????你的創(chuàng)業(yè)金點子終于成功地找到了天使投資人或風險投資,，對方已經(jīng)簽署了投資意向書后。現(xiàn)在,，距離投資者開出支票只有一步之遙,，即令人望而生畏的“盡職調(diào)查”過程。
????不知為什么,，投資者盡職調(diào)查似乎總是籠罩著一層神秘色彩,，雖然事實上這只不過是對創(chuàng)業(yè)者的商業(yè)模式、團隊,、產(chǎn)品,、客戶和計劃的方方面面進行最后的核查。我認為,，理解盡職調(diào)查只會改善信息流動,，幫助創(chuàng)業(yè)者與投資者建立更好的長期合作關系。
????要知道,，直到此時,，投資者主要還只是與創(chuàng)始人進行了面談，看了書面文件而已,。聰明的投資者在開出支票前,，總是希望能親自或可靠的委托顧問與投資對象的團隊主要成員、幾個客戶見面會談,，評估實際的產(chǎn)品,。如果結(jié)果和他們之前聽到的不符，所有投資將取消,。
????通過這個過程,，他們可以清楚地看到創(chuàng)業(yè)者是否獲得了團隊的全力支持、客戶是否真正看好你的產(chǎn)品,、產(chǎn)品是否已經(jīng)就緒,，以及是否還存在什么定時炸彈。私募股權公司進行盡職調(diào)查的方式各有不同,，但在下面幾個關鍵領域,，創(chuàng)業(yè)者應該永遠做好心理準備：
????? 團隊實力和運轉(zhuǎn)情況。如果是小型團隊,，每個成員可能都會被約談,。投資者將考察團隊人才儲備的深度、忠誠度和投入度,、優(yōu)缺點,、團隊合作和管理風格。團隊運轉(zhuǎn)不良,、關鍵崗位上的員工愛唱反調(diào),，這些都可能會阻礙創(chuàng)業(yè)者獲得投資。
????? 產(chǎn)品或服務的準備情況,。技術性盡職調(diào)查的序幕通常是與工程和產(chǎn)品營銷團隊聯(lián)合展開的評估,，為期一天或兩天。投資者會評估工藝和產(chǎn)品,。目標是100%確認產(chǎn)品的功能和品質(zhì)符合創(chuàng)業(yè)者的介紹,、創(chuàng)業(yè)團隊和工藝在未來也能保證這一點。最后,，他們需要確認知識產(chǎn)權保護的情況,。
????? 市場需求和市場規(guī)模驗證。好的投資者能為公司提供很多幫助,，但不能讓客戶購買產(chǎn)品,。投資者會從創(chuàng)業(yè)者（精心準備）的參考名單開始，可能會和幾十家潛在客戶對話,。他們還會與早有聯(lián)系的科技領袖和業(yè)內(nèi)人士對話,。不花功夫驗證，就不會達成交易,。
????? 持續(xù)的競爭優(yōu)勢,。如果投資者意外發(fā)現(xiàn)了創(chuàng)業(yè)者之前沒有提及的競爭，交易也會無果而終,，突然死亡,。他們會竭力向行業(yè)分析人士求證，確認創(chuàng)業(yè)者確實掌握了獨一無二的王牌,，未來不存在競爭對手,，也不會半路殺出個程咬金,。
????? 業(yè)務和財務狀況。創(chuàng)業(yè)者過去實現(xiàn)財務和業(yè)務目標的情況怎樣,？投資者將確認過去的投資和持股情況,，為投資對象的公司創(chuàng)建一個準確的市值表。因為,，信用記錄糟糕,、目前官司纏身或近年有破產(chǎn)記錄的創(chuàng)始人會大大增加風險。 |
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????After you have successfully attracted angels or venture capital with your million dollar product idea and you have a signed term sheet, there is still one more hurdle to overcome before investors write the check. This is the dreaded "due diligence" process.
????For no good reason, investor due diligence seems shrouded in mystery, when in fact it is nothing more than a final integrity check on all aspects of your business model, team, product, customers and plan. In my view, understanding due diligence can only improve information flow, and leads to a better long-term partnership with your investor.
????Remember that up to this point, the investor has primarily seen and talked to the founder and studied written documents. Before smart investors write a check, they, or a trusted consultant, will want to meet and talk with your key team members, several customers and evaluate the real product. If results don't match what they have been told, all bets are off.
????This is where they find out if your team is all behind you, your customers are truly excited, your product is ready to ship, and there aren't any skeletons in the closet. All private equity groups go about due diligence in their own way, but there are a few key areas of focus that entrepreneurs should always expect:
????? Team strength and health. For small teams, every team member will likely be interviewed. Investors are looking for your depth of talent, loyalty and commitment, strengths and weaknesses, teamwork and management style. A dysfunctional team, or even one naysayer in a critical position can stall your investment.
????? Product or service readiness. Technical due diligence typically starts with a full one or two day review with the engineering and product marketing staff. Investors are evaluating your process as well as your product. The goal is to feel 100% confident that the product has the features and quality you assert, and the team and process to keep it true in the future. Finally, they need to validate intellectual property protections and status.
????? Market need and size validation. A good investor can do a lot to help a company, but can't make customers buy products. Investors will likely talk to dozens of potential customers, starting with your reference list (undoubtedly well prepped). They will also speak to technical leaders and industry contacts where they have prior relationships. No validated pain, no deal.
????? Sustainable competitive advantage. The kiss of death is for investors to find unanticipated competition you neglected to mention. They try to confirm from industry analysts that your differentiators are indeed unique, and that there are no future competitors or big gorillas in stealth mode just around the corner.
????? Business and financial status. How well have you met previous financial and business milestones? Investors will validate pre-existing investments and stock ownership to create an accurate market capitalization sheet for your company. Founders with bad credit, active lawsuits, or recent bankruptcies dramatically increase the risk. |
