%, Founder 2 19.2%, VC 33.3%, Angel 13.5%, Uncle 2.6%, First employee 1.8%, Option pool 10.5%
- + Public (IPO): Founder 1 17.6%, Founder 2 17.6%, Public 30.5%, VC (reduced), Angel, Uncle, First employee, Option pool
Actores del Cap Table
| Rol | Descripcion |
|---|---|
| YOU | Start the company |
| CO-FOUNDER | Does half of the work |
| FRIENDS AND FAMILY | Invests before anyone else at the lowest price |
| ANGEL INVESTORS | Has at least 200K annually, accredited investor, invests own money |
| VENTURE CAPITALISTS | Persuades other people to put money in his fund, invests starting at $500K |
| EARLY EMPLOYEES | Gambles on your company by accepting low salary plus some stock |
| INVESTMENT BANKERS | Does IPO paperwork, sells stock, getting 7% of the whole IPO |
| ANYONE | After IPO, anyone can become your investor |
Option Pool
Reserva de stock para empleados actuales y futuros. Tipico 10-20%. Se determina pre o post-money. Refresh pre-money diluye solo a existentes.
Donde aparece en el curso
- Clase 1: Infografico “Splitting the Pie” y actores
- Puente Digital 1: Como llegar bien preparados al cap table
- Clase 5: Profundizacion en cap table