Imarike mali. Venture lwamashishini. utyalo-mali

Amaxesha amaninzi kuyenzeka ukuba umntu okanye iqela labantu ixesha elide sele usebenza kwi ethile imveliso okanye inkonzo, emangalisayo ingcinga ngaphandle ishishini, isicwangciso soshishino yaye ukulungele ukuba ndibhaptize intloko yakho emsebenzini. Kodwa nalapho unokufumana i capital ngokwaneleyo ekuqaleni? Imibuzo enokunceda siqalo venture kwimarike capital investment. Yintoni na?

Yintoni ingxowa-mali yabucala?

Private equity fund ebizwa abalamleli abo imali eyinkunzi-mali ezahlukeneyo ezizezakhe iinkampani zabucala (umzekelo iinkampani ezingadweliswanga kwiimarike stock - engekho esidlangalaleni). mali eyinkunzi Venture - nto kwakhona capital abucala, oko kukuthi imali kwiinkampani xa nisaqala zophuhliso. Noko ke, ukuba ukwahlula phakathi iingqiqo ezifana notyalo-mali kwi equity eqhelekileyo, mali, xa kusenziwa kunzima kakhulu, ngoko rhoqo phakathi la magama isehlo. Kodwa kukho umahluko omncinane - kuxhomekeke kwinto yokuba mali mali yotyalo ukwenza utyalo-mali kuphela kwezoshishino start-up.

Regulation kwinqanaba yowiso

utyalo-capital Venture eRashiya kulawulwa ngumthetho kutyalo-mali joint, lweziko kunye funds mutual. Umthetho liqalise inkcazelo efana njenge "venture fund-capital investments." Ababhali yeprojekthi liphuhlise inkqubo-sikhokelo yezomthetho ukudala izibonelelo-mali yotyalo-mali, nethe yanegalelo kuphuhliso iiprojekthi zotyalo-mali kwiinkampani ezahlukeneyo.

utyalo Venture kwamanye amazwe

Enyanisweni, imizekelo into ezifana neengxowa-mali yotyalo efunisela, ichazwa kumgangatho lowiso, kancinane. Nangona kunjalo, imisebenzi yemibutho efana kumazwe amaninzi aphuhlileyo libizwa kakhulu ize iphuhliswe ukwenzela eminyaka. EUnited States ekuqaleni longxowankulu venture senkulungwane ezimbini baye utyalo iiprojekthi ezahlukeneyo phantse ikhulu elinamanci billion zeerandi. Iinkampani exhaswayo akhawunti phantse amabini ekhulwini inani elipheleleyo leenkampani US oluntu, ngaphezulu kwama-amathathu ekhulwini ixabiso lemarike elinanye ekhulwini zonke zentengiso, ezilishumi elinesithathu ekhulwini iinzuzo neenkampani zikarhulumente eUnited States. Njengoko kubonakala, imali yotyalo efunisela ukudlala indima ebalulekileyo kwi-US kuqoqosho.

market yaseYurophu yesibini kuphela i US ophuhliso. Venture beshishini EU nayo yinto exhaphakileyo. Ngokukodwa, ishumi ekhulwini kwimali iyonke lotyalo kanye utyalo-mali kushishino start-up.

Yintoni ingxowa-mali mali?

fund Venture ebizwa utyalo-mali (utyalo-mali) okuququzelela uhlobo evaliweyo (corporate okanye efanayo), icandelo noshowo-asethi leyo engeyiyo anemiqathango eziye zamiselwa. Abagcinisa-mali kunokuba amaqumrhu asemthethweni kuphela. inkampani lolawulo lwee-asethi (AMC) inxaxheba ngqo kwi-asethi mali, inkampani inika umgcini ethembekileyo yokugcina yabo. Ngokukodwa, utyalo mali enzelwe nje kuphela ngemali amashishini ezikhulayo, kodwa ngenxa ukuphunyezwa schemes kulawulo lwepropati.

Ingcamango mali

capital Venture, echasene inkolelo ethandwayo, ukudlala lo mbuzo-mali indima ephambili ezingephi. A isabelo esikhulu yonke kutyalo mali ejoliswe iiprojekthi zophuhliso kuqala bathengwa ingxowamali yoluntu. Capital idlala indima ebaluleke kakhulu sele kwinqanaba elilandelayo, oko kukuthi, ngexesha xa ezintsha ziya inzuzo. Ukutyala kwiiprojekthi start-up ayikho imali "elide" - ngengqiqo ukuba ezi mali ngezimali nkampani kuphela de kufike ixesha ukuba akukho ukuzuza creditworthiness elaneleyo ukuba elidityaniswe kuyo imali eninzi okanye ithengiswe neenkampani ezinkulu (abatyali-qhinga). Igama eqhelekileyo zotyalo efunisela yiminyaka emithathu ukuya kwemihlanu, yaye kwiimeko ezinqabileyo unako ukufikelela iminyaka esibhozo.

Zinto zifuneka kuqala ukuze utyalo-mali yokuqalisa-ups

Niche ukuba utyalo mali apho kuba kwimarike eyinkunzi na isakhiwo kunokuba nzima. iibhanki zorhwebo kulinganiselwe ngemali ekuqaleni-ups, abasayi kuba nako ukwandisa inzala ukuya kwinqanaba eyayiza kubuyekezelwe imingcipheko amashishini abaselula. Ngaphezu koko, imali-mboleko i - indlela embi kakhulu ngezimali iinkampani uyakhula, njengoko imingcipheko amatyala apho, ngokulandelelana, iibhanki nga Ukubonelela ngesixa-mali ka collateralized. Kodwa ke impahla evela kwinkampani entsha ngokuqhelekileyo akwanelanga. Inkxaso ivela abatyali portfolio enkulu (utyalo-mali yomhlala-phantsi), kwakunye ngakwicala imali eninzi kuba iinkampani kuphela okhulileyo enkulu ekhoyo. imali yotyalo-mali ugcwalise nje eli umsantsa - phakathi imithombo eyahlukeneyo ezintsha mali kunye necandelo leebhanki.

mali iqala Income - phi na?

imali Investment, imali yomhlalaphantsi kunye esineziphiwo eyunivesithi, iinkampani ze-inshorensi - eyona mithombo iphambili mali, nto leyo zenza utyalo mali. Inxalenye encinane yemali kufuneka ukutyala kutyalo eyingozi. Uqoqosho lwamazwe phambili kunye nophuhliso yayo ixhomekeke ngqo kwi inkqubo yotyalo-mali, nto leyo ehambisana kunye nemingcipheko ezithile. Ingeniso kulindeleke evela kutyalo-mali enjalo phakathi amathathu ukuya amane ekhulwini ngalinye ngonyaka.

Xa ukhetha i ingxowa-mali venture ijikwa ezinye izikhombisi, nto leyo iquka iiprojekthi ngemali kule ngxowa-mali, impumelelo elidlulileyo nakwigama abaphathi kunye nolawulo. Noko ke, ukuba ukungena imali ikhokelela yokungabikho kwamalungu abaqeqeshiweyo nabanamava, kwakunye koxinzelelo oosomashishini kunye nemfuneko ukuqinisekisa nemiphumo emihle kwixesha elifutshane. Ezi meko oonobangela ukubana umdla kwemali zotyalo mali ukuya ngezimali amashishini amakhulu kunye naphakathi kwi zigaba kamva, ekubeni inika umngcipheko ngaphantsi kunye nexesha ngokukhawuleza. Noko ke, zokuqala iimali mali lwemali zifike inzuzo ephezulu utyalo-mali lwabo ubukhulu becala ngenxa babecinga-kakuhle icebo lotyalo-mali, iindlela ezahlukeneyo imicimbi ayalelayo, kwaye, kakade, umngcipheko nokwahlukana.

Buthini ubuchule obuza kusetyenziswa VCs?

kwizigqibo zengcebo kukhetho iiprojekthi zotyalo ngakumbi ibaluleke. ngaphantsi kwesinye ekhulwini kuphela ingqalelo sikwinqanaba lokuqala leprojekthi kufika utyalo-mali ngqo. Bangama ekhulwini zonke iziphakamiso zingafunwa phantse ngoko nangoko, kwaye ezilishumi aseleyo phantsi uhlalutyo olukhulu. Kubo baze bakhethe yezo zinethamsanqa abafumana le mali elide ilindelwe. Iiprojekthi leyo iyathembisa ithembisa, akunguye iithagethi kuphela kubatyali linge. Enyanisweni, imali-mali rhoqo imali ukukhulisa nokuphuhlisa endle, apho khuphiswano nangoku ayonelanga. Ngokutsho manani, kwi yee- yokuqala, isabelo ezinkulu zotyalo-mali kusiwa kwi imboni yezamandla yee-nineties - ekuvelisweni kweteknoloji, kwaye kunyaka eziphambili nokuphuma kwemali na kwishishini intanethi. Ipatheni esisiseko - mali le ngqo mmandla nkqi sandayo.

Iphupho mali lo

A ukungaqondi eqhelekileyo kukuba ishishini venture benza ukhetho zeenkampani ezithembisayo ukuba zinako ukuba babuyele kwiinkokeli emarikeni. Amaxesha amaninzi, akunjalo. Xa nqanaba lokukhula ngokukhawuleza kwicandelo loqoqosho, iinkampani ezininzi ukuqala-up nayo ngokunzima kuphuhliswa. Kuphela usaqala, xa khuphiswano ufumana buqinile, oomaspala iyivume iya kucaca. Noko ke, abanobuchule venture longxowankulu waba sele ubonisa umzimba iprojekthi zotyalo-mali. Ngoko ngokuphelele ngeke mfuneko ukukhetha inkampani iya kuba abaphumeleleyo kwi inzuzo ukhuphiswano ixesha elide. Kwanele ukufumana yinkampani igcwalisa imfuno asahlumayo kunye nokukhula kunye emarikeni, kwaye ngexesha elifanelekileyo lokusirhoxisa esi sokuqala. Amaxesha amaninzi, efunisela mali zotyalo ukuphepha namacandelo eemarike elingakhuliyo, kwakunye nezo amacandelo musa ukubonisa ithuba lokwanda.

Ngubani na longxowankulu ubumbano?

Ngengqiqo ezaziwa nkulu venture Ambiza ngoko okwesibini umntu ngemali kuphela inkampani asaphuhlayo, kodwa nayo inegalelo iindleko zabo inxaxheba yayo ngqo kunye esebenzayo. Oku inxaxheba kwinkqubo esomphathi, ngokusebenzisa amava kwezinye iiprojekthi kunye nolwazi ngokubanzi kumacandelo ezoqoqosho, Itsala abacebisi, abaphicothi, zasebhange, oko kwenza ukuba umsebenzi ngamandla lweshishini.

structuring eyiyo yemicimbi

Iinketho ze kwentengiso kunokuba kakhulu kunene. Noko ke, kukho ipatheni: intengiselwano kufuneka ibunjwe ngendlela efana ukuvumela kwingxowa mali ithuba lokuba bafumane ingeniso kangangoko ukuba inkampani iya kuba nempumelelo, kwaye kangangoko kunokwenzeka ukuze-inshorensi kuyo nxamnye kukulahlekelwa ngenxa ekuweni. Imiqathango iintengiselwano azinakuqulatha imiqathango elawula le fund ukhuselo. Ukuba projekthi ngempumelelo, kubekho isidingo mali ezongezelelweyo, kwaye iNgxowa-mali iya kuthenga izabelo ezintsha kwi ixabiso imali sokuqala. Ngaphezu koko, ngokwezivumelwano mawubekwe arhente iindleko, ezibandakanya iindleko ekoyiseni ukungavumelani, kwakunye ilahleko ngqo. iindlela ezisebenzayo iintengiselwano ayalelayo kunciphisa ezi ndleko. Ngokuqhelekileyo oku kwenziwa inxaxheba kulawulo kwinkampani, ukuthatha inxaxheba longxowankulu venture kulawulo iliso, abaqalise imali.

Iimali kakhulu ukutyala

Isixhobo eqhelekileyo ukuba iziganeko ezifana utyalo-mali, ingqalelo ukuguqulelwa izabelo ikhethwayo. Ezi izabelo ngexesha yokuphuma kule projekthi iya kuguqulelwa kungena ziqhelekileyo kwaye ithengiswa kubatyali-qhinga (iinkampani ezinkulu) okanye kwiimarike stock. Esi sixhobo inika abatyali-inshorensi elungileyo, ukuba inkampani akaphumeleli, njengokuba kulo mzekelo, le yokugqibela unyanzelekile ukuba abuyisele isixa esipheleleyo-mali eyenziwe abanini yezabelo ikhethwayo.

ukubaluleka sokunabela

Nayiphi na ingxowa-mali Ufuna ukunciphisa ingozi nge nokwahlukana. Oku kuthetha ukuba inkqubo ngemali umdla iziseko eziliqela, enye yazo yiyo ehamba phambili kwaye abanye kubonakala co-kubatyali amalungelo. Kunqabile xa fund uxhaswa yinkampani xa iyonke. Inxaxheba nabo zomntu wesithathu ikuvumela ukuba indidi utyalo-mali, nto leyo kunciphisa ubungozi.