{"id":1712,"date":"2015-12-23T14:00:03","date_gmt":"2015-12-23T22:00:03","guid":{"rendered":"https:\/\/scrum.vc\/?p=1712"},"modified":"2021-08-10T18:54:17","modified_gmt":"2021-08-11T01:54:17","slug":"series-a","status":"publish","type":"post","link":"https:\/\/scrum.vc\/ja\/2015\/12\/23\/series-a\/","title":{"rendered":"\u30b7\u30ea\u30fc\u30baA\u3068\u306f\u3001\u3069\u3093\u306a\u6bb5\u968e\u306a\u306e\u304b\uff1f2015\u5e74\u7248\u306e\u30b7\u30ea\u30fc\u30baA\u3092\u5b9a\u7fa9\u3059\u308b"},"content":{"rendered":"<blockquote>\n<pre><span style=\"color: #333333;\">\u3053\u306e\u8a18\u4e8b\u306fTMI\u7dcf\u5408\u6cd5\u5f8b\u4e8b\u52d9\u6240\u6240\u5c5e\u306e\u5f01\u8b77\u58eb3\u540d\uff08\u6ce2\u591a\u6c5f\u6c0f\u3001\u7af9\u5185\u6c0f\u3001\u5c0f\u5ddd\u6c0f\uff09\u304c\u904b\u55b6\u3059\u308b\u30b5\u30a4\u30c8 <a href=\"http:\/\/www.bizlawinfo.jp\/\" target=\"_blank\" rel=\"noopener noreferrer\">BizLawInfo.JP<\/a> \u306e\u8a18\u4e8b\u3092\u52a0\u7b46\u4fee\u6b63\u306e\u4e0a\u3001\u8ee2\u8f09\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u6ce2\u591a\u6c5f\u6c0f\u3001\u7af9\u5185\u6c0f\u3001\u5c0f\u5ddd\u6c0f\u306e3\u540d\u306f\u3001\u65e5\u672c\u3068\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306b\u5206\u304b\u308c\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u3001\u6295\u8cc7\u3001M&amp;A\u3001\u500b\u4eba\u60c5\u5831\u3001\u77e5\u8ca1\u7b49\u3001\u5e45\u5e83\u3044\u5206\u91ce\u3067\u5148\u7aef\u306e\u6cd5\u5f8b\u5b9f\u52d9\u306b\u5f93\u4e8b\u3057\u3066\u3044\u307e\u3059\u3002<a href=\"http:\/\/www.bizlawinfo.jp\/\" target=\"_blank\" rel=\"noopener noreferrer\">BizLawInfo.JP<\/a> \u3067\u306f\u3001\u65e5\u672c\u3068\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eStartup\u306e\u5b9f\u52d9\u3084\u65e5\u672c\u4f01\u696d\u306e\u6d77\u5916\u9032\u51fa\u3092\u53d6\u308a\u5dfb\u304f\u74b0\u5883\u306b\u95a2\u3059\u308b\u6cd5\u5f8b\u554f\u984c\u306a\u3069\u306b\u3064\u3044\u3066\u3001\u7a4d\u6975\u7684\u306b\u60c5\u5831\u3092\u767a\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002\r\n<\/span><\/pre>\n<\/blockquote>\n<p>\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3067\u306f\u3001\u6bce\u65e5\u306e\u3088\u3046\u306b\u300c\u3042\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u30b7\u30ea\u30fc\u30baA\u3067\u25cb\u30c9\u30eb\u5165\u3063\u305f\u3089\u3057\u3044\u300d\u3068\u304b\u300c\u3042\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u307e\u3060\u30b7\u30fc\u30c9\u30e9\u30a6\u30f3\u30c9\u3067\u30a8\u30f3\u30b8\u30a7\u30eb\u3092\u63a2\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u3088\u3046\u306a\u8a71\u3092\u805e\u304d\u307e\u3059\u3002\u30b7\u30ea\u30fc\u30ba\u306a\u3093\u3061\u3083\u3089\u3001\u3068\u3044\u3046\u8a00\u8449\u3084\u300c\u30b7\u30fc\u30c9\u300d\u3068\u304b\u300c\u30e9\u30a6\u30f3\u30c9\u300d\u3068\u304b\u3001\u8d77\u696d\u3055\u308c\u305f\u65b9\u306b\u3068\u3063\u3066\u306f\u5f53\u305f\u308a\u524d\u306e\u8a00\u8449\u3067\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u306a\u610f\u5473\u306f\u3069\u3093\u306a\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u5c11\u3057\u8abf\u3079\u305f\u3068\u3053\u308d\u300c\u30b7\u30ea\u30fc\u30baA\u300d\u3068\u3044\u3046\u8a00\u8449\u306b\u306f\u53b3\u5bc6\u306a\u5b9a\u7fa9\u306f\u306a\u304f\u3001\u5e74\u3092\u7d4c\u3066\u610f\u5473\u304c\u5909\u308f\u3063\u3066\u304d\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u8a73\u3057\u304f\u306f<a href=\"http:\/\/www.bizlawinfo.jp\/#!seriesa\/cu24\" target=\"_blank\" rel=\"noopener noreferrer\">BizLawInfo.JP<\/a>\u306e\u30b5\u30a4\u30c8\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u4eca\u56de\u306f2011\u5e74\u306e\u5b9a\u7fa9\u3092\u632f\u308a\u8fd4\u308a\u30012015\u5e74\u7248\u30b7\u30ea\u30fc\b\u30baA\u3092\u5b9a\u7fa9\u3057\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<h2>2011\u5e74\u306e\u300c\u30b7\u30ea\u30fc\u30baA\u300d<\/h2>\n<p>Twitter\u306b\u5bfe\u3059\u308bExit\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b\u8d77\u696d\u5bb6\u306e<a href=\"http:\/\/blog.eladgil.com\/2011\/03\/how-funding-rounds-differ-seed-series.html\" target=\"_blank\" rel=\"noopener noreferrer\">Elad\u3055\u3093\u304c2011\u5e74\u306b\u66f8\u3044\u305f\u30d6\u30ed\u30b0<\/a>\u3067\u306f\u3001<\/p>\n<ul>\n<li>\u300e\u88fd\u54c1\u3092\u30b9\u30b1\u30fc\u30eb\u3055\u305b\u3066\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u78ba\u7acb\u3059\u308b\u300f\u306e\u304c\u30b7\u30ea\u30fc\u30baA\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3092\u7528\u3044\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u3067\u3042\u308a\u3001\u5178\u578b\u7684\u306b\u306f$7M-$15M\u304f\u3089\u3044\u3092\u8abf\u9054\u3059\u308b\u3002<\/li>\n<li>\u300e\u30d3\u30b8\u30cd\u30b9\u81ea\u4f53\u3092\u30b9\u30b1\u30fc\u30eb\u3055\u305b\u308b\u300f\u306e\u304c\u30b7\u30ea\u30fc\u30baB\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3092\u7528\u3044\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u3067\u3042\u308a\u3001\u5178\u578b\u7684\u306b\u306f$7M-\u657010M\u304f\u3089\u3044\u3092\u8abf\u9054\u3059\u308b\u3002<\/li>\n<li>\u300e\u6210\u9577\u3092\u52a0\u901f\u3055\u305b\u3001\u30d3\u30b8\u30cd\u30b9\u3092\u56fd\u969b\u5316\u3057\u3001M&amp;A\u3067\u4ed6\u306e\u4f01\u696d\u3092\u8cb7\u3063\u305f\u308a\u3059\u308b\u300f\u306e\u304c\u30b7\u30ea\u30fc\u30baC\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3092\u7528\u3044\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u3067\u3042\u308a\u3001\u657010~\u6570100M\u3092\u8abf\u9054\u3059\u308b\u3002<\/li>\n<\/ul>\n<p>\u306a\u3093\u3066\u3053\u3068\u3092\u4ef0\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u30012015\u5e74\u3067\u3082\u540c\u3058\u30cb\u30e5\u30a2\u30f3\u30b9\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<h2>2015\u5e74\u306e\u300c\u30b7\u30ea\u30fc\u30baA\u300d<\/h2>\n<p>\u6700\u65b0\u306e\u8b70\u8ad6\u3068\u3057\u3066\u3054\u7d39\u4ecb\u3057\u305f\u3044\u306e\u306f\u3001\u8457\u540d\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6<a href=\"https:\/\/medium.com\/@jason\/the-official-definitions-of-seed-series-a-and-series-b-rounds-51a7fe2e97fd\" target=\"_blank\" rel=\"noopener noreferrer\">Jason Calacanis\u3055\u3093\u306e\u30d6\u30ed\u30b0<\/a>\u3067\u3059\u30021970\u5e74\u751f\u307e\u308c\u306eJason\u3055\u3093\u306fNetscape\u306a\u3069\u30c9\u30c3\u30c8\u30b3\u30e0\u30fb\u30d0\u30d6\u30eb\u3092\u727d\u5f15\u3057\u305f\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u95a2\u9023\u4f01\u696d\u3092\u7d4c\u305f\u3042\u3068\u3001\u8d85\u540d\u9580\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u3067\u3042\u308bSequoia Capital\u306a\u3069\u3092\u7d4c\u3066\u30012009\u5e74\u304b\u3089Open Angel Forum\u3068\u3044\u3046\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\u3068\u8d77\u696d\u5bb6\u3092\u7d50\u3073\u3064\u3051\u308b\u30d5\u30a9\u30fc\u30e9\u30e0\u306a\u3069\u3092\u4e3b\u5bb0\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6295\u8cc7\u5148\u3082\u3001Tumblr\u3001Uber\u3001Evernote\u306a\u3069\u8457\u540d\u4f01\u696d\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u3001\u5f71\u97ff\u529b\u306e\u3042\u308b\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\u306e\u4e00\u4eba\u3067\u3059\u3002\u305d\u306eJason\u3055\u3093\u306f\u3001<\/p>\n<ul>\n<li>\u6642\u4ee3\u306b\u3088\u3063\u3066\u305d\u308c\u305e\u308c\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u8abf\u9054\u3059\u308b\u8cc7\u91d1\u3092\u4f7f\u3063\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u306f\u5909\u308f\u3063\u3066\u304d\u3066\u3044\u308b\u3002<\/li>\n<li>\u305d\u308c\u305e\u308c\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u8abf\u9054\u3067\u304d\u308b\u984d\u304c\u5927\u304d\u304f\u306a\u3063\u3066\u304d\u3066\u3044\u308b\u53cd\u9762\u3001\u3084\u308b\u3079\u304d\u3053\u3068\u304c\u524d\u5012\u3057\u3067\u8981\u6c42\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3002<\/li>\n<li>\u7279\u306b\u3001\u4ee5\u524d\u3067\u3042\u308c\u3070Series A\/B\u3067\u3084\u308b\u3079\u304d\u3053\u3068\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u305f\u3053\u3068\u304c\u3001\u30ea\u30fc\u30f3\u30fb\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u666e\u53ca\u306b\u3088\u308a\u3001\u304b\u306a\u308a\u521d\u671f\u306e\u6bb5\u968e\u3067\u5b9f\u8df5\u3057\u3066\u304a\u304f\u3079\u304d\u4e8b\u67c4\u306b\u5909\u308f\u308a\u3064\u3064\u3042\u308b\u3002<\/li>\n<\/ul>\n<p>\u3068\u3044\u3046\u3053\u3068\u3092\u4ef0\u3063\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u56f3\u3092\u3054\u89a7\u4e0b\u3055\u3044\u3002Jason\u3055\u3093\u306e\u4ef0\u3063\u3066\u3044\u308b\u3053\u306e\u30e2\u30c7\u30eb\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eVC\u3055\u3093\u306e\u9593\u3067\u306f\u304b\u306a\u308a\u5171\u901a\u8a8d\u8b58\u306b\u8fd1\u3044\u3082\u306e\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p><a href=\"https:\/\/scrum.vc\/wp2015\/wp-content\/uploads\/2015\/12\/seriesA.png\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"456\" class=\"alignnone size-large wp-image-1713\" src=\"https:\/\/scrum.vc\/wp2015\/wp-content\/uploads\/2015\/12\/seriesA-700x456.png\" alt=\"seriesA\" srcset=\"https:\/\/scrum.vc\/ja\/wp-content\/uploads\/2015\/12\/seriesA-700x456.png 700w, https:\/\/scrum.vc\/ja\/wp-content\/uploads\/2015\/12\/seriesA-768x500.png 768w, https:\/\/scrum.vc\/ja\/wp-content\/uploads\/2015\/12\/seriesA-250x163.png 250w, https:\/\/scrum.vc\/ja\/wp-content\/uploads\/2015\/12\/seriesA-120x78.png 120w, https:\/\/scrum.vc\/ja\/wp-content\/uploads\/2015\/12\/seriesA.png 837w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p>\u56f3\uff1a\u5404\u30e9\u30a6\u30f3\u30c9\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3067\u3084\u308b\u3079\u304d\u3053\u3068\uff082015\u5e74\u7248\uff1aJason Calcanis\u3055\u3093\u306e\u30d6\u30ed\u30b0\u3092\u57fa\u306b\u4f5c\u6210\uff09<\/p>\n<p>Pre-funding\u306e\u6bb5\u968e\u3067MVP\uff08Minimum Viable Product\uff09\u307e\u3067\u4f5c\u308c\u3001\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u90e8\u5206\u306f\u306a\u304b\u306a\u304b\u306e\u30a4\u30f3\u30d1\u30af\u30c8\u304c\u3042\u308a\u307e\u3059\u3088\u306d\u3002<\/p>\n<p>Minimum Viable Product \u3068\u306f\u3001\u30a8\u30ea\u30c3\u30af\u30fb\u30ea\u30fc\u30b9\u306e\u539f\u8457\u3067\u306f &#8220;The MVP is that version of the product that enables a full turn of the Build-Measure-Learn loop with a minimum amount of effort and the least amount of development time. [Eric Ries, The Lean Startup, at 77 (Crown Publishing 2011)]&#8221;\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u90a6\u8a33\u3067\u306f\u300c\u5b9f\u7528\u6700\u5c0f\u9650\u306e\u88fd\u54c1\u300d\u3068\u8a33\u3055\u308c\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u3053\u306eJason\u3055\u3093\u306e\u8003\u3048\u3092\u53d6\u308a\u5165\u308c\u30012015\u5e74\u7248\u30b7\u30ea\u30fc\u30baA\u3092\u5b9a\u7fa9\u3057\u307e\u3059\u3068\u3001<\/p>\n<ol>\n<li><strong>\u4f01\u696d\u304c\u76f4\u9762\u3059\u308b\u7b2c1\u56de\u306e\u5927\u898f\u6a21\u306a\uff08\u5916\u90e8\u304b\u3089\u306e\uff09\u8cc7\u91d1\u8abf\u9054\u30e9\u30a6\u30f3\u30c9\u3067\u3042\u3063\u3066\u3001<\/strong><\/li>\n<li><strong>\u30ed\u30fc\u30f3\u30c1\u3055\u308c\u305fMVP\u3092\u30b9\u30b1\u30fc\u30eb\u3055\u305b\u308b\u305f\u3081\u306b\u7528\u3044\u308b\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3082\u306e\u3067\u3042\u308a\u3001<\/strong><\/li>\n<li><strong>\u305d\u306e\u5bfe\u4fa1\u3068\u3057\u3066\u3001\u6b74\u53f2\u7684\u306b\u3001\u300c\u30b7\u30ea\u30fc\u30baA\u300d\u3068\u3044\u3046\u540d\u79f0\u306ePreferred Stock\u3092\u767a\u884c\u3059\u308b\u3053\u3068\u304c\u591a\u304b\u3063\u305f\u3053\u3068\u304b\u3089\u3001\u3053\u3046\u547c\u3070\u308c\u3066\u3044\u308b\u3082\u306e<\/strong><\/li>\n<\/ol>\n<p>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u305d\u3046\u3067\u3059\u3002<\/p>\n<p>\u3082\u3061\u308d\u3093\u4ee5\u4e0a\u306e\u8b70\u8ad6\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u3082\u306e\u3067\u3042\u3063\u3066\u3001\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306b\u305d\u306e\u307e\u307e\u6301\u3061\u8fbc\u307e\u308c\u308b\u8a71\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305f\u3060\u3001\u65e5\u672c\u306eVC\u306e\u6d3b\u52d5\u306b\u3082\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eVC\u306e\u8003\u3048\u65b9\u306f\u4e00\u5b9a\u7a0b\u5ea6\u5f71\u97ff\u3092\u53ca\u307c\u3059\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u8fd1\u3044\u5c06\u6765\u3001\u540c\u3058\u3088\u3046\u306a\u3053\u3068\u304c\u65e5\u672c\u3067\u8a00\u308f\u308c\u308b\u3053\u3068\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u306d\u3002<\/p>\n<p><a href=\"https:\/\/medium.com\/@jason\" target=\"_blank\" rel=\"noopener noreferrer\">Jason\u3055\u3093\u306e\u30d6\u30ed\u30b0<\/a>\u306fStartup\u754c\u9688\u306e\u304a\u8a71\u304c\u3068\u3066\u3082\u9762\u767d\u304f\u8a9e\u3089\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u3082\u3057\u3054\u8208\u5473\u304c\u3042\u308a\u307e\u3057\u305f\u3089\u307e\u305f\u8aad\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<hr \/>\n<h4>\u8a18\u4e8b\u63d0\u4f9b\uff1a JP-US Legal Forum\u301cBusiness, Laws &amp; Information\u00a0<a href=\"http:\/\/www.bizlawinfo.jp\/\" target=\"_blank\" rel=\"noopener noreferrer\">BizLawInfo.JP<\/a><br \/>\n\u4e16\u754c\u3092\u5909\u3048\u308b\uff01\u65e5\u672c\u3092\u5143\u6c17\u306b\u3059\u308b\uff01\uff01\u8155\u4e00\u672c\u3067\u4e16\u754c\u306b\u6311\u3080Startup\u306eFounder\u304b\u3089\u3001\u65e5\u672c\u3092\u652f\u3048\u308b\u5927\u4f01\u696d\u306e\u300c\u6b21\u306e100\u5e74\u300d\u3092\u62c5\u3046\u65b9\u3001\u306f\u305f\u307e\u305fVC\/\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\u306e\u65b9\u307e\u3067\u3002\u300c\u3053\u3053\u3001\u4f1a\u793e\u6cd5\u306e\u4ed5\u7d44\u307f\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\uff1f\u300d\u300c\u8d77\u696d\u3057\u305f\u3044\u3001\u4f1a\u793e\u306f\u65e5\u7c73\u3069\u3061\u3089\u306b\u4f5c\u308b\u3079\u304d\uff1f\u300d\u305d\u3093\u306a\u30d3\u30b8\u30cd\u30b9\u6cd5\u306b\u307e\u3064\u308f\u308b\u305f\u304f\u3055\u3093\u306e\u7591\u554f\u3001\u79c1\u305f\u3061\u3082\u4e00\u7dd2\u306b\u8003\u3048\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/h4>\n","protected":false},"excerpt":{"rendered":"\u3053\u306e\u8a18\u4e8b\u306fTMI\u7dcf\u5408\u6cd5\u5f8b\u4e8b\u52d9\u6240\u6240\u5c5e\u306e\u5f01\u8b77\u58eb3\u540d\uff08\u6ce2\u591a\u6c5f\u6c0f\u3001\u7af9\u5185\u6c0f\u3001\u5c0f\u5ddd\u6c0f\uff09\u304c\u904b\u55b6\u3059\u308b\u30b5\u30a4\u30c8 BizLawInfo.JP \u306e\u8a18\u4e8b\u3092\u52a0\u7b46\u4fee\u6b63\u306e\u4e0a\u3001\u8ee2\u8f09\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u6ce2\u591a\u6c5f\u6c0f\u3001\u7af9\u5185\u6c0f\u3001\u5c0f\u5ddd\u6c0f\u306e3\u540d\u306f\u3001\u65e5\u672c\u3068\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306b\u5206\u304b\u308c\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u3001\u6295\u8cc7\u3001M&amp;A\u3001\u500b\u4eba\u60c5\u5831\u3001\u77e5\u8ca1\u7b49\u3001\u5e45\u5e83\u3044\u5206\u91ce\u3067\u5148\u7aef\u306e\u6cd5\u5f8b\u5b9f\u52d9\u306b\u5f93\u4e8b\u3057\u3066\u3044\u307e\u3059\u3002BizLawInfo.JP \u3067\u306f\u3001\u65e5\u672c\u3068\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eStartup\u306e\u5b9f\u52d9\u3084\u65e5\u672c\u4f01\u696d\u306e\u6d77\u5916\u9032\u51fa\u3092\u53d6\u308a\u5dfb\u304f\u74b0\u5883\u306b\u95a2\u3059\u308b\u6cd5\u5f8b\u554f\u984c\u306a\u3069\u306b\u3064\u3044\u3066\u3001\u7a4d\u6975\u7684\u306b\u60c5\u5831\u3092\u767a\u4fe1\u3057\u3066\u3044\u307e\u3059\u3002 \u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3067\u306f\u3001\u6bce\u65e5\u306e\u3088\u3046\u306b\u300c\u3042\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u30b7\u30ea\u30fc\u30baA\u3067\u25cb\u30c9\u30eb\u5165\u3063\u305f\u3089\u3057\u3044\u300d\u3068\u304b\u300c\u3042\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u307e\u3060\u30b7\u30fc\u30c9\u30e9\u30a6\u30f3\u30c9\u3067\u30a8\u30f3\u30b8\u30a7\u30eb\u3092\u63a2\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u3088\u3046\u306a\u8a71\u3092\u805e\u304d\u307e\u3059\u3002\u30b7\u30ea\u30fc\u30ba\u306a\u3093\u3061\u3083\u3089\u3001\u3068\u3044\u3046\u8a00\u8449\u3084\u300c\u30b7\u30fc\u30c9\u300d\u3068\u304b\u300c\u30e9\u30a6\u30f3\u30c9\u300d\u3068\u304b\u3001\u8d77\u696d\u3055\u308c\u305f\u65b9\u306b\u3068\u3063\u3066\u306f\u5f53\u305f\u308a\u524d\u306e\u8a00\u8449\u3067\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u306a\u610f\u5473\u306f\u3069\u3093\u306a\u3082\u306e\u306a\u306e\u3067\u3057\u3087\u3046\u3002 \u5c11\u3057\u8abf\u3079\u305f\u3068\u3053\u308d\u300c\u30b7\u30ea\u30fc\u30baA\u300d\u3068\u3044\u3046\u8a00\u8449\u306b\u306f\u53b3\u5bc6\u306a\u5b9a\u7fa9\u306f\u306a\u304f\u3001\u5e74\u3092\u7d4c\u3066\u610f\u5473\u304c\u5909\u308f\u3063\u3066\u304d\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002\u8a73\u3057\u304f\u306fBizLawInfo.JP\u306e\u30b5\u30a4\u30c8\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u4eca\u56de\u306f2011\u5e74\u306e\u5b9a\u7fa9\u3092\u632f\u308a\u8fd4\u308a\u30012015\u5e74\u7248\u30b7\u30ea\u30fc\b\u30baA\u3092\u5b9a\u7fa9\u3057\u3066\u307f\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002 2011\u5e74\u306e\u300c\u30b7\u30ea\u30fc\u30baA\u300d Twitter\u306b\u5bfe\u3059\u308bExit\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b\u8d77\u696d\u5bb6\u306eElad\u3055\u3093\u304c2011\u5e74\u306b\u66f8\u3044\u305f\u30d6\u30ed\u30b0\u3067\u306f\u3001 \u300e\u88fd\u54c1\u3092\u30b9\u30b1\u30fc\u30eb\u3055\u305b\u3066\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u78ba\u7acb\u3059\u308b\u300f\u306e\u304c\u30b7\u30ea\u30fc\u30baA\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3092\u7528\u3044\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u3067\u3042\u308a\u3001\u5178\u578b\u7684\u306b\u306f$7M-$15M\u304f\u3089\u3044\u3092\u8abf\u9054\u3059\u308b\u3002 \u300e\u30d3\u30b8\u30cd\u30b9\u81ea\u4f53\u3092\u30b9\u30b1\u30fc\u30eb\u3055\u305b\u308b\u300f\u306e\u304c\u30b7\u30ea\u30fc\u30baB\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3092\u7528\u3044\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u3067\u3042\u308a\u3001\u5178\u578b\u7684\u306b\u306f$7M-\u657010M\u304f\u3089\u3044\u3092\u8abf\u9054\u3059\u308b\u3002 \u300e\u6210\u9577\u3092\u52a0\u901f\u3055\u305b\u3001\u30d3\u30b8\u30cd\u30b9\u3092\u56fd\u969b\u5316\u3057\u3001M&amp;A\u3067\u4ed6\u306e\u4f01\u696d\u3092\u8cb7\u3063\u305f\u308a\u3059\u308b\u300f\u306e\u304c\u30b7\u30ea\u30fc\u30baC\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3092\u7528\u3044\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u3067\u3042\u308a\u3001\u657010~\u6570100M\u3092\u8abf\u9054\u3059\u308b\u3002 \u306a\u3093\u3066\u3053\u3068\u3092\u4ef0\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u30012015\u5e74\u3067\u3082\u540c\u3058\u30cb\u30e5\u30a2\u30f3\u30b9\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3002 2015\u5e74\u306e\u300c\u30b7\u30ea\u30fc\u30baA\u300d \u6700\u65b0\u306e\u8b70\u8ad6\u3068\u3057\u3066\u3054\u7d39\u4ecb\u3057\u305f\u3044\u306e\u306f\u3001\u8457\u540d\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6Jason Calacanis\u3055\u3093\u306e\u30d6\u30ed\u30b0\u3067\u3059\u30021970\u5e74\u751f\u307e\u308c\u306eJason\u3055\u3093\u306fNetscape\u306a\u3069\u30c9\u30c3\u30c8\u30b3\u30e0\u30fb\u30d0\u30d6\u30eb\u3092\u727d\u5f15\u3057\u305f\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u95a2\u9023\u4f01\u696d\u3092\u7d4c\u305f\u3042\u3068\u3001\u8d85\u540d\u9580\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u3067\u3042\u308bSequoia Capital\u306a\u3069\u3092\u7d4c\u3066\u30012009\u5e74\u304b\u3089Open Angel Forum\u3068\u3044\u3046\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\u3068\u8d77\u696d\u5bb6\u3092\u7d50\u3073\u3064\u3051\u308b\u30d5\u30a9\u30fc\u30e9\u30e0\u306a\u3069\u3092\u4e3b\u5bb0\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u6295\u8cc7\u5148\u3082\u3001Tumblr\u3001Uber\u3001Evernote\u306a\u3069\u8457\u540d\u4f01\u696d\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u3001\u5f71\u97ff\u529b\u306e\u3042\u308b\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\u306e\u4e00\u4eba\u3067\u3059\u3002\u305d\u306eJason\u3055\u3093\u306f\u3001 \u6642\u4ee3\u306b\u3088\u3063\u3066\u305d\u308c\u305e\u308c\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u8abf\u9054\u3059\u308b\u8cc7\u91d1\u3092\u4f7f\u3063\u3066\u3084\u308b\u3079\u304d\u3053\u3068\u306f\u5909\u308f\u3063\u3066\u304d\u3066\u3044\u308b\u3002 \u305d\u308c\u305e\u308c\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u8abf\u9054\u3067\u304d\u308b\u984d\u304c\u5927\u304d\u304f\u306a\u3063\u3066\u304d\u3066\u3044\u308b\u53cd\u9762\u3001\u3084\u308b\u3079\u304d\u3053\u3068\u304c\u524d\u5012\u3057\u3067\u8981\u6c42\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3002 \u7279\u306b\u3001\u4ee5\u524d\u3067\u3042\u308c\u3070Series A\/B\u3067\u3084\u308b\u3079\u304d\u3053\u3068\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u305f\u3053\u3068\u304c\u3001\u30ea\u30fc\u30f3\u30fb\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u666e\u53ca\u306b\u3088\u308a\u3001\u304b\u306a\u308a\u521d\u671f\u306e\u6bb5\u968e\u3067\u5b9f\u8df5\u3057\u3066\u304a\u304f\u3079\u304d\u4e8b\u67c4\u306b\u5909\u308f\u308a\u3064\u3064\u3042\u308b\u3002 \u3068\u3044\u3046\u3053\u3068\u3092\u4ef0\u3063\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u56f3\u3092\u3054\u89a7\u4e0b\u3055\u3044\u3002Jason\u3055\u3093\u306e\u4ef0\u3063\u3066\u3044\u308b\u3053\u306e\u30e2\u30c7\u30eb\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eVC\u3055\u3093\u306e\u9593\u3067\u306f\u304b\u306a\u308a\u5171\u901a\u8a8d\u8b58\u306b\u8fd1\u3044\u3082\u306e\u304c\u3042\u308b\u3088\u3046\u3067\u3059\u3002 \u56f3\uff1a\u5404\u30e9\u30a6\u30f3\u30c9\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3067\u3084\u308b\u3079\u304d\u3053\u3068\uff082015\u5e74\u7248\uff1aJason Calcanis\u3055\u3093\u306e\u30d6\u30ed\u30b0\u3092\u57fa\u306b\u4f5c\u6210\uff09 Pre-funding\u306e\u6bb5\u968e\u3067MVP\uff08Minimum Viable Product\uff09\u307e\u3067\u4f5c\u308c\u3001\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u90e8\u5206\u306f\u306a\u304b\u306a\u304b\u306e\u30a4\u30f3\u30d1\u30af\u30c8\u304c\u3042\u308a\u307e\u3059\u3088\u306d\u3002 Minimum Viable Product 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