{"id":2818,"date":"2016-05-12T14:00:17","date_gmt":"2016-05-12T21:00:17","guid":{"rendered":"https:\/\/scrum.vc\/?p=2818"},"modified":"2021-08-10T18:54:17","modified_gmt":"2021-08-11T01:54:17","slug":"convertible-notes","status":"publish","type":"post","link":"https:\/\/scrum.vc\/ja_staging\/2016\/05\/12\/convertible-notes\/","title":{"rendered":"\u30b3\u30f3\u30d0\u30fc\u30c1\u30d6\u30eb\u30ce\u30fc\u30c8\uff08convertible notes\uff09\u3063\u3066\u306a\u306b\uff1fSAFE\uff1fKISS\u3063\u3066\uff1f"},"content":{"rendered":"
\n
\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<\/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&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<\/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
\n
Convertible Note\u3063\u3066\u3054\u5b58\u77e5\u3067\u3057\u3087\u3046\u304b\uff1fSAFE\u3068\u304bKISS\u3001\u805e\u3044\u305f\u3053\u3068\u3042\u308a\u307e\u3059\u304b\uff1f<\/p>\n
\u3053\u308c\u3089\u306f\u3044\u305a\u308c\u3082\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u754c\u9688\u3067\u4e3b\u6d41\u3068\u306a\u3063\u3066\u3044\u308b\u30b7\u30fc\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3084\u30d6\u30ea\u30c3\u30b8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u624b\u6cd5\u3067\u3059\u3002Convertible Note\u306f\u4e00\u8a00\u3067\u8a00\u3048\u3070\u3001\u300c\u5c06\u6765\u7684\u306b\u682a\u5f0f\u306b\u8ee2\u63db\u3055\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u501f\u91d1\u300d\u306e\u3053\u3068\u3067\u3059\u3002\u3042\u304f\u307e\u3067\u501f\u91d1\u3067\u3059\u306e\u3067\u3001\u3082\u3061\u308d\u3093\u8fd4\u6e08\u671f\u9650\uff08Maturity Date\uff09\u304c\u3042\u308a\u307e\u3059\u3057\u3001\u5229\u606f\u3082\u3064\u304f\u306e\u304c\u901a\u5e38\u3067\u3059\u3002<\/p>\n
\u6b21\u306bSAFE\u3068\u3044\u3046\u306e\u306f\u3001\u3082\u3061\u308d\u3093\u300c\u5b89\u5168\u300d\u2026\u3067\u306f\u306a\u304f\u3001\u300cSimple Agreement for Future Equity\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u3082\u306e\u3067\u3059\u3002KISS\u3068\u3044\u3046\u306e\u306f\u300c\u63a5\u543b\u300d\u3067\u306f\u306a\u304f\u3001\u300cKeep It Simple Security\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n
\u3053\u308c\u3089\u306f\u8457\u540d\u306aAccelerator Program\u306e\u63d0\u4f9b\u8005\u3067\u3042\u308bY Combinator\u3068500 Startups\u304c\u958b\u767a\u3057\u305f\u3082\u306e\u3067\u3001\u3069\u3061\u3089\u3082\u57fa\u672c\u7684\u306b\u306f\u300c<\/span>Convertible Equity\u300d\u3068\u547c\u3070\u308c\u308b\u985e\u578b\u306b\u5206\u985e\u3055\u308c\u308b\u3082\u306e\u3067\u3059\uff08<\/span>KISS\u306b\u306f<\/span>Convertible Note\u306b\u5206\u985e\u3055\u308c\u308b\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u304c\uff09<\/span>\u3002\u3053\u3061\u3089\u306fEquity\u3060\u3051\u3042\u3063\u3066\u3001\u501f\u91d1\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3067\u3082\u682a\u5f0f\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u3044\u3063\u305f\u3044Convertible Note\u3068\u30ca\u30cb\u304c\u9055\u3046\u306e\u3055\uff1f\u3068\u3044\u3046\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u304a\u3044\u304a\u3044\u8aac\u660e\u3057\u3066\u3044\u3053\u3046\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n
\u3055\u3066\u3001\u3053\u308c\u3089\u306eConvertible Note\uff08CN\uff09\u3084Convertible Equity\uff08CE\uff09\u304c\u306a\u305c\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u754c\u9688\u3067\u306e\u30b7\u30fc\u30c9\u30de\u30cd\u30fc\u8abf\u9054\u306e\u4e3b\u6d41\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3068\u3001\u65e5\u672c\u4eba\u7684\u306b\u5206\u304b\u308a\u3084\u3059\u304f\u8a00\u3048\u3070\u300c\u5b89\u3044\u300d\u300c\u65e9\u3044\u300d\u300c\u30a6\u30de\u3044\u300d\u304b\u3089\u306a\u3093\u3067\u3059\u3002\u200b<\/p>\n
1. \u65e9\u3044<\/h1>\n
Preferred Stock\u3067\u6295\u8cc7\u3057\u3066\u3082\u3089\u3046\u5834\u5408\u3068\u6bd4\u8f03\u3057\u3066\u3001\u5727\u5012\u7684\u306b\u4ea4\u6e09\u3084\u4e8b\u52d9\u51e6\u7406\u304c\u65e9\u3044\u3067\u3059\u3002\u3053\u306e\u4e8b\u52d9\u51e6\u7406\u306e\u4e2d\u8eab\u3068\u3057\u3066\u3001\u300cValuation\u3092\u6c7a\u3081\u308b\u5fc5\u8981\u304c\u306a\u3044\u305f\u3081\u3001\u6642\u9593\u304c\u7bc0\u7d04\u3067\u304d\u308b\u300d\u3060\u3068\u304b\u3001\u300c\u682a\u5f0f\u6295\u8cc7\u306e\u5834\u5408\u3001\u305d\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u6295\u8cc7\u3059\u308b\u4eba\u306e\u8db3\u4e26\u307f\u3092\u57fa\u672c\u7684\u306b\u305d\u308d\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u305f\u3081\u6642\u9593\u304c\u304b\u304b\u308b\u304c\u3001CN\u3084CE\u306b\u306f\u305d\u306e\u5fc5\u8981\u306f\u306a\u3044\u300d\u306a\u3069\u3068\u3044\u3046\u8aac\u660e\u304c\u3088\u304f\u3055\u308c\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002BizLawInfo.jp\u306f\u305d\u306e2\u70b9\u306e\u8aac\u660e\u306b\u306f\u61d0\u7591\u7684\u3067\u3042\u308a\u3001\u3080\u3057\u308d\u3001CN\u3084CE\u304c\u300c\u65e9\u3044\u300d\u7406\u7531\u3068\u3057\u3066\u300c\u682a\u5f0f\u6295\u8cc7\u306b\u6bd4\u3079\u3066\u3001\u5727\u5012\u7684\u306b\u66f8\u9762\u306e\u91cf\u304c\u5c11\u306a\u3044\u300d\u3068\u3044\u3046\u70b9\u3092\u5f37\u8abf\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n
\u682a\u5f0f\u6295\u8cc7\u3067\u3059\u3068\u3001\u901a\u5e38\u306eSeries A\u3067\u3042\u308c\u3070\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u304b\u3089\u3057\u3066\u6570\u30da\u30fc\u30b8\u304b\u3089\u6642\u306b10\u30da\u30fc\u30b8\u4ee5\u4e0a\u3001\u5b9f\u969b\u306e\u5951\u7d04\u66f8\u9762\u306b\u306a\u308c\u3070\u3001\u5408\u8a08\u3067\u512a\u306b100\u30da\u30fc\u30b8\u3092\u8d85\u3048\u308b\u91cf\u306b\u306a\u308a\u307e\u3059\u3002\u5f01\u8b77\u58eb\u5074\u3067\u3082\u30011st Draft\u306e\u4f5c\u6210\u306b\u3001\u5c11\u306a\u304f\u898b\u7a4d\u3082\u3063\u3066\u30826\uff5e8\u6642\u9593\u7a0b\u5ea6\uff081-2\u5e74\u76ee\u306e\u30a2\u30bd\u30b7\u30a8\u30a4\u30c8\u524d\u63d0\uff09\u3001\u3061\u3087\u3063\u3068\u3084\u3084\u3053\u3057\u304f\u306a\u308b\u306810\u6642\u9593\u3068\u304b15\u6642\u9593\u3068\u304b\u304b\u304b\u308a\u3001\u305d\u306e\u5f8c\u306e\u6295\u8cc7\u5bb6\u5074\u306e\u30ec\u30d3\u30e5\u30fc\u3084\u4ea4\u6e09\u3001\u66f8\u9762\u306e\u4fee\u6b63\u3001\u3055\u3089\u306b\u8abf\u5370\u307e\u3067\u306e\u7ba1\u7406\u3092\u542b\u3081\u3001\u304b\u306a\uff5e\u301c\u301c\u308a\u305f\u304f\u3055\u3093\u306e\u6642\u9593\u3092\u8cbb\u3084\u3059\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002Series AA\u3084<\/span>Series Seed\u3068\u3044\u3063\u305f\u8efd\u3081\u306e\u512a\u5148\u682a\u5f0f\u3092\u5229\u7528\u3057\u305f\u30b7\u30fc\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3092\u884c\u3046\u5834\u5408\u3067\u3042\u3063\u3066\u3082<\/span>\u3001\u3084\u306f\u308a\u66f8\u9762\u306f\u5408\u8a08\u306750\u30da\u30fc\u30b8\u524d\u5f8c\u306b\u306f\u306a\u308b\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n
\u305d\u308c\u306b\u304f\u3089\u3079\u3066CN\u3068\u304d\u305f\u3089\u2026\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306f1\u679a\uff08\u304b2\u679a\uff09\u3001Note\u672c\u4f53\u306e\u66f8\u9762\u306f<\/span>2-3\u30da\u30fc\u30b8\u3001Note Purchase Agreement\u306f5\u30da\u30fc\u30b8\u7a0b\u5ea6\u3068\u3001\u304b\u306a\u308a\u5206\u91cf\u304c\u5c11\u306a\u3044\u3067\u3059\uff08\u5185\u5bb9\u306b\u3082\u3088\u308a\u307e\u3059\u304c\uff09\u3002CE\u3082\u307b\u307c\u4e00\u7dd2\u3067\u300110\u30da\u30fc\u30b8\u4ee5\u5185\u306b\u306f\u53ce\u307e\u308a\u307e\u3059\u3002\u305d\u306e\u5206\u3001\u6587\u66f8\u4f5c\u6210\u306e\u8ca0\u62c5\u3082\u6fc0\u6e1b\u3057\u307e\u3059\u3002\u6975\u7aef\u306a\u8a71\u3001\u672c\u5f53\u306b\u5178\u578b\u7684\u306a\u6761\u4ef6\u306eCN\u3084CE\u3067\u3057\u305f\u3089\u3001\u6642\u306b\u306f\u6570\u5341\u5206\u3067\u5168\u90e8\u306e\u66f8\u9762\u304c\u3067\u304d\u3066\u3057\u307e\u3063\u305f\u308a\u3059\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n
\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u3068\u306b\u304b\u304f\u300c\u65e9\u3044\u300d\u3002<\/p>\n
2. \u5b89\u3044<\/h1>\n
\u4e0a\u8a18\u306e\u3068\u304a\u308a\u3001CN\u3084CE\u306f\u3001\u5727\u5012\u7684\u306b\u66f8\u9762\u306e\u91cf\u304c\u5c11\u306a\u304f\u3066\u6e08\u307f\u307e\u3059\u3002\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u5fc5\u7136\u7684\u306b\u5f01\u8b77\u58eb\u306e\u4f5c\u696d\u91cf\u3082\u6fc0\u6e1b\u3057\u307e\u3059\u3002\u8cc7\u91d1\u8abf\u9054\u306e\u969b\u306e\u6700\u5927\u306e\u30b3\u30b9\u30c8\u306f\u9593\u9055\u3044\u306a\u304f\u5f01\u8b77\u58eb\u8cbb\u7528\u3067\u3059\u306e\u3067\uff08\u7b11\uff09\u3001\u305d\u308c\u3092\u5927\u304d\u304f\u7bc0\u7d04\u3067\u304d\u308bCN\u3084CE\u306f\u3001\u8abf\u9054\u984d\u3082\u305d\u308c\u307b\u3069\u5927\u304d\u304f\u306a\u3044Seed Financing\u306b\u304a\u3044\u3066\u306f\u3001\u304b\u306a\u308a\u9b45\u529b\u7684\u3067\u3059\u306d\u3002<\/p>\n
\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u3068\u306b\u304b\u304f\u300c\u5b89\u3044\u300d\u3002<\/p>\n
3.\u00a0\u30a6\u30de\u3044<\/h1>\n
CN\u3084CE\u306f\u3001\u30b7\u30fc\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3084\u30d6\u30ea\u30c3\u30b8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306b\u3088\u304f\u4f7f\u308f\u308c\u307e\u3059\u304c\u3001\u4f1a\u793e\u5074\u304b\u3089\u3059\u308b\u3068\u3001\u5411\u3053\u3046\u6570\u30f6\u6708\u304b\u30891\u5e74\uff08\u6642\u306b\u306f\u3082\u3063\u3068\uff09\u306e\u904b\u8ee2\u8cc7\u91d1\u3092\u4e00\u6642\u7684\u306b\u7372\u5f97\u3059\u308b\u3053\u3068\u3067\u3001\u5c06\u6765\u3082\u3063\u3068\u9ad8\u3044\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3067\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u308b\uff08\u304b\u3082\u3057\u308c\u306a\u3044\uff09\u3068\u3044\u3046\u30e1\u30ea\u30c3\u30c8\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n
\u3064\u307e\u308a\u3001\u300c\u3042\u3068\u5c11\u3057\u9811\u5f35\u308c\u3070\u3082\u3063\u3068\u6709\u5229\u306a\u6761\u4ef6\u3067\u8cc7\u91d1\u8abf\u9054\u304c\u3067\u304d\u305d\u3046\u3060\u300d\u3068\u3044\u3063\u305f\u72b6\u6cc1\u306e\u3068\u304d\u306b\u3001\u305d\u306e\u300c\u3042\u3068\u5c11\u3057\u300d\u306e\u9593\u3092\u4e57\u308a\u5207\u308b\u3060\u3051\u306e\u71c3\u6599\u3092\u4f1a\u793e\u306b\u4e0e\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u308b\uff08\u304b\u3082\u3057\u308c\u306a\u3044\uff09\u3082\u306e\u304c\u3001CN\u3084CE\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n
\u4ed6\u65b9\u3067\u3001\u6295\u8cc7\u5bb6\u5074\u304b\u3089\u3059\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u30b7\u30ea\u30fc\u30ba\u3082\u306e\u306e\u898f\u6a21\u306e\u5927\u304d\u306a\u8cc7\u91d1\u8abf\u9054\u306b\u884c\u304d\u7740\u304f\u524d\u306b\u6a4b\u6e21\u3057\u7684\u306b\u304a\u91d1\u3092\u5165\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u306e\u3067\u3001\u305d\u306e\u5206\u30ea\u30b9\u30af\u3092\u3068\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4e00\u822c\u7684\u306b\u306f\u3001\u6295\u8cc7\u5bb6\u5074\u306b\u65e9\u3081\u306b\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u304f\u308c\u305f\u30ea\u30b9\u30af\u6599\uff08\u306e\u3088\u3046\u306a\u3082\u306e\uff09\u3068\u3057\u3066\u3001Valuation Cap\u3084Discount Rate\u3092\u901a\u3058\u3066\u4e00\u5b9a\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4ed8\u4e0e\u3057\u307e\u3059\u3057\u3001CN\u3084CE\u306e\u8ee2\u63db\u304c\u751f\u3058\u308b\u3088\u3046\u306a\u30b7\u30ea\u30fc\u30ba\u3082\u306e\u306e\u8cc7\u91d1\u8abf\u9054\u306e\u524d\u306bM&A\u304c\u751f\u3058\u305f\u6642\u306b\u306f\u5143\u672c\u306e2\u500d\uff08\u3042\u308b\u3044\u306f\u3082\u3063\u3068\uff09\u8fd4\u3057\u307e\u3059\u3001\u306a\u3093\u3066\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n
\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u4f1a\u793e\u5074\u30fb\u6295\u8cc7\u5bb6\u5074\u306e\u53cc\u65b9\u306b\u3068\u3063\u3066\u300c\u30a6\u30de\u3044\u300d\u3002<\/p>\n
\u3057\u305f\u304c\u3063\u3066\u3001CN\u3084CE\u306f\u300c\u5b89\u3044\u300d\u300c\u65e9\u3044\u300d\u300c\u30a6\u30de\u3044\u300d\u3002<\/p>\n
CN\u3068CE\u306b\u3064\u3044\u3066\u3055\u3089\u306b\u8a73\u3057\u304f\u77e5\u308a\u305f\u3044\u65b9\u306f\u3001BizLawInfo\u306eForum: Convertible Note\/Convertible Equity<\/a>\u3092\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n
\n
\u3010\u7c73\u56fd\u9032\u51fa\u3092\u691c\u8a0e\u4e2d\u306e\u4f01\u696d\uff06\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3001\u5fc5\u898b\uff01\u3011<\/p>\n
Scrum\u306e\u30d6\u30ed\u30b0\u306b\u3082\u5bc4\u7a3f\u3044\u305f\u3060\u3044\u3066\u3044\u308bTMI\u7dcf\u5408\u6cd5\u5f8b\u4e8b\u52d9\u6240\u306e\u6ce2\u591a\u6c5f\u3055\u3093\u304c\u3001\u6771\u4eac\u30fb\u540d\u53e4\u5c4b\u30fb\u5927\u962a\u306e3\u304b\u6240\u3067\u7c73\u56fd\u9032\u51fa\u3084\u7c73\u56fd\u3078\u306e\u6311\u6226\u306b\u8208\u5473\u304c\u3042\u308b\u4f01\u696d\u3084\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u5411\u3051\u306b\u30bb\u30df\u30ca\u30fc\u3092\u884c\u3044\u307e\u3059\u3002\u6771\u4eac\u306b\u3064\u3044\u3066\u306f\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u5411\u3051\u3068\u4e00\u822c\u4f01\u696d\u5411\u3051\u306e2\u56de\u306b\u5206\u3051\u3066\u958b\u50ac\u4e88\u5b9a\u3067\u3059\u3002\u7c73\u56fd\u9032\u51fa\u306b\u3064\u3044\u3066\u3054\u8208\u5473\u3042\u308b\u65b9\u3001\u305c\u3072\u3054\u53c2\u52a0\u304f\u3060\u3055\u3044\u3002\u8a73\u3057\u304f\u306f\u3053\u3061\u3089\u304b\u3089<\/a>\u3002<\/p>\n
\n
\u8a18\u4e8b\u63d0\u4f9b\uff1a JP-US Legal Forum\u301cBusiness, Laws & Information\u00a0BizLawInfo.JP<\/a>
\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\u3002BizLawInfo.JP\u306eFacebook\u30da\u30fc\u30b8\u306f\u3053\u3061\u3089<\/a>\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&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 Convertible Note\u3063\u3066\u3054\u5b58\u77e5\u3067\u3057\u3087\u3046\u304b\uff1fSAFE\u3068\u304bKISS\u3001\u805e\u3044\u305f\u3053\u3068\u3042\u308a\u307e\u3059\u304b\uff1f \u3053\u308c\u3089\u306f\u3044\u305a\u308c\u3082\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u754c\u9688\u3067\u4e3b\u6d41\u3068\u306a\u3063\u3066\u3044\u308b\u30b7\u30fc\u30c9\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3084\u30d6\u30ea\u30c3\u30b8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u624b\u6cd5\u3067\u3059\u3002Convertible Note\u306f\u4e00\u8a00\u3067\u8a00\u3048\u3070\u3001\u300c\u5c06\u6765\u7684\u306b\u682a\u5f0f\u306b\u8ee2\u63db\u3055\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u501f\u91d1\u300d\u306e\u3053\u3068\u3067\u3059\u3002\u3042\u304f\u307e\u3067\u501f\u91d1\u3067\u3059\u306e\u3067\u3001\u3082\u3061\u308d\u3093\u8fd4\u6e08\u671f\u9650\uff08Maturity Date\uff09\u304c\u3042\u308a\u307e\u3059\u3057\u3001\u5229\u606f\u3082\u3064\u304f\u306e\u304c\u901a\u5e38\u3067\u3059\u3002 \u6b21\u306bSAFE\u3068\u3044\u3046\u306e\u306f\u3001\u3082\u3061\u308d\u3093\u300c\u5b89\u5168\u300d\u2026\u3067\u306f\u306a\u304f\u3001\u300cSimple Agreement for Future Equity\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u3082\u306e\u3067\u3059\u3002KISS\u3068\u3044\u3046\u306e\u306f\u300c\u63a5\u543b\u300d\u3067\u306f\u306a\u304f\u3001\u300cKeep It Simple Security\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u3082\u306e\u3067\u3059\u3002 \u3053\u308c\u3089\u306f\u8457\u540d\u306aAccelerator Program\u306e\u63d0\u4f9b\u8005\u3067\u3042\u308bY Combinator\u3068500 Startups\u304c\u958b\u767a\u3057\u305f\u3082\u306e\u3067\u3001\u3069\u3061\u3089\u3082\u57fa\u672c\u7684\u306b\u306f\u300cConvertible Equity\u300d\u3068\u547c\u3070\u308c\u308b\u985e\u578b\u306b\u5206\u985e\u3055\u308c\u308b\u3082\u306e\u3067\u3059\uff08KISS\u306b\u306fConvertible Note\u306b\u5206\u985e\u3055\u308c\u308b\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u304c\uff09\u3002\u3053\u3061\u3089\u306fEquity\u3060\u3051\u3042\u3063\u3066\u3001\u501f\u91d1\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3067\u3082\u682a\u5f0f\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u3044\u3063\u305f\u3044Convertible Note\u3068\u30ca\u30cb\u304c\u9055\u3046\u306e\u3055\uff1f\u3068\u3044\u3046\u70b9\u306b\u3064\u3044\u3066\u306f\u3001\u304a\u3044\u304a\u3044\u8aac\u660e\u3057\u3066\u3044\u3053\u3046\u3068\u601d\u3044\u307e\u3059\u3002 \u3055\u3066\u3001\u3053\u308c\u3089\u306eConvertible Note\uff08CN\uff09\u3084Convertible Equity\uff08CE\uff09\u304c\u306a\u305c\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u754c\u9688\u3067\u306e\u30b7\u30fc\u30c9\u30de\u30cd\u30fc\u8abf\u9054\u306e\u4e3b\u6d41\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3068\u3001\u65e5\u672c\u4eba\u7684\u306b\u5206\u304b\u308a\u3084\u3059\u304f\u8a00\u3048\u3070\u300c\u5b89\u3044\u300d\u300c\u65e9\u3044\u300d\u300c\u30a6\u30de\u3044\u300d\u304b\u3089\u306a\u3093\u3067\u3059\u3002\u200b 1. \u65e9\u3044 Preferred 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\u682a\u5f0f\u6295\u8cc7\u3067\u3059\u3068\u3001\u901a\u5e38\u306eSeries A\u3067\u3042\u308c\u3070\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u304b\u3089\u3057\u3066\u6570\u30da\u30fc\u30b8\u304b\u3089\u6642\u306b10\u30da\u30fc\u30b8\u4ee5\u4e0a\u3001\u5b9f\u969b\u306e\u5951\u7d04\u66f8\u9762\u306b\u306a\u308c\u3070\u3001\u5408\u8a08\u3067\u512a\u306b100\u30da\u30fc\u30b8\u3092\u8d85\u3048\u308b\u91cf\u306b\u306a\u308a\u307e\u3059\u3002\u5f01\u8b77\u58eb\u5074\u3067\u3082\u30011st 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