股权激励方案落地执行
十年股权整理解决方案落地实施

　　几个朋友合伙创业，如何分配股权？"

　　How to distribute equity when several friends start a business together? "

　　假设一个负责内容，一个负责技术，一个负责销售，大家的资历又差不多"

　　Assuming one is responsible for content, one for technology, and one for sales, and everyone has similar qualifications“

　　企业的股权分配

　　Equity distribution of enterprises

　　曾风光无限的“千夜”旅游曾于获得中关村兴业的1000万投资，市场估值达到5000万。创始人冯钰反思千夜倒闭的原因时认为，“其实问题核心还是股份结构不合理”。股权分配问题对于创业企业是不得不面临的问题。而且，在最开始如果没有处理好，很可能为今后的创业失败埋下隐患。有的人认为该平均分配，事实上，最错误的做法是股权五五分，五五分的结果是没有分配决定权。在开始的蜜月期可能不会产生争执，正所谓可以共患难，难以同甘苦。到了一定阶段，出现分歧的时候，如果有没有一个人拥有绝对的控制权，可能谁也不服气谁，最终的结果就是分道扬镳，创业失败。基于公司法规定的的股权1/2的决议规则和2/3的特别决议规则，相对理想的股权分配是持1/2以上股权，更理想是2/3以上。本文试图解释实际中有些具体的操作问题。

　　The once glorious "Thousand Nights" tourism once received a 10 million investment from Zhongguancun Xingye, with a market valuation of 50 million. Founder Feng Yu reflected on the reasons for Qianye's bankruptcy and believed that "the core problem is actually the unreasonable share structure". The issue of equity distribution is a problem that start-up enterprises have to face. Moreover, if not handled properly at the beginning, it is likely to lay hidden dangers for future entrepreneurial failures. Some people believe that it should be evenly distributed, but in fact, the most incorrect approach is to split the equity 50-50, which results in no decision-making power over distribution. At the beginning of the honeymoon period, there may not be disputes, as the saying goes, we can share hardships together, but it is difficult to share joys and sorrows. At a certain stage, when there is disagreement, if there is no one who has absolute control, no one may be convinced, and the ultimate result is to go their separate ways and fail the entrepreneurship. Based on the resolution rules of 1/2 equity and 2/3 special resolution stipulated in the Company Law, the relatively ideal equity distribution is to hold more than 1/2 equity, and more ideally more than 2/3 equity. This article attempts to explain some specific operational issues in practice.

　　本文分为三个部分。

　　This article is divided into three parts.

　　一是创始人的股权。

　　One is the founder's equity.

　　二是员工的股权。

　　The second is employee equity.

　　三是众筹的股权。

　　The third is equity raised through crowdfunding.

　　最后分享三家著名创业公司的股权分配案例。

　　Finally, share equity distribution cases of three famous start-up companies.

　　1.创始人的股权1.1确定创始人。创始人是承担了风险的人。判断创始人的简单方法是看，拿不拿工资，如果在最开始，都不能支付工资给你，那你就是创始人。1.2创始人的身价如何确定。

　　1. Founder's equity 1.1 Determine the founder. The founder is someone who takes on risks. The simple way to judge a founder is to look at whether they receive a salary or not. If they cannot pay you a salary at the beginning, then you are the founder. 1.2 How to determine the founder's net worth.

　　1.2.1初始(每人均分100份股权)。我们给每个人创始人100份股权。假设加入公司现在有三个合伙人那么一开始他们分别的股权为100/100/100。

　　1.2.1 Initial (100 shares per person). We give each founder 100 shares. Assuming there are three partners joining the company, their initial equity is 100/100/100.

　　1. 2.2召集人(股权增加5%)。召集人可能是CEO、也可能不是CEO，但如果是他召集了大家一起来创业，他就应该多获得5%股权。假设A是召集人。那么，现在的股权结构为105/100/100。

　　1.2.2 Convenor (increase equity by 5%). The convener may or may not be the CEO, but if he convenes everyone to start a business together, he should receive an additional 5% equity. Assuming A is the convener. So, the current equity structure is 105/100/100.

　　1. 2.3创业点子及执行很重要(股权增加5%)。如果创始人提供了最初的创业点子并执行成功，那么他的股权可以增加5%(如果你之前是 105，那增加5%之后就是110.25%)。

　　1.2.3 Entrepreneurial ideas and execution are crucial (increase equity by 5%). If the founder provides the initial entrepreneurial idea and successfully executes it, their equity can increase by 5% (if you were 105 before, then the increase after 5% is 110.25%).

　　1. 2.4迈出第一步最难(股权增加5%-25%)。如果某个创始人提出的概念已经着手实施，比如已 经开始申请专利、已经有一个演示原型、已经有一个产品的早期版本，或者其他对吸引投资或贷款有利的事情，那么这个创始人额外可以得到的股权，从5%到 25%不等。

　　1.2.4 Taking the first step is the most difficult (increasing equity by 5% -25%). If a concept proposed by a founder has already been implemented, such as starting to apply for a patent, having a demonstration prototype, having an early version of a product, or other things that are beneficial for attracting investment or loans, then the additional equity that the founder can receive ranges from 5% to 25%.

　　1. 2.5CEO，即总经理应该持股更多(股权增加5%)。CEO作为对公司贡献最大的人理应拥有更大股权。一个好的CEO对公司市场价值的作用，要大于一个好的CTO，所以担任 CEO职务的人股权应该多一点点。

　　1. 2.5CEO， The general manager should hold more shares (increase equity by 5%). The CEO, as the person who contributes the most to the company, should have a larger stake. A good CEO has a greater impact on the market value of a company than a good CTO, so the person holding the CEO position should have a little more equity.

　　1. 2.6全职创业是最最有价值的(股权增加200%)。如果有的创始人全职工作，而有的联合创始人兼职工作，那么全职创始人更有价值。因为全职创始人工作量更大，而且项目失败的情况下冒的风险也更大。

　　1.2.6 Full time entrepreneurship is the most valuable (with a 200% increase in equity). If some founders work full-time and some co founders work part-time, then full-time founders are more valuable. Because full-time founders have a greater workload and take on greater risks in the event of project failure.

　　1. 2.7信誉是最重要的资产(股权增加50-500%)。如果创始人是第一次创业，而他的合伙人里有人曾经参与过风投投资成功了的项目，那么这个合伙人比创始人更有投资价值。在某些极端情况 下，某些创始人会让投资人觉得非常值得投资，这些超级合伙人基本上消除了“创办阶段”的所有风险，所以最好让他们在这个阶段获得最多的股权。

　　1.2.7 Reputation is the most important asset (increase equity by 50-500%). If the founder is starting a business for the first time and one of his partners has participated in successful venture capital investment projects, then this partner has more investment value than the founder. In some extreme cases, certain founders may make investors feel very worthwhile to invest in, and these super partners essentially eliminate all the risks of the "founding stage", so it is best to give them the most equity at this stage.

　　1. 2.8现金投入参照投资人投资。很可能是某个合伙人投入的资金相对而言多的多。这样的投资应该获较多的股权，因为最早期的投资，风险也往往最大，所以应该获得更多的股权。

　　1.2.8 Cash investment refers to investor investment. It is likely that a partner has invested relatively more funds. This type of investment should earn more equity, as the earliest investments often carry the highest risks, so more equity should be obtained.

　　1. 2.9最后进行计算。现在，如果最后计算的三个创始人的股份是为200/150/250，那么将他们的股份数相加(即为600份)作为总数，再计算他们每个人的持股比例：33%/25%/42%。

　　1.2.9 Finally, perform the calculation. Now, if the final calculated shares of the three founders are 200/150/250, add up their shares (which is 600 shares) as the total, and then calculate their respective shareholding ratios: 33%/25%/42%.

　　1.3创始人股权的退出机制

　　1.3 Exit mechanism of founder's equity

　　作为创业企业，如果创始人离开创业团队就涉及股权的退出机制。如果不设定退出机制，允许中途退出的合伙人带走股权，对退出合伙人的公平，但却是对其它长期参与创业的合伙人最大的不公平，对其它合伙人也没有安全感。对于退出的合伙人，一方面，可以全部或部分收回股权；另一方面，必须承认合伙人的历史贡献，按照一定溢价/或折价回购股权。对于如何确定具体的退出价格，涉及两个因素，一个是退出价格基数，一个是溢价/或折价倍数。可以考虑按照合伙人掏钱买股权的购买价格的一定溢价回购、或退出合伙人按照其持股比例可 参与分配公司净资产或净利润的一定溢价，也可以按照公司最近一轮融资估值的一定折扣价回购。有些退出价格是当时投入的本金，加合理利息回报。至于选取哪个退出价格，不同公司会存在差异。

　　As a startup enterprise, if the founder leaves the entrepreneurial team, it involves an exit mechanism for equity. If an exit mechanism is not established, allowing partners who withdraw midway to take away their equity would be fair to the withdrawing partners, but it would be the greatest unfairness to other long-term partners who have participated in entrepreneurship, and there would be no sense of security for other partners. For withdrawing partners, on the one hand, they can fully or partially recover their equity; On the other hand, it is necessary to acknowledge the historical contributions of partners and repurchase equity at a certain premium/discount. There are two factors involved in determining the specific exit price: one is the exit price base, and the other is the premium/discount multiple. It is possible to consider repurchasing at a certain premium based on the purchase price of equity paid by partners, or withdrawing partners can participate in the distribution of the company's net assets or net profits at a certain premium based on their shareholding ratio, or repurchasing at a certain discount price based on the company's most recent financing valuation. Some exit prices are based on the principal invested at the time, plus reasonable interest returns. As for which exit price to choose, there may be differences among different companies.

　　1.4股权与分红权的分离

　　1.4 Separation of Equity and Dividend Rights

　　分红权和股权可以分离，表决权理论上也可以分离。对于出资较大的合伙人，可以给与较大的分红权，但对于承担风险较大的，应给与较大的股权。具体做法可以参照最后一个案例。

　　Dividend rights and equity can be separated, and voting rights can also be theoretically separated. For partners with significant capital contributions, they can be given greater dividend rights, but for those who bear greater risks, they should be given greater equity. The specific approach can refer to the last case.

　　1.5股权协议的约定

　　1.5 Provisions of Equity Agreement

　　一些公司出现拥有股权的合伙人在创业过程中出现了，违背创业企业利益的行为，比如泄密或者携带知识产权另立门户等，为了保护创业企业其他合伙人的利益，最好在协议中约定这些对股权的限制条款。还可制定股权实现的考核标准，不达到考核标准不拥有股权。

　　Some companies have partners who own equity and engage in behaviors that violate the interests of the startup enterprise during the entrepreneurial process, such as leaking confidential information or setting up new portals with intellectual property. In order to protect the interests of other partners in the startup enterprise, it is best to include these restrictive clauses on equity in the agreement. Assessment standards for equity realization can also be established, and those who do not meet the assessment standards will not own equity.

　　2员工的股权

　　Equity of 2 employees

　　什么是员工？谁是员工的判断标准是看其是否是具有员工心态的人。在创业企业，有些合伙人希望把员工当做合伙人，也给与股权激励。这样的做法，一个负面作用是，过早的分散了股权，另一个负面作用是，拥有员工心态的人，希望得到的是稳定的现金收入，而不是未来可能增值的股权，因此得不到满足。因此，即使是作为激励作用的股权也不应当份额过大。员工管理问题不应单纯利用股权解决。一般来说，VC会要求员工持股计划在VC投资进来之前执行，这样VC就可以减少稀释。不过不能认为这是A轮VC自私，要知道B轮VC到时候也会要求在他们进来之前再执行一次员工持股计划，这时A轮VC和创始股东将一起稀释。员工的期权比例应该留多少？一般来说是5-15%。

　　What is an employee? The criterion for determining who an employee is is whether they possess an employee mindset. In entrepreneurial enterprises, some partners hope to treat employees as partners and also provide equity incentives. One negative effect of this approach is that it prematurely disperses equity, and another negative effect is that people with an employee mindset hope to receive stable cash income rather than potentially valuable equity in the future, thus not being satisfied. Therefore, even equity used as an incentive should not have an excessive share. Employee management issues should not be solved solely through equity. Generally speaking, VCs require employee stock ownership plans to be executed before VC investments come in, so that VC can reduce dilution. However, it cannot be considered selfish by Series A VCs. It should be noted that Series B VCs will also require another employee stock ownership plan to be executed before they enter, at which point Series A VCs and founding shareholders will dilute together. How much of an employee's option ratio should be retained? Generally speaking, it is 5-15%.

　　3众筹的股权

　　3 Crowdfunding Equity

　　众筹从概念逐渐变为实践，“股权众筹是否构成非法集资”已经不再是法律角度的焦点。股权众筹，既然是“众”筹，就说明股东数量非常多。不过，公司法规定，有限责任公司的股东不超过50人，非上市的股份有限公司股东不超过200人。法律对公司股东人数的限制，导致大部分众筹股东不能直接出现在企业工商登记的股东名册中。这一问题的解决方案一般有两种：

　　Crowdfunding has gradually evolved from a concept to practice, and whether equity crowdfunding constitutes illegal fundraising is no longer a legal focus. Equity crowdfunding, since it is a 'crowdfunding', indicates that there are a large number of shareholders. However, the Company Law stipulates that the number of shareholders of a limited liability company shall not exceed 50, and the number of shareholders of a non listed limited liability company shall not exceed 200. The legal restrictions on the number of shareholders in a company result in most crowdfunding shareholders not being able to appear directly in the shareholder register of the enterprise's business registration. There are generally two solutions to this problem:

　　3.1委托持股，或者说是代持股。一个实名股东分别与几个乃至几十个隐名的众筹股东签订代持股协议，代表众筹股东持有众筹公司股份。在这种模式下，众筹股东并不亲自持有股份，而是由某一个实名股东持有，并且在工商登记里只体现出该实名股东的身份。中国国内法律已经认可了保护真实股东的合法利益，也就是即使股东名册里面没有出现众筹股东的名字，只要有协议证明真实股东是真实的出资人，其权益也是被保障的。

　　3.1 Entrusted shareholding, or proxy shareholding. A real name shareholder signs proxy shareholding agreements with several or even dozens of anonymous crowdfunding shareholders, representing the crowdfunding shareholders to hold shares in the crowdfunding company. In this mode, crowdfunding shareholders do not personally hold shares, but are held by a certain real name shareholder, and only the identity of that real name shareholder is reflected in the business registration. Chinese domestic laws have recognized the legitimate interests of protecting real shareholders, which means that even if the names of crowdfunding shareholders do not appear in the shareholder register, as long as there is an agreement to prove that the real shareholders are real investors, their rights and interests are also protected.

　　3.2持股平台持股。比如，先设立一个持股平台，五十个众筹股东作为这个持股平台的投资人，把资金投入持股平台；然后，持股平台把这笔款再投入众筹公司，由持股平台作为众筹公司的股东。这样五十个众筹股东在众筹公司里只体现为一个股东，即持股平台。持股平台可以是有限责任公司，也可以 是有限合伙。两者对于众筹股东来说都是有限责任的。按照合伙企业法，通常有限合伙 人不参与管理，由普通合伙人负责管理。这样，众筹发起人就可以其普通合伙人的身份，管理和控制持股平台，进而控制持股平台在众筹公司的股份，也就实际上控 制了众筹股东的投资及股份。

　　3.2 Shareholding Platform Shareholding. For example, first establish a shareholding platform, with fifty crowdfunding shareholders as investors to invest their funds into the platform; Then, the holding platform reinvests this amount into the crowdfunding company, with the holding platform serving as a shareholder of the crowdfunding company. In this way, the fifty crowdfunding shareholders are only reflected as one shareholder in the crowdfunding company, that is, the holding platform. The shareholding platform can be a limited liability company or a limited partnership. Both are limited liability for crowdfunding shareholders. According to the Partnership Enterprise Law, limited partners usually do not participate in management and are managed by general partners. In this way, the crowdfunding initiator can manage and control the holding platform as a general partner, and thus control the shares of the holding platform in the crowdfunding company, effectively controlling the investments and shares of the crowdfunding shareholders.

　　这里谈一下期权池，期权池是在融资前为未来引进高级人才而预留的一部分股份，用于激励员工(包括创始人自己、高管、骨干、普通员工)，是初创企业实施股权激励计划(Equity Incentive Plan)最普通采用的形式，在欧美等国家被认为是驱动初创企业发展必要的关键要素之一。硅谷的惯例是预留公司全部股份的10%-20%作为期权池，较大的期权池对员工和VC具更大吸引力。VC一般要求期权池在它进入前设立，并要求在它进入后达到一定比例。由于每轮融资都会稀释期权池的股权比例，因此一般在每次融资时均调整(扩大)期权池，以不断吸引新的人才。

　　Let's talk about a stock option pool here. A stock option pool is a portion of shares reserved before financing for the future introduction of senior talents, used to motivate employees (including founders themselves, executives, key personnel, and ordinary employees). It is the most common form of equity incentive plan implemented by startups and is considered one of the key elements necessary to drive the development of startups in countries such as Europe and America. The convention in Silicon Valley is to reserve 10% -20% of a company's total shares as an option pool, with larger options pools being more attractive to employees and venture capitalists. VC generally requires the option pool to be established before it enters and to reach a certain percentage after it enters. As each round of financing dilutes the equity ratio of the option pool, the option pool is generally adjusted (expanded) during each round of financing to continuously attract new talents.

　　最后以几家著名的公司做个案例。苹果，起始阶段的股权比例是乔布斯和沃兹尼亚克各45%，韦恩10%；谷歌，佩吉和布林一人一半；Facebook，扎克伯格65%，萨维林30%，莫斯科维茨5%。

　　Finally, let's take a few famous companies as examples. Apple's initial equity ratio was 45% each for Jobs and Wozniak, and 10% for Wayne; Google, Peggy, and Brin are split equally; Facebook， Zuckerberg 65%, Savilin 30%, Moskovitz 5%.

　　苹果电脑是沃兹尼亚克开发的，但乔布斯和沃兹股份一样（沃兹的父亲对此非常不满），因为乔布斯不仅是个营销天才，而且拥有领导力，对公司未来意志坚定激情四射。而沃兹生性内敛，习惯于一个人工作，并且只愿意兼职为新公司工作，乔布斯和他的朋友家人百般劝说才同意全职。至于韦恩，他拥有10%是因为其他两人在运营公司方面完全是新手，需要他的经验。由于厌恶风险，韦恩很快就退股了，他一直声称自己从未后悔过。

　　The Apple computer was developed by Wozniak, but Jobs was just like Wozniak Corporation (Wozniak's father was very dissatisfied with this) because Jobs was not only a marketing genius, but also had leadership skills and a strong passion for the company's future. However, Wozniak was introverted by nature, accustomed to working alone, and only willing to work part-time for the new company. Jobs and his friends and family tried various persuasions before agreeing to work full-time. As for Wayne, he owns 10% because the other two are completely new to running the company and need his experience. Due to his aversion to risk, Wayne quickly withdrew from the stock, claiming that he had never regretted it.

　　Facebook是扎克伯格开发的，他又是个意志坚定的领导者，因此占据65%，萨维林懂得怎样把产品变成钱，莫斯科维茨则在增加用户上贡献卓著。不过，Facebook起始阶段的股权安排埋下了日后隐患。由于萨维林不愿意和其他第二页人一样中止学业全情投入新公司，而他又占有1/3的股份。因此，当莫斯科维茨和新加入但创业经验丰富的帕克贡献与日俱增时，就只能稀释萨维林的股份来增加后两者的持股，而萨维林则以冻结公司账号作为回应。A轮融资完成后，萨维林的股份降至不到10%，怒火中烧的他干脆将昔日伙伴们告上了法庭。萨维林之所以拿那么高股份是因为他能为公司赚到钱，而公司每天都得花钱。但扎克伯格的理念是“让网站有趣比让它赚钱更重要”，萨维林想的则是如何满足广告商要求从而多赚钱。短期看萨维林是对的，但这么做不可能成就一家伟大的公司，扎克伯格对此心知肚明。Facebook正确的办法应当是早一点寻找天使投资，就像苹果和谷歌曾经做过的那样。在新公司确定产品方向之后，就需要天使投资来帮助自己把产品和商业模式稳定下，避免立即赚钱的压力将公司引入歧途。Facebook的天使投资人是帕克的朋友介绍的彼得·泰尔，他注资50万美元，获得 10%股份。这之后，Facebook的发展可谓一帆风顺，不到一年就拿到了A轮融资——阿克塞尔公司投资1270万美元，公司估值1亿美元。7年后的2012年，Facebook上市，此时公司8岁。谷歌从天使到A轮的时间差不多是一年。硅谷著名风投公司KPCB和红杉资本各注入谷歌125万美元，分别获得10%股份。5后的2004年，也就是公司创立6年后，谷歌上市，近2000名员工获得配股。苹果公司在马库拉投资后没有经历后续融资，4年之后上市，上百名员工成了百万富翁，此时公司5岁。

　　Facebook was developed by Zuckerberg, who is a determined leader and therefore holds 65% of the market share. Savileen knows how to turn products into money, while Moskovitz has made significant contributions in increasing user base. However, Facebook's initial equity arrangement laid the groundwork for future risks. Due to Savilin's unwillingness to suspend his studies and fully devote himself to the new company like other people on the second page, and his ownership of one-third of the shares. Therefore, as the contributions of Moscowitz and the newly joined but experienced Parker continue to grow, Savilin's shares can only be diluted to increase the holdings of the latter two, and Savilin responds by freezing the company account. After the completion of Series A financing, Savilin's shares dropped to less than 10%, and he was so angry that he even sued his former partners. The reason why Savilin holds such a high stake is because he can make money for the company, which has to spend money every day. But Zuckerberg's philosophy is that "making a website interesting is more important than making it profitable," while Savilin's idea is how to meet advertisers' demands and make more money. In the short term, Savilin may seem right, but doing so is unlikely to create a great company, and Zuckerberg is well aware of this. The correct approach for Facebook should be to seek angel investments earlier, just as Apple and Google have done before. After determining the product direction of the new company, angel investment is needed to help stabilize the product and business model, and avoid the pressure of immediate profit from leading the company astray. The angel investor of Facebook was Peter Thiel, introduced by Parker's friend, who invested $500000 and acquired 10% of the shares. Afterwards, Facebook's development was smooth sailing, and it received Series A financing in less than a year - Axel invested $12.7 million, valuing the company at $100 million. In 2012, 7 years later, Facebook went public at the age of 8. Google went from Angel to Series A in about a year. Renowned Silicon Valley venture capital firms KPCB and Sequoia Capital each injected $1.25 million into Google, each acquiring a 10% stake. In 2004, six years after the company was founded, Google went public and nearly 2000 employees were granted rights issues. Apple did not experience any follow-up financing after investing in Markura, and went public four years later, with hundreds of employees becoming millionaires at the age of five.

　　创业团队在组建过程中需要制定股权分配方案。随着公司逐渐变大，资本需求会越来越旺，后续融资不可避免，引进经验丰富的运营人才也必须授予其股权或期权，这些都会稀释创始人的股权。事实上，创始人在公司长大之后如何不被董事会踢出自己创办的公司，早已是硅谷的经典话题之一。乔布斯在苹果上市4年半后被赶出了苹果公司，没有一个创始人愿意失去自己的公司，而他们也有办法做到这一点，那就是采用双层股权结构（就是前文提到的表决权和分红权分离的做法）。

　　Entrepreneurial teams need to develop equity distribution plans during the formation process. As the company gradually grows, capital demand will become increasingly strong, and subsequent financing is inevitable. The introduction of experienced operational talents must also be granted equity or options, which will dilute the founder's equity. In fact, how founders can avoid being kicked out of their companies by the board of directors after growing up has long been a classic topic in Silicon Valley. Steve Jobs was expelled from Apple four and a half years after its IPO, and no founder was willing to lose their company. However, they had a way to achieve this by adopting a dual class equity structure (the separation of voting and dividend rights mentioned earlier).

　　苹果当年是单一股权结构，同股同权，苹果上市后，乔布斯的股权下降到11%，董事会里也没有他的铁杆盟友（他本以为马库拉会是），触犯众怒后的结局可想而知。谷歌则在上市时重拾美国资本市场消失已久的AB股模式，佩吉、布林、施密特等公司创始人和高管持有B类股票，每股表决权等于A类股票10股的表决权。

　　At that time, Apple had a single equity structure, with equal shares and rights. After Apple went public, Steve Jobs' equity dropped to 11%, and he did not have a loyal ally in the board of directors (he had thought Macula would be). The outcome after offending the public can be imagined. Google, on the other hand, regained the long lost AB share model in the US capital market when it went public. The founders and executives of companies such as Page, Brin, and Schmidt held Class B shares, with each share having voting rights equal to 10 shares of Class A shares.

　　2012年，谷歌又增加了不含投票权的C类股用于增发新股。这样，即使总股本继续扩大，即使创始人减持了股票，他们也不会丧失对公司的控制力。预计到 2015年，佩吉、布林、施密特持有谷歌股票将低于总股本的20%，但仍拥有近60%的投票权。Facebook前年上市时同样使用了投票权1：10的AB股模式，这样扎克伯格一人就拥有28.2的表决权。此外，扎克伯格还和主要股东签订了表决权代理协议，在特定情况下，扎克伯格可代表这些股东行使表决权，这意味着他掌握了56.9%的表决权。

　　In 2012, Google added non voting Class C shares for issuing new shares. In this way, even if the total share capital continues to expand and the founders reduce their holdings of stocks, they will not lose control of the company. It is expected that by 2015, Peggy, Breen, and Schmidt will hold less than 20% of Google's total share capital, but still hold nearly 60% of the voting rights. When Facebook went public two years ago, it also used a 1:10 voting rights AB share model, so Zuckerberg alone had 28.2 voting rights. In addition, Zuckerberg has signed a voting proxy agreement with major shareholders, which allows him to exercise voting rights on behalf of these shareholders in certain circumstances, meaning he holds 56.9% of the voting rights.

　　在中国，公司法规定同股同权，不允许直接实施双层或三层股权结构，但公司法允许公司章程对投票权进行特别约定（有限责任公司），允许股东在股东大会上将自己的投票权授予其他股东代为行使（股份有限公司）。

　　In China, the Company Law stipulates that equal shares and equal rights are not allowed to directly implement a dual or three-tier equity structure. However, the Company Law allows for special provisions on voting rights in the company's articles of association (for limited liability companies), and allows shareholders to delegate their voting rights to other shareholders at the shareholders' meeting (for joint stock limited companies).

　　最后的最后，我想说，股权分配问题是一种博弈，是不同角色之间的讨价还价，也取决于不同人的性格，没有一个标准答案。

　　Finally, I would like to say that the issue of equity distribution is a game, a bargaining between different roles, and also depends on the personalities of different people. There is no standard answer.

　　有一种说法是大股东保持30%-50%左右的股份比较好，考虑到公司治理的问题，避免一股独大，独断专权。另外一个大股东20%-30%之间，既有动力又有商量，达到治理和利益的平衡。

　　There is a saying that it is better for the major shareholder to maintain around 30% -50% of the shares. Considering the issue of corporate governance, it is important to avoid a monopoly and arbitrary power. Another major shareholder, between 20% and 30%, has both motivation and negotiation to achieve a balance between governance and interests.

　　创始人股权分配的技术性问题大家有所讨论。

　　We have discussed the technical issues regarding the distribution of founder's equity.

　　一个问题：有的团队非常注意这些分配股权要素，事后依然出现了分崩离析；有的团队是拍脑袋决定的股权分配，但是一直团结到胜利的最后一刻。为什么？

　　One problem: Some teams pay great attention to these elements of equity allocation, but they still fall apart afterwards; Some teams make impulsive decisions about equity distribution, but remain united until the last moment of victory. Why?

　　这些技术性因素不是全部，甚至是次要的。人的因素是最重要的。

　　These technical factors are not all, and may even be secondary. The human factor is the most important.

　　团队分配股权，根本上讲是要让创始人在分配和讨论的过程中，从心眼里感觉到合理、公平，从而事后甚至是忘掉这个分配而集中精力做公司。这是最核心的，也是创始人容易忽略的。

　　The allocation of equity by the team is fundamentally aimed at making the founder feel reasonable and fair from the bottom of their heart during the distribution and discussion process, so that they can even forget about the allocation afterwards and focus on the company. This is the most crucial and often overlooked by founders.

　　因此提一个醒，再复杂、全面的股权分配分析框架和模型显然有助于各方达成共识，但是绝对无法替代信任的建立。希望创始人能够开诚布公的谈论自己的想法和期望，任何想法都是合理的，只要赢得你创业兄弟的由衷认可。写到这，多说两句。

　　Therefore, it should be noted that even the most complex and comprehensive framework and model for analyzing equity distribution can clearly help all parties reach consensus, but it cannot replace the establishment of trust. I hope the founder can openly discuss their ideas and expectations. Any idea is reasonable as long as it wins the sincere recognition of your entrepreneurial brothers. Write this and say a few more words.

　　股权分配的本质牵扯到两个根本性问题：一个是创始人对公司的控制，一个是获取更多资源让公司成功，从而创始人获得巨大经济回报（让有能力的人来帮你，包括找有实力创始人和投资人）。

　　The essence of equity distribution involves two fundamental issues: one is the founder's control over the company, and the other is to obtain more resources to make the company successful, so that the founder can receive huge economic returns (by having capable people help you, including finding powerful founders and investors).

　　绝大多数情况下，对于一个创业公司的创始人，保持控制力和获得经济回报难以两全其美。因为一个初创公司需要获得外部资源来创造价值，而获取外部资源通常要求创始人削弱其控制力（例如，不做CEO，让别人加入董事会）。教我创业学的教授Noam Wasserman研究了457个技术型企业，做了一个有关创始人困境的很有价值的研究。

　　In the vast majority of cases, it is difficult for the founder of a startup company to achieve both control and economic returns. Because a startup company needs to acquire external resources to create value, and acquiring external resources often requires the founder to weaken their control (such as not being a CEO and allowing others to join the board of directors). Professor Noam Wasserman, who taught me entrepreneurship, researched 457 technology-based companies and conducted a valuable study on the founder dilemma.

　　创始人（们）需要坦诚面对自己，回答自己创业的原动力到底是什么。是获得巨大经济回报？还是按自己的意愿做事情？没有对错，只有是否忠于自己。答案清晰，就更容易达成自己的目标。如果，两个都想要 （也没有错），反而最后容易一个也没得到。

　　Founders need to be honest with themselves and answer what the driving force behind their entrepreneurship is. Is it a huge economic return? Or should we do things according to our own wishes? There is no right or wrong, only loyalty to oneself. Clear answers make it easier to achieve one's goals. If you want both (which is not wrong), it is easy to end up not getting either.

　　回到最初的问题，只有创始人坦诚面对自己的驱动力和欲望，和你挥洒青春共奋斗的创业团队才能容易建立稳固的信任。

　　Going back to the original question, only when the founder is honest about their driving forces and desires, can a startup team that works together with you to unleash their youth easily establish a solid trust.

　　非常重要的一点，想起来。看到没有人讨论，加在这里。

　　A very important point, remember. If no one is discussing it, add it here.

　　股权划分完了，必须要有相应的股权兑现约定 Vesting，否则股权的分配没有意义。这是说，股权按照创始人在公司工作的年数/月数，逐步兑现给创始人。道理很简单，创业公司是做出来的，做了：应该给的股权给你。不做：应该给的不能给，因为要留给真正做的人。

　　After the equity division is completed, there must be a corresponding equity redemption agreement Vesting, otherwise the distribution of equity is meaningless. This means that equity is gradually redeemed to the founder based on the number of years/months the founder has worked in the company. The reason is simple. Start up companies are created, and when they do, they give you the equity that should be given to them. Not doing: What should be given cannot be given, because it should be left to the person who truly does it.

　　一般的做法是按照4～5年兑现。比方说，工作满第一年后兑现25%，然后可以按照每月兑现2%。

　　The general practice is to cash in according to 4-5 years. For example, after completing the first year of work, 25% can be redeemed, and then 2% can be redeemed monthly.

　　这是对创业公司和团队自身的保护。谁也没办法保证，几个创始人会一起做5～7年。事实上，绝大多数情况是某个（些）创始人由于各种原因会离开。不想看到的情景是，2个创始人辛苦了5年，终于做出了成绩。而一个干了3周就离开的原创始人，5年后回来说公司25%是属于他的。

　　This is for the protection of the startup company and the team itself. No one can guarantee that several founders will work together for 5-7 years. In fact, in the vast majority of cases, one or more founders will leave due to various reasons. The unexpected scenario is that the two founders worked hard for 5 years and finally achieved results. And an original creator who left after working for 3 weeks came back 5 years later saying that 25% of the company belonged to him.

　　这个事容易忽略。如果股权已经分配好，忘了谈这个事情，大家必须坐到一块，加上股权兑现的约定。

　　This matter is easy to overlook. If the equity has already been allocated and we forget to discuss this matter, everyone must sit together and add an agreement for equity redemption.

　　团队打架是创业失败的前三大诱因之一。而团队打架，很大程度上是由最初的股份分配埋下的恶果。创业始于n个人的m个主意，就本文的情况是“技术+内容+销售”的组合，可见不是一个纯技术或者纯模式的公司，很有可能需要各方能力的相互配合。然而，无论是人在先还是主意在先，股权在人之间的分配基本是头等重要和首先发生的少数几件大事之一。

　　Teamfight is one of the top three causes of entrepreneurial failure. And team fights are largely the result of the initial distribution of shares. Entrepreneurship begins with n people's m ideas. In the case of this article, it is a combination of "technology+content+sales", indicating that it is not a pure technology or pure model company, and it is likely to require the cooperation of various abilities. However, whether it is the person or the idea that comes first, the distribution of equity among individuals is basically one of the top few important and significant events that occur first.

　　于是无数创业者就会咨询一个问题：创始团队如何分配股权。也有无数的投资人和律师朋友也从多个角度来阐述这些问题，虽然言之凿凿而理论基础很强，但是却稍微缺乏操作性。

　　So countless entrepreneurs will consult a question: how to allocate equity for the founding team. There are also countless investors and lawyer friends who have elaborated on these issues from multiple perspectives. Although they are firm and have a strong theoretical foundation, they lack some operability.

　　回到本文“技术+内容+销售”的组合，核心问题还是分清楚谁是老大，不管老大擅长什么，总需要有人在Leadership和核心决策上拿最大的主意，于是老大拿走最多的股份而绝对不能三等分；然后确定老二及老三，最后按照一定的合适比例来划分。

　　Returning to the combination of "technology+content+sales" in this article, the core issue is still to distinguish who is the boss. No matter what the boss is good at, someone always needs to have the biggest idea in leadership and core decision-making. Therefore, the boss takes the most shares and cannot be divided into three equal parts; Then determine the second and third ones, and finally divide them according to a certain appropriate ratio.

　　然而什么是合适的比例？这个问题与其一事一议，不如给出个统计和标杆，看看别人怎么做的。创业的过程就是创造利益随后分配利益，然后进入下一个循环。所以这次解决了，不一定下次能搞定。授人以鱼不如授人以渔，还是让数据和案例说话吧。而且令人兴奋的是，之前从来没有人想过用定量的方式来解剖这个敏感的问题——创始团队的构成及股权划分。

　　However, what is the appropriate proportion? Instead of discussing this issue on a case by case basis, it's better to provide statistics and benchmarks to see how others have done it. The process of entrepreneurship is to create benefits, distribute them, and then enter the next cycle. So if we solve it this time, we may not be able to handle it next time. Teaching people how to fish is better than teaching them how to fish. Let data and cases speak for themselves. And what's exciting is that no one has ever thought of dissecting this sensitive issue in a quantitative way before - the composition of the founding team and the division of equity.

　　下图是创始团队人数的占比分布图，83%的创业团队小于等于三人，可见“3”在组建创始团队的过程中是个黄金数字。同时，31%的创业只有一个创始人，这种情况比较极端：要么是创始人在创业时就有非常靓丽的背景、资源和人脉，不太需要其他人的帮助；要么是创始人在创业时一穷二白，实在很难召唤到高级别的合作方。另外，创始人超过5人的占比已经降到8%，这也一定程度上说明，“众人拾柴火焰高”也不全然是那么回事。而“表演者受过专业训练，切勿轻易模仿”，比如：雷军的小米就集齐了八颗龙珠召唤神龙。

　　The following figure shows the distribution of the proportion of founding team members. 83% of entrepreneurial teams have less than or equal to three members, indicating that "3" is a golden number in the process of forming a founding team. At the same time, 31% of startups have only one founder, which is an extreme situation: either the founder has a very beautiful background, resources, and network when starting the business, and does not need much help from others; Either the founder is penniless when starting a business, making it difficult to summon high-level partners. In addition, the proportion of founders with more than 5 people has dropped to 8%, which to some extent indicates that "everyone gathers firewood and the flame is high" is not entirely the case. And 'performers have received professional training and should not easily imitate', for example, Lei Jun's Xiaomi collected eight dragon beads to summon the divine dragon.

　　下图创始人CEO（老大）的股权比例，区间为[22%，100%]。除了31%的单飞创始人拿到100%的股权，股权比例最密集的区域是50%-70%，占比达到39%。老大股权的平均值为74%，中位值为70%。

　　The equity ratio of the founder CEO (boss) in the following figure ranges from [22%, 100%]. Except for 31% of solo founders who hold 100% equity, the most densely populated area for equity proportion is 50% -70%, accounting for 39%. The average value of the boss's equity is 74%, with a median value of 70%.

　　创业者经常也被投资人或律师建议老大的股权要超过50%以保持绝对的话语权，89%的创业企业做到这一点。但是仍有5%的企业，老大的股权低于40%，这可能给公司未来的发展埋下隐患。比如：四个好朋友每人25%平分公司的股权进行创业，最后打得一塌糊涂。人性是不能被考验的，“昨天还叫人家小甜甜，今天就叫人家牛夫人。”

　　Entrepreneurs are often advised by investors or lawyers that the boss's equity should exceed 50% to maintain absolute say, and 89% of start-up companies achieve this. However, there are still 5% of companies where the leader's equity is less than 40%, which may pose a hidden danger to the company's future development. For example, four good friends each split 25% of the company's equity to start a business, but in the end, it ended up in a mess. Human nature cannot be tested. Yesterday I called her Sweetie, today I call her Mrs. Cow

　　下图是创业团队老二至老五相对于老大的股权比值。因为创业团队划分股权比例一般存在两个逻辑：第一，我老x较之老大的股权比例是多少，不能太多也不能太少；第二，我老x在投资人进来之前应该占到公司总盘子的多少。所以此统计逻辑按照第一个思路来。老二较之老大的平均值及中位值分别为47%/42%，老三较之老大为26%/20%，老四较之老大为19%/12%，老五较之老大为17%/12%。

　　The following figure shows the equity ratio of the second to fifth members of the entrepreneurial team relative to the leader. Because there are generally two logics for dividing the equity ratio of entrepreneurial teams: first, what is the equity ratio of my boss X compared to the boss, neither too much nor too little; Secondly, how much of the company's total plate should I hold before investors come in. So this statistical logic follows the first idea. The average and median values of the second place compared to the first place are 47%/42%, the third place compared to the first place is 26%/20%, the fourth place compared to the first place is 19%/12%, and the fifth place compared to the first place is 17%/12%.

　　在老大确定股权比例之后，创始团队剩下的合伙人开始分配股权。下图用除老大之外的创始人股权比例的RSD 分布进行展示（此图不包含只有两个创始人的情况，因为除老大之外的创始人仅剩一人，因此股权比例的RSD为零，影响结论）。由图可以发现，74%的创业企业，除老大外的创始人股权比例的RSD小于50%，也就是大家的分配较为平均，子曰“不患寡而患不均,不患贫而患不安”。

　　After the boss determines the equity ratio, the remaining partners of the founding team begin to distribute equity. The following figure shows the RSD distribution of the equity ratio of the founders except for the boss (this figure does not include the case of only two founders, as there is only one founder left except for the boss, so the RSD of the equity ratio is zero, which affects the conclusion). From the graph, it can be observed that 74% of start-up companies have an RSD of less than 50% for the founder's equity ratio, except for the elderly. This means that everyone's distribution is relatively even, and Confucius said, "Don't worry about scarcity but worry about inequality, don't worry about poverty but worry about insecurity.

　　（注：RSD是指标准方差/均值）

　　(Note: RSD refers to standard deviation/mean)

　　当然有人会说，这次的数据统计只是给出了简单的统计结果，而没有将股权比例分配情况与创业企业最后的结果（如IPO或被收购）联系在一起。首先，未来的研究会长期观察这些企业的走势，看看企业的兴衰与最初的股权比例划分是否有关系；其次，这个样本其实也存在幸存者偏差(Survivorship Bias)，因为统计的样本来自于A/B/C轮企业，因此本身具有一定的参考价值；最后，创业企业90%以上是失败的，最终也很难以IPO或者被收购作为结果指标。

　　Of course, some people may argue that this data analysis only provides simple statistical results and does not link the distribution of equity ratios with the final outcome of the startup (such as IPO or acquisition). Firstly, future research will observe the long-term trends of these enterprises to see if their rise and fall are related to the initial division of equity ratios; Secondly, there is also a survivorship bias in this sample, as the statistical sample comes from A/B/C round enterprises and therefore has certain reference value; Finally, over 90% of start-up companies fail, and it is difficult to ultimately IPO or be acquired as a result indicator.

　　（注：所有的数字，只考虑在创始团队之间的股权划分，不考虑投资人及预留的ESOP部分。）

　　(Note: All numbers only consider the equity division between the founding teams and do not take into account investors or reserved ESOP portions.). ）

　　在新兴的互联网企业创业时，共同创始人之间的股份分配，大多数时候并不是按照出资额、技术和智慧成果来进行权衡的。

　　When an emerging Internet enterprise starts its own business, most of the time, the share distribution among the co founders is not based on the amount of capital contribution, technology and intellectual achievements.

　　出资额：在天使投资和创投机构比较密集的科技业，大量的创业项目是从一开始就拿到投资的，创始人几乎没有放钱进去，或者即使放也是名义上的非常少一点点钱。

　　Contribution amount: In the technology industry where angel investment and venture capital institutions are relatively dense, a large number of entrepreneurial projects receive investment from the beginning, and the founders hardly invest any money, or even if they do, it is only a nominal amount of money.

　　技术：互联网业是一个创新频度高、小企业成长快的行业，同时互联网技术的演进速度也是非常迅速的，互联网技术的门槛，与硬件为主导的传统科技业相比，是日益降低的。因此随着互联网公司的不断涌现，独有的技术专利和技术机密在互联网行业越来越难形成竞争的门槛。

　　Technology: The Internet industry is an industry with high innovation frequency and fast growth of small enterprises. At the same time, the evolution speed of Internet technology is also very fast. Compared with the traditional technology industry dominated by hardware, the threshold of Internet technology is increasingly lower. Therefore, with the continuous emergence of Internet companies, it is increasingly difficult to form a competitive threshold for unique technical patents and technical secrets in the Internet industry.

　　智慧成果：互联网业是一个拼进化速度的行业，因此一个绝佳的创意或既有的智慧成果，如果没有配上强大的执行力和自我更新能力，是很容易死得很惨的。

　　Smart achievements: The Internet industry is an industry that strives for the speed of evolution, so an excellent idea or existing smart achievements, if not matched with strong execution and self-renewal ability, will easily die miserably.

　　这样的例子比比皆是。因此，共同创始人之间，影响股权分配比例的主要因素包括（但不限于）——

　　Such examples abound. Therefore, the main factors affecting the equity distribution ratio among co founders include (but are not limited to)——

　　经验和资历的丰富度。设想：十年从业经验、有过创业背景的 A 和在大公司工作了四年的 B 共同创业。

　　The richness of experience and qualifications. Assumption: A, who has ten years of industry experience and a background in entrepreneurship, and B, who has worked in a large company for four years, will jointly start a business.

　　对公司未来成长的贡献。设想：一个偏渠道运营、技术门槛不高的互联网公司，有商务推广背景的 A 和有技术背景的 B 共同创业。

　　Contribution to the future growth of the company. Assumption: An Internet company with partial channel operation and low technical threshold, A with business promotion background and B with technical background start a business together.

　　获取资源的能力。设想：与大量业内优秀人才交好、熟悉产业上下游各环节，容易获得风投机构信任的 A，和一直埋头苦干、鲜少抬头看路的 B 共同创业。

　　The ability to acquire resources. Assumption: A, who has good relationships with a large number of outstanding talents in the industry, is familiar with various aspects of the industry upstream and downstream, and is easy to gain the trust of venture capital institutions, and B, who has been working hard and rarely looks up at the road, will start a business together.

　　对产品/用户/市场的精通和了解。设想：一个做互联网消费级产品的公司，有在腾讯四年的负责核心产品运营经验的 A，和有在外包公司六年的项目管理经验的 B 共同创业。

　　Mastery and understanding of products/users/markets. Assumption: A company making Internet consumer products, with four years' experience in core product operation in Tencent, and six years' experience in project management in outsourcing companies, will start a business together.

　　热情、专注、坚定的程度。设想：疯狂地花时间去思考/研究/打磨/优化产品、即使全世界的人都怀疑他也能坚持下去的 A，和想法不多、但容易被鼓动、执行力超强的 B 共同创业。

　　The degree of enthusiasm, focus, and determination. Assumption: A, who crazily spends time thinking/researching/polishing/optimizing products, can persist even if the whole world doubts him, and B, who has few ideas but is easily inspired and has strong execution, start a business together.

　　人格魅力、领导力。设想：A 和 B 共同创业，谁更能吸引人才加入、鼓动团队的士气、给大家持续注入愿景和理想、即使在最艰苦的时候也能保持团队的凝聚力。

　　Personality charm and leadership. Assumption: A and B start a business together, who is better able to attract talent to join, boost team morale, continuously inject vision and ideals into everyone, and maintain team cohesion even in the toughest times.

　　你好！非常高兴回答你的这个问题并和知友们分享这个话题：人力资本时代的股权架构设计。事实上，我在考虑分享这个话题的时候。也大概回顾了一下一年多以来自己深度服务的几十家初创企业，从而总结了自己的一些心得体会。

　　Hello! I am delighted to answer your question and share with my friends the topic of equity structure design in the era of human capital. In fact, when I was considering sharing this topic. I also roughly reviewed dozens of startups that I have deeply served over the past year, and summarized some of my experiences and insights.

　　从宏观层面上，创业公司早期最为核心的四类人：创始人、合伙人、核心员工、投资人。他们都是属于公司也是早期风险的承担者和价值贡献输出者，在人力资本/互联网轻资产驱动的初创公司，早期做股权架构设计的时候基本上都是围绕着基于人力资本价值输出的高度认可。

　　At a macro level, the four most core types of people in the early stages of a startup are founders, partners, core employees, and investors. They are both early risk bearers and value contribution exporters of the company. In the early stage of equity structure design of human capital/Internet asset light driven start-ups, they are basically highly recognized based on the value output of human capital.

　　在我看来，科学的股权架构基本上是要满足早期这核心四类人的诉求：

　　In my opinion, a scientific equity structure should basically meet the demands of these four core groups of people in the early stages:

　　创始人维度来看，本质上的诉求是控制权，创始人的诉求是掌握公司的发展方向，所以在早期做股权架构设计的时候必须考虑到创始人控制权，有一个相对较大的股权（一般建议是合伙人平均持股比例的2-4倍）

　　From the perspective of the founder, the fundamental demand is control, and the founder's demand is to grasp the direction of the company's development. Therefore, when designing the equity structure in the early stages, it is necessary to consider the founder's control, with a relatively large equity (generally recommended to be 2-4 times the average shareholding ratio of partners)

　　合伙人维度来看，合伙人/联合创始人作为创始人的追随者，基于合伙理念价值观必须是高度一致。合伙人作为公司的所有者之一，希望在公司有一定的参与权和话语权。所以，早期必须拿出一部分股权来均分（这部分股权基本上占到8%-15%）

　　From the perspective of partners, as followers of the founder, partners/co founders must have highly consistent values based on the partnership philosophy. As one of the owners of the company, partners hope to have a certain degree of participation and say in the company. So, in the early stages, it is necessary to allocate a portion of equity to evenly distribute (this portion of equity basically accounts for 8% -15%)

　　核心员工维度来看，他们的诉求是分红权，核心员工在公司高速发展阶段起到至关重要的作用，在早期做股权架构设计的时候需要把这部分股权预留出来，等公司处于快速发展阶段的期权就能真正意义派上用场（通常建议初次分配完之后同比例稀释预留10%-25%）

　　From the perspective of core employees, their demand is for dividend rights. Core employees play a crucial role in the rapid development stage of the company. When designing the equity structure in the early stage, it is necessary to reserve this part of the equity. When the company is in the rapid development stage, the options can be truly put into use (usually it is recommended to dilute and reserve 10% -25% proportionally after the initial distribution)

　　投资人维度来看，投资人追求高净值回报，对于优质项目他们的诉求是快速进入和快速退出，所以在一定程度上说，投资人要求的优先清算权和优先认购权是非常合理的诉求，创始团队在面临这些诉求的时候，一定程度上还是需要理解。

　　From the perspective of investors, they pursue high net worth returns, and their demand for high-quality projects is quick entry and exit. Therefore, to a certain extent, the priority liquidation and subscription rights demanded by investors are very reasonable demands. When facing these demands, the founding team still needs to understand to some extent.

　　从微观层面上，股权是多种股东权利的集合体（投票权、分红权、知情权、经营决策权、选举权、优先受让权、优先认购权、转让权等），其中，表现最为重要的是投票权和分红权。当我们在早期真正做股权架构设计的时候可能需要考虑更多的是这四个宏观维度背后具体的细节分析。而题主的问题仅是创始人宏观维度背后股权分配中的股权比例确认(股权怎么分)的问题，事实上，在人力资本驱动的创业时代，我们要思考的不仅仅是股权比例的问题！而是围绕着股权做体系化设计。

　　At the micro level, equity is a collection of various shareholder rights (voting rights, dividend rights, right to know, decision-making rights, voting rights, preemptive rights, preemptive rights, transfer rights, etc.), among which the most important are voting rights and dividend rights. When we actually design the equity structure in the early stages, we may need to consider more about the specific details behind these four macro dimensions. And the question raised by the questioner is only about the confirmation of the equity ratio in the macro dimension of the founder's equity distribution (how to divide the equity). In fact, in the era of human capital driven entrepreneurship, we need to think not only about the equity ratio! But rather, it is designed systematically around equity.

　　创始人层面：主要关注的是控制权。

　　Founder level: The main focus is on control.

　　一、股东会：为了严谨我得先约定股权生命线的前提是【同股同权】

　　1、 Shareholders' Meeting: In order to be rigorous, I need to first agree that the premise of the equity lifeline is' same shares, same rights'

　　1/67%绝对控制权（有权修改公司的章程、增资扩股）

　　1/67% absolute control (with the right to modify the company's articles of association, increase capital and expand shares)

　　2/51%相对控制权（对重大决策进行表决控制）

　　2/51% relative control (voting control over major decisions)

　　3/34%否决权（股东会的决策可以直接否决）

　　3/34% veto power (decisions made by the shareholders' meeting can be directly vetoed)

　　4/20%界定同业竞争权力（上市公司可以合并你的报表，你就上不了市了）

　　4/20% defines the right to compete in the same industry (listed companies can merge your financial statements, but you cannot go public)

　　5/10%有权申请公司解散（超过公司10%的股东有权召开临时股东大会）

　　5/10% of shareholders have the right to apply for the dissolution of the company (more than 10% of shareholders have the right to convene an extraordinary general meeting)

　　6/5%股东变动会影响上市（超过5%的股权所有权就要举牌）

　　6/5% shareholder changes will affect listing (if the ownership of more than 5% of the equity exceeds 5%, it will need to be listed)

　　7/3%拥有提案权（持有超过3%的股东有权向股东大会提交临时提案）

　　7/3% have the right to propose (shareholders holding more than 3% have the right to submit temporary proposals to the shareholders' meeting)

　　*注释：这里就再简单讲一下【同股不同权】的情况，一般采用投票权委托协议和一致行动人协议来约定从而实现同股不同权的效果，如果你想做AB股/双层股权架构设计，或者三层股权架构设计，就要考虑在海外上市了，不然就不用想了（具体都是什么意思，这里就不展开讲了）

　　*Note: Here we will briefly explain the situation of 'same share, different rights'. Generally, voting rights delegation agreements and concerted action agreements are used to achieve the effect of different rights for the same share. If you want to design an AB share/dual layer equity structure, or a three-layer equity structure, you need to consider going public overseas, otherwise you don't need to think about it (specifically what they mean, we won't go into detail here)

　　二、董事会：董事会的决策机制区别于股东会，按照【一人一票制】

　　2、 Board of Directors: The decision-making mechanism of the board of directors is different from that of the shareholders' meeting, according to the 'one person, one vote system'

　　*注释：董事会成员是由股东会选举产生，董事会对股东会负责。

　　*Note: The members of the board of directors are elected by the shareholders' meeting, and the board of directors is responsible to the shareholders' meeting.

　　1/三分之二以上，依据董事会议事规则执行。

　　More than two-thirds shall be executed in accordance with the rules of procedure of the board of directors.

　　2/半数以上，董事长和副董事长由董事会以全体董事的过半数选举产生。

　　2/More than half, the chairman and vice chairman shall be elected by the board of directors with a majority of all directors.

　　3/三分之一以上董事或者监事会，可以提议召开董事会临时会议。董事长应当自接到提议后十日内，召集和主持董事会会议。

　　More than one-third of the directors or supervisory board may propose to convene an extraordinary meeting of the board of directors. The chairman shall convene and preside over the board meeting within ten days after receiving the proposal.

　　4/特殊约定除外（例如：一票否决权）【依据董事会议事规则执行】

　　4/Except for special agreements (e.g. veto power) [executed in accordance with the rules of procedure of the board of directors]

　　以上描述的这些都是控制权要点，而创始人层面要思考的是如何绊随着融资节奏一步步稀释，整体防止控制权的丢失，这里就不展开讲，涉及的内容是从公司层面整体出发的，操作起来非常复杂，基本上都是个性化设计的！

　　The above descriptions are all key points of control, and at the founder level, they need to think about how to gradually dilute with the pace of financing and prevent the loss of control as a whole. We won't go into it here. The content involved starts from the company level as a whole, and the operation is very complex, basically personalized design!

　　三、股权分配：主要是量化分配【量化】和分期兑现【动态】

　　3、 Equity distribution: mainly quantitative distribution [quantitative] and installment redemption [dynamic]

　　【量化】在早期股权分配的时候，通常情况下，我们只用考虑到创始团队成员之间的股权分配的问题，那么股权怎么分比较合理呢？在这里我们要区分的是人力资本驱动的互联网轻资产行业和财务资本驱动的重资产行业，我的以下观点是基于人力资本驱动的互联网轻资产行业考虑的：

　　In the early stages of equity distribution, we usually only consider the issue of equity distribution among founding team members. So, how can equity distribution be more reasonable? Here we want to distinguish between the Internet asset light industry driven by human capital and the asset heavy industry driven by financial capital. My following views are based on the Internet asset light industry driven by human capital:

　　*注释：我们把这个股权比作一个蛋糕，先切成四块。然后每个人在每个维度根据个人实际现状进行量化分配，最后加起来就是你们的股权分配结果。

　　*Note: We compare this equity to a cake, cut it into four pieces first. Then each person is quantitatively allocated based on their actual situation in each dimension, and the total result is your equity distribution.

　　1、创始人股：为保障创始人控制权，通常情况下会有一部分蛋糕是创始人独占的，我建议是20%-30%（具体根据发起人人数确定）

　　1. Founder's stock: To ensure the founder's control, there is usually a portion of the cake that the founder monopolizes. I suggest it be 20% -30% (depending on the number of initiators)

　　2、身份/发起人股：为保障联合创始人话语权，这个维度上的蛋糕是大家一起均分的，我建议是8%-15%之间（具体根据发起人人数确定）

　　2. Identity/initiator stock: To ensure the voice of the co founders, the cake in this dimension is evenly distributed among everyone. I suggest it be between 8% and 15% (depending on the number of initiators)

　　3、风险/资金股：回到最开始讲的早期风险的承担者和价值贡献输出者，在这个维度上就是早期的风险承担部分，这个维度上的蛋糕是依据实际出资来确定，我建议是10%-25%（具体根据实际出资总额和工作年薪与现行工资差额来确定）

　　3. Risk/Capital Stocks: Going back to the early stages of risk-taking and value contribution output, this dimension is the early risk-taking part. The cake in this dimension is determined based on actual investment, and I suggest it be 10% -25% (specifically determined based on the actual total investment and the difference between annual salary and current salary)

　　4、贡献股：围绕着基于人力资本价值输出的高度认可，这部分蛋糕我的建议是30%-62%，大致分为基础贡献股（公司背景和工作年限）和岗位价值贡献股（基于行业属性判断的岗位价值权重）。

　　4. Contribution shares: Around the highly recognized output based on human capital value, my suggestion for this portion of the cake is 30% -62%, roughly divided into basic contribution shares (company background and work experience) and position value contribution shares (position value weight based on industry attributes).

　　【动态】大多数轻资产的互联网公司都是基于人的价值输出带动公司的快速发展，但是由于人力资本的不确定性太强，特别是一些核心关键岗位的leader（通常就是合伙人/联合创始人）一旦发生人力价值输出终止通常给公司带来的伤害也是毁灭性的。这样不仅让公司无法正常运营，同时也带走其名下的股权。给后期的发展埋下深深的隐患（这里就不详述了，太多的案例）。所以，基于此我建议股权是动态的：

　　[Dynamic] Most asset light Internet companies drive their rapid development based on human value output, but because of the uncertainty of human capital, especially the leaders of some key positions (usually partners/co founders), once the human value output is terminated, the damage to the company is usually devastating. This not only prevents the company from operating normally, but also takes away its equity under its name. Burying deep hidden dangers for later development (not elaborated here, too many cases). So, based on this, I suggest that equity is dynamic:

　　成熟期：3-5年成熟机制：以4年成熟期为例 1+1/36  1+1+1+1 2+2 3+1 1+2+1成熟原则：创始团队成熟机制尽量保持一致立刻成熟份额：基于合伙时间确定（3个月5% / 6个月10%）联合创始人层面：主要关注的是话语权

　　Maturity period: 3-5 years Maturity mechanism: Taking the 4-year maturity period as an example 1+1/36 1+1+1+1 2+2 3+1 1+2+1 Maturity principle: The founding team's maturity mechanism should be as consistent as possible and mature immediately. Share: determined based on partnership time (5% for 3 months/10% for 6 months) Co founder level: mainly focused on discourse power

　　一、持股比例：原则上来讲，联合创始人持股比例最好是10%-25%之间（上线浮动2%）。创始人持股比例应该是合伙人人均持股比例的2-4倍（联合创始人早期最好控制在2-5人，后面加入的便是合伙人）。

　　1、 Shareholding ratio: In principle, it is best for co founders to hold between 10% and 25% of the shares (with a 2% online float). The founder's shareholding ratio should be 2-4 times the per capita shareholding ratio of the partners (it is best to control the number of co founders to 2-5 in the early stages, and then add partners).

　　二、持股模式有三种：直接持有、创始人代持、持股平台直接持有：表示要进行工商登记的部分是各自持有的全部股权，直接登记部分的股权是指各自（已经成熟的股权+未成熟的股权）创始人代持：表示该部分股权不显名，该部分是指未成熟部分股权。创始人工商登记的股权（未成熟的全部股份【包括自己+其他联合创始人】+自己已经成熟股份）持股平台：设立一个有限合伙（基本上就是一个壳），创始人做为有限合伙的GP，被激励对象作为LP，基于有限合伙的特殊性，GP是法定的绝对控制人。这种方式比较稳定，也是大多数做股权激励时采用的方式。

　　2、 There are three types of shareholding models: direct holding, founder's proxy holding, and direct holding by the shareholding platform. The part that needs to be registered with the industrial and commercial authorities is the entire equity held by each party. The directly registered part of the equity refers to the mature and immature equity held by each party. Founder's proxy holding indicates that the equity is not named and refers to the immature part of the equity. Founder's registered equity (including all immature shares (including oneself, other co founders, and already mature shares) holding platform: Establish a limited partnership (basically a shell), with the founder as the GP of the limited partnership and the incentivized object as the LP. Based on the special nature of the limited partnership, the GP is the legal absolute controller. This method is relatively stable and is also commonly used in equity incentives.

　　三、进入机制即成熟机制参见【动态】

　　3、 The entry mechanism is the mature mechanism. Please refer to [Dynamic]

　　四、退出机制：主要分过错退出和无过错退出；过错退出处理方式是采用法律允许的最低价格（零对价/1元人名币）回购其所有股权（不论成熟与否）；无过错（成熟股权）退出一般有两种补偿模式，

　　4、 Exit mechanism: mainly divided into fault exit and no fault exit; The handling method for fault withdrawal is to repurchase all its equity (regardless of maturity) at the lowest price allowed by law (zero consideration/1 RMB); There are generally two compensation models for no fault (mature equity) exit,

　　其一，按照净资产的1.5-2.5倍之间结算；

　　Firstly, settle between 1.5-2.5 times the net assets;

　　其二，则是按照对应估值的10%-20%。无过错（未成熟部分股权）按照获得时对应股权的出资额返回/对应出资额按照银行利率的一个倍数进行补偿（控制在3倍以内）。

　　Secondly, it is based on 10% -20% of the corresponding valuation. No fault (immature portion of equity) shall be returned based on the corresponding capital contribution at the time of acquisition/the corresponding capital contribution shall be compensated at a multiple of the bank interest rate (controlled within 3 times).

　　核心员工层面：预留合适的期权池

　　At the core employee level: Reserve a suitable option pool

　　一、期权池比例的确定：一般有种三个方式：其

　　1、 There are generally three ways to determine the proportion of option pools:

　　一，投资人要求的比例确定；其二，根据创始团队的情况确定，其二，基于已有的方向/商业模式设计确定。

　　1、 Determine the proportion required by investors; Secondly, based on the situation of the founding team, and secondly, based on the existing direction/business model design.

　　二、期权池的来源：通常情况下建议是创始团队之间确定好股权比例后，同比例稀释一个（前面三种方式确定的比例）期权池，然后把期权池设计成10,000,000股（自由约定，以方便计算和统计为主）。有的创始团队早期期权池预留特别大（一般是指在30%以上），这样也有一定道理，一方面避免再次增发带来麻烦，另一方面对于创始人集中投票权操作方式的也是不错选择，后期再做期权池的切割，形成一个小的资源型期权池，用于以小博大的商业操作模式，如果真的是这么做的话，最好记住的一点是，要约定好在某个阶段/事件前，期权池剩余没有发完的部分要按照最开始参与同比稀释的创始团队成员的比例（第一次稀释时的比例）返回到各自名下，但是预留较大期权池也是有一定的隐患和后期的纠纷。对于期权激励计划的实施可能会造成不恰当的操作，也就是说就是很可能发多了，反过来，损失的是创始团队成员的利益。

　　2、 The source of the option pool: It is usually recommended that the founding team determines the equity ratio between them, dilutes an option pool in the same proportion (determined by the first three methods), and then designs the option pool into 10000000 shares (freely agreed upon for ease of calculation and statistics). Some founding teams reserve a particularly large option pool in the early stages (generally referring to more than 30%), which makes sense. On the one hand, it avoids trouble caused by further issuance, and on the other hand, it is a good choice for founders to operate with centralized voting rights. Later on, the option pool will be cut to form a small resource-based option pool, which can be used for a business operation model of "small wins big". If this is really done, it is best to remember that before a certain stage/event, the remaining part of the option pool that has not been issued should be returned to their respective names according to the proportion of founding team members who initially participated in the year-on-year dilution (the proportion at the time of the first dilution). However, reserving a large option pool also has certain hidden dangers and risks in the later stage. Disputes. The implementation of option incentive plans may result in inappropriate operations, which means that there is a high possibility of issuing too many, and in turn, the benefits of the founding team members may be lost.

　　三、持有模式：代持和持股平台。早期核心员工承诺的激励可以先采用代持，天使轮以前的承诺都建议采用代持来操作，比较合适的期权激励计划：我建议是天使轮后，A轮前实施第一次激励计划，这一次大概会花掉整个期权池的1/3。因为越是早期，对于核心员工来讲风险越大，所以这一次对于整个期权池的消耗是比较大。

　　3、 Holding mode: agency holding and holding platform. The early core employee commitment incentives can be implemented through proxy holding, and it is recommended to use proxy holding for commitments before the angel round. A more suitable option incentive plan is to implement the first incentive plan after the angel round and before the A round, which will cost about one-third of the entire option pool. Because the earlier it is, the greater the risk for core employees, so this time the consumption of the entire option pool is relatively large.

　　四、如何行权与如何确定行权价格（事实上是自由约定的）：我用下面这张图来描述吧（不详细做解释，这部分内容挺复杂）。

　　4、 How to exercise and determine the exercise price (in fact, it is freely agreed upon): Let me use the following picture to describe it (without detailed explanation, this part of the content is quite complex).

　　五、退出机制：类比联合创始人的退出机制设计，因为期权行权之后就会变成实实在在的股权，主要分行权期前退出行权后退出，行权后退出又分为过错退出和无过错退出两种退出方式。

　　5、 Exit mechanism: Similar to the exit mechanism design of co founders, because after the option is exercised, it will become tangible equity. The main exit method is to exit before the exercise period and exit after the exercise. Exit after exercise can be divided into two types: fault exit and no fault exit.

　　投资人层面：追逐资本的优先权【告诫创始团队】

　　Investor level: Pursuing the Priority of Capital [Warning to the Founding Team]

　　一、持股比例：种子阶段（5%-10%，对应估值300万-600万之间）；天使轮阶段（10%-20%，对应估值在1000万-5000万之间）；以上估值区间不是完全正确，具体根据投资人给出的估值为准。往后A/A+/B/C/D等直到上市挂牌前的这轮，是根据项目的具体发展进度来确定，如果项目呈现的一直保持上升发展趋势，建议小步快跑的融资方式。这样不至于让股份稀释太厉害，前后估值拉开过大！

　　1、 Shareholding ratio: Seed stage (5% -10%, corresponding to valuation between 3 million and 6 million); Angel round stage (10% -20%, corresponding to valuation between 10 million and 50 million); The above valuation range is not entirely accurate, and the specific valuation given by investors shall prevail. From A/A+/B/C/D to the round before listing, it is determined based on the specific development progress of the project. If the project continues to show an upward trend, it is recommended to adopt a small and fast financing approach. This way, the dilution of shares will not be too severe, and the valuation before and after will not widen too much!

　　二、投票权：关于投票权方面投资人通常情况会要求董事会的一票否决权和股东会中的一些保护性条款。投资人之所以会这么要求，一方面基于对资本的安全考虑，另一方面基于对创始团队的不信任造成的。

　　2、 Voting rights: Regarding voting rights, investors usually demand a veto power from the board of directors and some protective clauses in the shareholders' meeting. The reason why investors make such demands is based on considerations of capital security and distrust of the founding team.

　　三、优先权：优先分红权、反稀释权、领售权、随售权、优先清算权、优先认购权以及其他特殊权利。以上这些优先权本质上是为了保护投资人的资金能够快速进入，快速退出，至于具体的细节，每个权利代表什么意思，这里面非常复杂，包括怎么和投资人进行合理的商业博弈，都是需要精心策划和设计的。股东（合伙）协议的相关法律风险【简要提示】*注释：由于回答此问题的内容太多，这部分先点到即止！

　　3、 Priority rights: priority dividend rights, anti dilution rights, put and go rights, put and go rights, priority liquidation rights, priority subscription rights, and other special rights. The above priority rights are essentially designed to protect investors' funds from entering and exiting quickly. As for the specific details and what each right represents, it is very complex, including how to engage in reasonable business games with investors, which requires careful planning and design. Legal Risks Related to Shareholder (Partnership) Agreements [Brief Reminder] * Note: Due to the large amount of content to answer this question, this section will be left blank for now!

　　一、决策和议事规则

　　1、 Decision making and Rules of Procedure

　　二、竞业禁止约定

　　2、 Non compete agreement

　　三、保密约定

　　3、 Confidentiality Agreement

　　四、配偶股权处分限制

　　4、 Restrictions on spousal equity disposal

　　五、继承股权处分限制法律文件

　　5、 Legal documents restricting the disposal of inherited equity

　　以上回答基本能解决题主的问题，结尾部分涉及的是具体的法律服务层面，所以比较粗描淡些！

　　The above answer can basically solve the question of the questioner, and the ending section involves specific legal service aspects, so it is more rough and vague!

　　这个问题实在是太普遍了，我打算对这个为题给出这个世界上最详细的回答。我希望，将来如果这个坛子上有人问到类似的问题，大家只需要引用我的回答。

　　This question is too common, and I plan to provide the most detailed answer in the world to it. I hope that in the future, if someone asks a similar question on this forum, everyone just needs to quote my answer.

　　最重要的（股权分配）原则：

　　The most important principle of equity distribution is:

　　公平，而且可感知到的公平，比真正拥有大的股份更有价值。在一个创业公司，几乎所有 可能会出错的地方都会出错，而且会出错的问题当中最大最大的问题是创始人之间巨大的、令人气愤的、吵到面红耳赤的关于“谁更努力工作”的争论，谁拥有更多 股份，谁提出的想法等等。这也是我总会与一个朋友50-50平分一个新公司的股权，而不是坚持自己拥有60%的股权，因为“这是我的想法”，或者因为“我 比你更有经验”，或者任何其它原因。为什么呢？因为如果我把股权拆分为60-40，公司将在我们（创始人）不断争吵当中走向失败！如果你只是说，“去他妈 的，我们永远也无法知道正确的股权分配比例，我们还是像哥们儿那样50-50平分”，你们将继续是朋友而且公司将生存下去。

　　Fairness, and perceived fairness, is more valuable than truly owning large shares. In a startup company, almost everything that could go wrong will go wrong, and the biggest and most frustrating issue among the problems that can go wrong is the huge, infuriating, and heated debate among the founders about "who works harder", who owns more shares, who proposes ideas, and so on. This is also why I always split the equity of a new company 50-50 with a friend, instead of insisting on owning 60% of the equity myself, because 'this is my idea', or because 'I have more experience than you', or any other reason. Why? Because if I split the equity into 60-40, the company will fail in the midst of constant arguments between us (the founders)! If you just say, "Fuck you, we will never know the correct equity distribution ratio, and we will share 50-50 equally as brothers", you will continue to be friends and the company will survive.

　　所以，我郑重向大家推出：Joel的适用于任何创业公司创始人完全公平划分股权的秘笈！为简单起见，我将假设你们不打算拿风险投资，而且你们将不会有外来的投资人。随后，我再解释如何处理风险投资，但目前我们暂时假设没有投资人。同样

　　So, I solemnly introduce Joel's secret to completely and fairly dividing equity for any startup founder! For simplicity, I will assume that you do not intend to invest in venture capital and that you will not have external investors. Later, I will explain how to handle venture capital, but for now we assume that there are no investors. also

　　为简单起见，我们临时假设所有创始人都辞掉了他们的全职工作，而且同时开始全职为新公司工作。随后，我再解释如何处理后来加入的创始人。

　　For simplicity, we assume that all founders have resigned from their full-time jobs and started working full-time for the new company at the same time. Later, I will explain how to handle the founders who joined later.

　　来啦，原则是这样的：随着你们公司的成长，你们将一层一层/一批一批地加入新员工。公司的首批员工就是第一个创始人（或者第一批创始人）。也许有1 个，2个，3个或者更多，但你们都同时开始在新公司工作，而且你们要冒一样的风险……例如辞掉你们的工作加入一个未被市场认可的新公司。

　　Here's the principle: as your company grows, you will add new employees layer by layer/batch by batch. The first employees of the company are the first founders (or the first batch of founders). Perhaps there are one, two, three, or more, but you all start working in the new company at the same time, and you have to take the same risks... such as quitting your job and joining a new company that is not recognized by the market.

　　第二批进来的人就是首个（批）真正的员工。当你聘任这批人时，你已从某个来源获得现金（投资人或者客户，这个无所谓）。这些人不需要冒多大风险因为他们从工作的第一天开始就拿了工资，而且，老实说，他们不是公司的创始人，他们是加入公司打工的。

　　The second batch of people who come in is the first batch of real employees. When you hire this group of people, you have already received cash from some source (investors or clients, it doesn't matter). These people don't need to take much risk because they have been paid since the first day of work, and to be honest, they are not the founders of the company, they have joined the company to work.

　　第三批的人是更后来加入到员工。他们加入公司时，公司已运作得不错。

　　The third batch of people joined the workforce later. When they joined the company, it was already operating well.

　　对于很多公司而言，每隔大约1年将进来一“批”员工。当你的公司规模大到可以卖给谷歌或上市或是其它，你公司员工也许已经有了6批：创始人1批，员 工大约5批。每一批员工人数都比上一批更多。也许有2个创始人，第二批当中有5名最早的员工，第三批有25名员工，而第四批有200名员工。越迟加入公司的员工需要冒的风险越低。

　　For many companies, a "batch" of employees is hired approximately every year. When your company is large enough to sell to Google, go public, or other companies, you may already have 6 batches of employees: 1 founder batch and approximately 5 employees. Each batch has more employees than the previous batch. Perhaps there were two founders, with five of the earliest employees in the second batch, 25 employees in the third batch, and 200 employees in the fourth batch. The later an employee joins the company, the lower the risk they need to take.

　　好啦，你将这样利用上述信息：创始人应该最终拿整个公司大约50%的股份。首层下面的5层员工的每一层最终都分别分到大约10%的公司股份，每一层的员工都将平分这10%的股份。

　　Okay, you will use the above information in this way: the founder should ultimately take approximately 50% of the company's shares. Each of the five levels of employees below the first level will ultimately receive approximately 10% of the company's shares, and each level's employees will share this 10% equally.

　　例子：

　　example:

　　2个创始人启动公司。他们每人拿2500份股份。公司总市值按5000股算，所以每个创始人拿一半。

　　Two founders started the company. They each hold 2500 shares. The total market value of the company is calculated based on 5000 shares, so each founder takes half.

　　第一年，他们聘用了4名员工。这4名员工每人拿250份股份。公司总市值按6000股算。

　　In the first year, they hired four employees. These four employees each receive 250 shares. The total market value of the company is calculated based on 6000 shares.

　　第二年，他们又聘用了一批20名员工。这些员工每人拿50份股份。他们获得更少股份因为他们要承受的风险更少。因为公司给每一批员工派发的股份是1000股，所以他们每人拿到50股。

　　The following year, they hired another batch of 20 employees. These employees each receive 50 shares. They obtain fewer shares because they have to bear less risk. Because the company distributes 1000 shares to each batch of employees, they each receive 50 shares.

　　直到公司员工有了6批，你已给出10000股。每个创始人最终持有公司25%的股份。每个员工“层级”持有10%的股份。所有员工当中，最早进入公司的员工，因为他们与迟来的相比要承担的风险最大，在所有员工中持有最多股份。

　　Until the company has 6 batches of employees, you have given 10000 shares. Each founder ultimately holds 25% of the company's shares. Each employee 'hierarchy' holds 10% of the shares. Among all employees, the earliest ones to join the company hold the most shares because they bear the greatest risk compared to those who arrive late.

　　靠谱吗？你不必严格按照这个公式来规划股份，但基本思路是：你设立不同的资历“层”，最高的层级中的员工承受最大的风险，最低层层级的员工承担最少的风险，而每个“层”的员工平分公司分配给这个层级的股份，这个规则神奇地让越早加入到员工获得越多的股份。

　　Is it reliable? You don't have to strictly follow this formula to plan your shares, but the basic idea is: you set up different qualification "layers", where employees at the highest level bear the greatest risk and employees at the lowest level bear the least risk, and each "layer" employee shares equally with the company's allocated shares to that level. This rule magically allows employees who join earlier to receive more shares.

　　使用“层级”的一个稍微不同的方式是“资历”。你的顶部层级是公司创始人，再下一层，你需要预留一整层给将来招聘牛逼哄哄并坚持需要10%股份的 CEO；再下一层是给那些早期进来的员工以及顶级经理人的，等等。无论你如何组织你的层级，它们应该是设计清晰明了，容易理解，不容易产生纷争。现在，你 搞定了一个公平的份股系统，但还有一个重要的原则：你必须执行“股份绑定”(vesting)。股份绑定期最好是4到5年。任何人都必须在公司做够起码1年才可持有股份（包括创始人）。好的股份绑定计划一般是头一年给25%，然后接下来每个月落实2%。否则，你的合作创始人将加入公司3个星期后跑掉，然后7年后又出现，并声称他拥有公司的25%的股份。没有“股份绑定”条款，你派股份给任何人都是不靠谱的！没有执行“股份绑定”是极其普遍的现象，后果可以十分严重。你看到有些公司的3个创始人没日没夜地工作了5年，然后你发现有些混蛋加入后2个星期就离开，这混蛋还以为他仍然拥有公司25%的股份，就因为他工作过的那2个星期。

　　A slightly different way of using 'hierarchy' is' seniority '. Your top tier is the founder of the company, and on the next tier, you need to reserve a whole layer for future recruitment of a CEO who is impressive and insists on holding 10% of the shares; The next layer is for those early employees and top managers who came in, and so on. No matter how you organize your hierarchy, they should be designed clearly, easy to understand, and not prone to disputes. Now, you have established a fair share system, but there is another important principle: you must implement 'investing'. The best binding period for shares is 4 to 5 years. Anyone must have worked in the company for at least one year to hold shares (including the founder). A good stock binding plan usually gives 25% in the first year, and then implements 2% every month thereafter. Otherwise, your co-founder will run away after joining the company for 3 weeks and then reappear 7 years later, claiming to own 25% of the company's shares. Without a 'share binding' clause, it is unreliable for you to send shares to anyone! Failure to implement 'stock binding' is an extremely common phenomenon, and the consequences can be very serious. You see that some companies have three founders working day and night for five years, and then you find that some bastards leave after two weeks of joining. This bastard thought he still owned 25% of the company's shares because of the two weeks he worked.

　　好了，让我们清理一下整个设计蓝图中没搞定的小问题。如果你的公司融资了，股份如何分割？投资可以来自任何方向，一个天使投资人，一个风险投资公司，或者是某人的老爸。基本上，回答很简单：新的投资将“稀释”所有人的股份。

　　Alright, let's clean up the small issues that haven't been resolved in the entire design blueprint. If your company raises funds, how will the shares be divided? Investment can come from any direction, from an angel investor, a venture capital firm, or someone's father. Basically, the answer is simple: the new investment will 'dilute' everyone's shares.

　　沿用上面的例子，我们有2个创始人，我们给了自己每人2500股股份，所以我们每人拥有公司的50%股份，然后我们找了个风投，风投提出给我们 100万换取1/3的公司股份。公司1/3的股份 = 2500股。所以，你发行2500股给了风投。风投持有1/3公司股份，而你和另外一个创始人各持1/3。就这么多。如果并不是所有早期员工都需要拿工 资，怎么办？很多时候，有些公司创始人有不少个人积蓄，她决定公司启动后的某个阶段可以不拿工资。而有些创始人则需要现金，所以拿了工资。很多人认为不拿 工资的创始人可以多拿一些股份，作为创业初期不拿工资的回报。问题是，你永远不可能计算出究竟应该给多多少股份（作为初期不拿工资的回报）。这样做将导致 未来的纷争。千万不要用分配股权来解决这些问题。其实，你只需要针对每位创始人拿的工资做好记帐：不拿工资创始人就给 她记着工资“欠条”。当公司有了足够现金，就根据这个工资欠条补发工资给她。接下来的几年中，当公司现金收入逐步增加，或者当完成第一轮风险投资后，你可以给每一位创始人补发工资，以确保每一位创始人都可从公司得到完全一样的工资收入。创业构想是我提出的，难道我不应该多拿股份吗？不拿。构想基本上是不值钱的。仅仅因为提出创业构想就获得更多股 权，因此导致纷争是不值得的。如果你们当中有人首先提出的创业构想，但你们都同时辞工并同时开始创业，你们应该拿同等的股份。为公司工作才是创造价值的原因，而你洗澡的时候突发奇想的“创业点子”根本不值什么钱。

　　Following the example above, we have two founders who gave each of us 2500 shares, so we each own 50% of the company's shares. Then we hired a venture capitalist who offered us 1 million in exchange for 1/3 of the company's shares. 1/3 of the company's shares=2500 shares. So, you issued 2500 shares to the venture capital. Venture capitalists hold one-third of the company's shares, while you and another founder each hold one-third. That's all. What if not all early employees need to be paid? Many times, some company founders have a lot of personal savings and decide that they can go without salary at a certain stage after the company is launched. And some founders need cash, so they get paid. Many people believe that founders who do not receive salaries can take more shares as a reward for not receiving salaries in the early stages of entrepreneurship. The problem is that you can never calculate how many extra shares should be given (as a return on initial unpaid wages). This will lead to future disputes. Never use equity distribution to solve these problems. In fact, you only need to keep a record of the salary received by each founder: if the founder does not receive a salary, they will give her a salary "IOU". When the company has enough cash, they will pay her back the salary based on this IOU. In the next few years, as the company's cash income gradually increases or when the first round of venture capital is completed, you can provide each founder with a retroactive salary to ensure that they receive exactly the same salary income from the company. The entrepreneurial idea was proposed by me, shouldn't I take more shares? Don't take it. Ideas are basically worthless. Merely obtaining more equity by proposing entrepreneurial ideas is not worth causing disputes. If one of you first proposed the entrepreneurial idea, but both of you quit your jobs and started your own business at the same time, you should receive equal shares. Working for the company is the reason for creating value, and the sudden "entrepreneurial idea" you come up with while taking a shower is not worth much.

　　如果创始人之一不是全职投入创业公司工作，该怎么办？

　　What if one of the founders is not working full-time in a startup company?

　　那么，他（们）就不能算是“创始人”。在我的概念中，如果 一个人不全职投入公司的工作就不能算是创始人。任何边干着他们其它的全职工作边帮公司干活的人只能拿工资或者工资“欠条”，但是不要给股份。如果这个“创 始人”一直干着某份全职工作直到公司拿到风投，然后辞工全职过来公司干活，他（们）和第一批员工相比好不了多少，毕竟他们并没有冒其他创始人一样的风险。

　　So, they cannot be considered as "founders". In my concept, if a person does not work full-time in a company, they cannot be considered a founder. Anyone who helps the company while doing their other full-time jobs can only receive a salary or a wage "IOU", but not shares. If this' founder 'keeps working full-time until the company receives venture capital, and then resigns to work full-time at the company, they are not much better than the first batch of employees, after all, they did not take the same risks as other founders.

　　如果有人为公司提供设备或其它有价值的东西（专利、域名等），怎么处理？

　　What should be done if someone provides equipment or other valuable things (patents, domain names, etc.) to the company?

　　很好啊。按这些东西的价值支付现金或开个“欠条”咯，别给股份。你准确算一下他给公司带来的那台电脑的价值，或者他们自带的某个聪明的字处理专利的价格，给他们写下欠条，公司有钱后再偿还即可。在创业初期就用股权来购买某些公司需要的东西将导致不平等，纷争和不公平。

　　That's good. Pay cash or issue a 'promissory note' based on the value of these things, don't give shares. You can accurately calculate the value of the computer he brought to the company, or the price of a smart word processing patent they brought with them, write them a promissory note, and the company can repay them once they have the money. Using equity to purchase certain things that a company needs in the early stages of entrepreneurship will lead to inequality, conflict, and unfairness.

　　投资人、创始人和雇员分别应该拥有多少股份？

　　How many shares should investors, founders, and employees each own?

　　这都要看市场情况来确定。现实地看，如果投资人最终获得超过50% 的公司股权，创始人将感觉自己不重要而且会丧失动力，所以好的投资人也不会这样干（拿超过50%的股权）。如果公司能依赖自我积累来发展而不依靠外来投 资，创始人和员工一起将拥有公司100%的股权。有趣的是，这样的安排将给未来投资人带来足够的压力，以平衡投资人与创始人/员工。一条老经验是：公司上 市时（当你雇佣了足够的员工而且筹集了足够的投资后），投资人将拥有50%股份，创始人+员工将拥有50%股份，但是就2011年热门的网络公司而言，他们的投资人最终拥有的股份都比50%少得多。

　　It all depends on the market situation to determine. Realistically speaking, if investors ultimately acquire more than 50% of the company's equity, the founder will feel unimportant and lose motivation, so good investors will not do so (taking more than 50% of the equity). If the company can rely on self accumulation to develop without relying on external investment, the founder and employees will jointly own 100% of the company's equity. It is interesting that this arrangement will bring enough pressure to future investors to balance investors and founders/employees. An old experience is that when a company goes public (when you hire enough employees and raise enough investment), investors will own 50% of the shares, and founders and employees will own 50% of the shares. However, for popular internet companies in 2011, their investors ultimately own much less than 50% of the shares.

　　结论

　　Conclusion

　　虽然创业公司股权分配原则这个问题没有一刀切的解决方案，但是你得尽可能让它简单化，透明化，直接了当，而最重要的是：要公平。只有这样你的公司才更有可能成功。

　　Although there is no one size fits all solution to the issue of equity distribution principles in start-up companies, you need to make it as simple, transparent, straightforward as possible, and most importantly, fair. Only in this way can your company be more likely to succeed.

　　从现实情况看，马云，柳传志，任正非等都在其创办的公司持有少量股票，而陈天桥、丁磊、史玉柱等在其创办的公司具有控股地位。因此，很难说有包治百病的方案。但是，创业公司的股权分配可以考虑以下几个原则：

　　From a practical perspective, Jack Ma, Liu Chuanzhi, Ren Zhengfei, and others hold a small amount of stocks in the companies they founded, while Chen Tianqiao, Ding Lei, Shi Yuzhu, and others have controlling stakes in the companies they founded. Therefore, it is difficult to say that there is a cure all solution for all diseases. However, the equity distribution of start-up companies can consider the following principles:

　　1. 事为大

　　1. The matter is significant

　　只有先打下天下，分天下才有意义。股权的配置，应该有利于团结大多数人群策群力把事业做好做大。如果公司事业做不起来，持有100%股票也是一张废纸，没有任何价值与意义；

　　Only by conquering the world first and dividing it can there be meaning. The allocation of equity should be conducive to uniting the majority of people to work together and make the cause bigger and better. If the company's business cannot be carried out, holding 100% of the stock is also a piece of paper with no value or meaning;

　　2. 资源配置

　　2. Resource allocation

　　公司的股权结构是表象，股权结构背后反映的是公司生存发展可以对接的各种资源，诸如团队、技术、渠道、资本等。

　　The equity structure of a company is superficial, and behind it reflects various resources that the company can connect with for survival and development, such as teams, technology, channels, capital, etc.

　　3. 控制权

　　3. Control rights

　　创业团队与外部资本控制权的分配，创始团队内部控制权的分配。

　　The allocation of control rights between the entrepreneurial team and external capital, as well as the allocation of internal control rights within the founding team.

　　4. 情势变更

　　4. Change of situation

　　主要是针对创始团队。如果创始团队成员占有大量股份，但没干多久就拍拍屁股走人，留下大家所有人为其吭哧吭哧打工，不公平，也无法起到激励作用。因此，对创始股东的股票需要设置兑现(vesting)与回购制度（redemption or repurchase）。

　　Mainly targeting the founding team. If the founding team members hold a large number of shares but leave after a short while, leaving everyone to work tirelessly for them, it is unfair and cannot provide motivation. Therefore, a redemption or repurchase system needs to be established for the stocks of the founding shareholders.

　　对于创业公司来说，创始团队成员如何分配股权？怎样的股权架构是合理的？

　　How do founding team members allocate equity for a startup company? What kind of equity structure is reasonable?

　　对于希望好好发展的创业企业来说，股权架构是最能体现出企业差异性、理念和价值观的关键问题。事实上，股权问题，比其他问题，更有可能扼杀一家新公司，甚至会在公司设立之前就使其戛然而止。所以，对公司而言，确定股权如何分配，是非常意义的一件事情，首先需要弄明白三个问题：

　　For start-up companies that hope to develop well, equity structure is the key issue that best reflects the differences, concepts, and values of the enterprise. In fact, equity issues are more likely to strangle a new company than other issues, and may even abruptly stop it before it is established. So, for companies, determining how to distribute equity is a very meaningful thing, and first they need to understand three questions:

　　一、谁应该作为创始人

　　1、 Who should be the founder

　　这个问题听起来很简单，但是实际上是一件棘手的事情。创始人这个身份很明确，但是实际情况却经常模糊复杂。最简单的方法是：创始人是承担了某种风险的人。通常而言，公司的发展可以大概分为三个阶段：

　　This question may sound simple, but in reality it is a tricky matter. The identity of the founder is very clear, but the actual situation is often vague and complex. The simplest method is that the founder is someone who has taken on some kind of risk. Generally speaking, the development of a company can be roughly divided into three stages:

　　1.创立。在这个阶段，公司的资金都是创始人投入的，外部没有什么融资。公司很可能会失败，你投入的钱很可能会损失掉。你也会因为创业而失去工作，失去工资，最后公司失败了还得再找工作。

　　1. Establishment. At this stage, the company's funds are all invested by the founder, and there is no external financing. The company is likely to fail, and the money you invested is likely to be lost. You will also lose your job and salary due to entrepreneurship, and eventually have to find another job if the company fails.

　　2.启动。公司有钱了，可能是投资人投资的，也可能是产生了一些营收。这些资金让你每个月都能有一点收入。当然，你的工资比你在大公司里工作要少。在这个阶段，50%的公司会失败，然后你需要再找一份工作。这样的情况下，你不仅失去了一份工作，而且因为你之前的工资低于大公司的正常工资水平，所以你其实工资上也会有损失。

　　2. Start up. The company has money, which may be invested by investors or generated some revenue. These funds allow you to have some income every month. Of course, your salary is lower than working in a large company. At this stage, 50% of companies will fail, and then you need to find another job. In this situation, not only have you lost a job, but also because your previous salary was lower than the normal salary level of a large company, you will actually have a loss in salary.

　　3.正常运行。你获得了跟求职市场差不多水平的工资。公司应该不会失败掉，即使失败了，你也只是像正常的“失业”那样，而不会有更多的损失。所以，确定谁是创始人的方法是：如果你为一家公司工作，这家公司很初创，以至于都不能付工资给你，那么你就应该是创始人。如果你从一开始就领工资，那么你就不是创始人。

　　3. Normal operation. You have received a salary that is comparable to the job market. The company should not fail, and even if it does, you will only be like a normal 'unemployed' without any further losses. So, the way to determine who the founder is is: if you work for a company that is so startup that it can't even pay you a salary, then you should be the founder. If you receive a salary from the beginning, then you are not the founder.

　　二、创始人的身价如何确定

　　2、 How to determine the founder's net worth

　　创始人的定义是，为公司服务、但公司无力支付工资的人。创始人的主要工作，就是为公司创造收入——或者是投资，或者是营收。所以，创始人的价值由两个因素决定：

　　The definition of a founder is someone who serves a company but the company is unable to pay their salary. The main job of a founder is to generate revenue for the company - either through investment or revenue. So, the value of a founder is determined by two factors:

　　（1）他们的贡献；（2）市场的认可。

　　(1) Their contributions; (2) Market recognition.

　　第1项反映了公平性的原则，第二项则反映了经济因素。现在，让我们来建立股权分配的公式。当然，这个公式可能不那么正确，但是应该错的不离谱：

　　The first item reflects the principle of fairness, while the second item reflects economic factors. Now, let's establish a formula for equity distribution. Of course, this formula may not be entirely correct, but it should not be unreasonably wrong:

　　1、初始（每人均分100份股权）

　　1. Initial (100 shares per person)

　　我们给每个人创始人100份股权。有些初创企业从一开始就在迅速发展，所有的创始人一开始就加入了公司。加入公司现在有三个合伙人，那么一开始他们分别的股权为100/100/100。

　　We give each founder 100 shares. Some startups are rapidly developing from the beginning, and all founders join the company from the very beginning. There are currently three partners joining the company, with initial equity of 100/100/100 each.

　　2、召集人（股权增加5%）

　　2. Convenor (5% increase in equity)

　　如果某些初创企业的联合创始人都是某个合伙人（召集人）牵头召集起来的。尽管这个合伙人可能是CEO、也可能不是CEO，但如果是他召集了大家一起来创业，他就应该多获得5%股权。那么，现在的股权结构为105/100/100。

　　If the co founders of certain startups are all led by a certain partner (convener). Although this partner may or may not be the CEO, if he had gathered everyone to start a business together, he should have gained an additional 5% equity. So, the current equity structure is 105/100/100.

　　3、创业点子很重要，但执行更重要（股权增加5%）

　　3. Entrepreneurial ideas are important, but execution is more important (increase equity by 5%)

　　“点子毫无价值，执行才是根本”这个说法虽然不那么正确，但是跟实际情况也差不多。如果创始人提供了最初的创业点子，那么他的股权可以增加5%（如果你之前是105，那增加5%之后就是110.25%）。注意，如果创业点子最后没有执行下来，或者没有形成有价值的技术专利，或者潜在地发挥作用，那么，实际上你不应该得到这个股权。

　　The statement 'ideas are worthless, execution is fundamental' may not be entirely accurate, but it is similar to the actual situation. If the founder provides the initial entrepreneurial idea, their equity can increase by 5% (if you were 105 before, the increase after 5% is 110.25%). Note that if the entrepreneurial idea is not executed in the end, or if it does not form a valuable technology patent, or if it has the potential to play a role, then you should not actually receive this equity.

　　4、迈出第一步最难（股权增加5%-25%）

　　4. The hardest step is taking the first step (increasing equity by 5% -25%)

　　为创业项目开辟一个难以复制的滩头阵地，可以为公司探索出发展的方向、建立市场的信誉，这些都有利于公司争取投资或贷款。如果某个创始人提出的概念已经着手实施，比如已经开始申请专利、已经有一个演示原型、已经有一个产品的早期版本，或者其他对吸引投资或贷款有利的事情，那么这个创始人额外可以得到的股权，从5%到25%不等。这个比例，取决于“创始人的贡献对公司争取投资或贷款有多大的作用”。

　　Opening up a difficult to replicate beachhead for entrepreneurial projects can help companies explore development directions and establish market credibility, which is beneficial for companies to seek investment or loans. If a concept proposed by a founder has already been implemented, such as starting to apply for a patent, having a demonstration prototype, having an early version of a product, or other things that are beneficial for attracting investment or loans, then the additional equity that the founder can receive ranges from 5% to 25%. This ratio depends on the extent to which the founder's contributions contribute to the company's efforts to secure investments or loans.

　　5、CEO应该持股更多（股权增加5%）

　　5. CEO should hold more shares (increase equity by 5%)

　　通常大家都认为，如果股权五五对分，那么实际上公司无人控制。如果某个创始人不信任CEO，不能接受他持有多数股份，那么这个创始人就不应该和他一起创业。一个好的CEO对公司市场价值的作用，要大于一个好的CTO，所以担任CEO职务的人股权应该多一点点。虽然这样可能并不公平，因为CTO的工作并不见得比CEO更轻松，但是在对公司市场价值的作用上，CEO确实更重要。

　　It is generally believed that if the equity is split 50-50, the company is actually not controlled by anyone. If a founder does not trust the CEO and cannot accept him holding a majority stake, then the founder should not start a business with him. A good CEO has a greater impact on the market value of a company than a good CTO, so the person holding the CEO position should have a little more equity. Although this may not be fair, as the job of a CTO is not necessarily easier than that of a CEO, the CEO is indeed more important in terms of their impact on the company's market value.

　　6、全职创业是最最有价值的（股权增加200％）

　　6. Full time entrepreneurship is the most valuable (with a 200% increase in equity)

　　如果有的创始人全职工作，而有的联合创始人兼职工作，那么全职创始人更有价值。因为全职创始人工作量更大，而且项目失败的情况下冒的风险也更大。此外，在融资时，投资人很可能不喜欢有兼职工作的联合创始人。这可能导致你在融资上遇到障碍。所以，所有全职工作的创始人都应当增加200％的股权。

　　If some founders work full-time and some co founders work part-time, then full-time founders are more valuable. Because full-time founders have a greater workload and take on greater risks in the event of project failure. In addition, investors may not like co founders who have part-time jobs during financing. This may cause you to encounter obstacles in financing. So, all full-time founders should increase their equity by 200%.

　　7、信誉是最重要的资产（股权增加50-500％）

　　7. Reputation is the most important asset (increase equity by 50-500%)

　　如果你的目标是获得投资，那么创始人里有某些人的话，可能会使融资更容易。如果创始人是第一次创业，而他的合伙人里有人曾经参与过风投投资成功了的项目，那么这个合伙人比创始人更有投资价值。在某些极端情况下，某些创始人会让投资人觉得非常值得投资，如果他参与创业、为创业项目做背书，那么就会成为投资成功的保障。（这种人很容易找到，可以直接问投资人，这些人的项目你们无论在什么情况下都愿意投资吗？如果投资人说“是”，那么这些人就值得招募过来作为合伙人）这些超级合伙人基本上消除了“创办阶段”的所有风险，所以最好让他们在这个阶段获得最多的股权。这种做法可能并不适用于所有的团队。不过，如果存在这种情况，那么这些超级合伙人应当增加50-500％的股权，甚至可以更多。这个增加的比例取决于他的信誉比其他联合创始人高多少。

　　If your goal is to obtain investment, having some people among the founders may make financing easier. If the founder is starting a business for the first time and one of his partners has participated in successful venture capital investment projects, then this partner has more investment value than the founder. In some extreme cases, certain founders may make investors feel that they are very worthwhile to invest in. If they participate in entrepreneurship and endorse entrepreneurial projects, it will become a guarantee of successful investment. These people are easy to find and can be directly asked by investors whether they are willing to invest in their projects under any circumstances. If investors say "yes", then these people are worth recruiting as partners. These super partners basically eliminate all the risks of the "start-up stage", so it is best to give them the most equity during this stage. This approach may not be applicable to all teams. However, if such a situation exists, these super partners should increase their equity by 50-500%, or even more. The proportion of this increase depends on how much higher his credibility is compared to other co founders.

　　8、现金投入参照投资人投资

　　8. Cash investment refers to investor investment

　　先设定一个理想的情况，即每个合伙人都投入等量的资金到公司，然后加上他们投入的人力，构成了最初的平均分配的“创始人股份”。但是，很可能是某个合伙人投入的资金相对而言多的多。这样的投资应该获较多的股权，因为最早期的投资，风险也往往最大，所以应该获得更多的股权。这样的投资应该获得多少股权呢？可以参照通常投资的估值算法，找一个好的创业企业律师来帮助你计算。例如，如果公司融资时的合理估值是五十万美元，那么投资五万美元可以额外获得10%股权。

　　First, set an ideal scenario where each partner invests an equal amount of capital into the company, and then adds the manpower they invest to form the initial evenly distributed 'founder shares'. However, it is likely that a partner has invested relatively more funds. This type of investment should earn more equity, as the earliest investments often carry the highest risks, so more equity should be obtained. How much equity should be obtained from such an investment? You can refer to the usual investment valuation algorithms and find a good startup lawyer to help you calculate. For example, if the reasonable valuation for a company's financing is $500000, investing $50000 can earn an additional 10% equity.

　　9、最后进行计算：现在，如果最后计算的三个创始人的股份是为200/150/250，那么将他们的股份数相加（即为600份）作为总数，再计算他们每个人的持股比例：33%/25%/42%。

　　9. Finally, calculate: Now, if the shares of the three founders are calculated to be 200/150/250, add up their number of shares (i.e. 600 shares) as the total, and then calculate their respective shareholding ratios: 33%/25%/42%.

　　三、最错误的做法是股权五五分

　　3、 The most incorrect approach is to split the equity 50-50

　　我想起了很早之前我创办的一家叫的公司。我们公司最初只有二个人，Charles Zapata和我。我们在地下室进行头脑风暴，我们每个小时都能冒出不计其数的想法，一个想法比一个好，从商业概念到核心价值，再到以更好的方式做成本账。不管什么问题，我们都能达成一致，或者迅速解决我们俩人之间的分歧。生活多美好啊。所以，我们决定股权五五分。

　　I remember a company I founded a long time ago called. Our company initially had only two people, Charles Zapata and me. We brainstorm in the basement, and we come up with countless ideas every hour. One idea is better than another, from business concepts to core values, and then to better cost accounting. No matter what the problem is, we can reach a consensus or quickly resolve the differences between the two of us. Life is so beautiful. So, we have decided to split the equity 50-50.

　　直到六个月后，当我们决定辞职，并投入我们的积蓄时，我们发生了第一次争执，这次争执几乎搞砸了我们的公司。

　　Until six months later, when we decided to resign and invest our savings, we had our first argument, which almost ruined our company.

　　我的意见是：“初创企业垮掉的最常见原因是：创始人们无法解决他们之间的分歧。创始人无法解决分歧时，他们不会管公司，只会收拾东西回家，尽管公司本来还有机会发展下去。”

　　My opinion is: "The most common reason for the collapse of a startup is that the founders are unable to resolve their differences. When founders are unable to resolve their differences, they do not take care of the company and only pack up their things and go home, even though the company still has a chance to develop

　　四、对Joel Spolsky《创业公司如何公平分配股权？》一文的反驳

　　4、 Joel Spolsky's article "How to fairly distribute equity in startup companies? 》Refutation of an article

　　Joel Spolsky对如何分股权的问题也进行了深入的思考，但是他得出了一些不同的结论。他的这些结论并不正确，原因是：

　　Joel Spolsky also pondered deeply on how to divide equity, but he came to some different conclusions. His conclusions are not correct because:

　　1.他混淆了“容易”与“公平”。股权五五分是很简单，但并不公平。准确地分配股权很公平，却很不容易。

　　He confused "easy" with "fair". The 50-50 equity ratio is simple, but it is not fair. Accurately distributing equity is fair, but it is not easy.

　　2.他主张回避冲突，不要为自己计算股权。这是相当错误的做法：如果你想要计算自己的股权，那么最好尽早，在投资人还没有进入之前就解决这些问题，并且也要在还没有雇员工之前就解决这些问题（以免在员工面前暴露创始人的不合）。

　　He advocates avoiding conflicts and not calculating equity for himself. This is a rather incorrect approach: if you want to calculate your equity, it is best to address these issues as early as possible, before investors enter, and also before hiring employees (to avoid exposing the founder's discord in front of them).

　　3.他给员工太多的股权，以至于牺牲了创始人的利益。员工的回报应该以工资为主。绝大部分工作是创始人做的，但没有工资。员工则至少有工资做保障。如果公司失败了，创始人的风险比员工大的多。

　　He gave employees too much equity, to the extent that he sacrificed the interests of the founder. The return of employees should be mainly based on their salary. The vast majority of the work is done by the founder, but there is no salary. Employees are guaranteed at least a salary. If the company fails, the founder's risk is much greater than that of the employees.

　　4.他没有考虑到市场的实际状况。通常分配给员工的A类股大概占20%。Joel的模型中，分配给员工的占33%，这意味着创始团队才能分到33%。

　　He did not take into account the actual situation of the market. The A-class shares typically allocated to employees account for approximately 20%. In Joel's model, the allocation to employees accounts for 33%, which means that the founding team can only receive 33%.

　　5.欠条没有任何价值。大多数企业都没有办法融到资金或者产生收益。对于这些公司，很多投资人在投资前会要求创始人撤销公司出具给他们的欠条。最好的做法是将其作为可转换债券或股权调整的依据。

　　5. IOUs have no value. Most companies are unable to raise funds or generate profits. For these companies, many investors will demand that the founders revoke the IOUs issued to them before investing. The best approach is to use it as the basis for convertible bonds or equity adjustments.

　　6.需要提到的一点是，Joel认为联合创始人的股权在任何情况下都需要进行成熟期（或锁定，vesting）的限制。Joel的这一点倒是挺正确的。

　　6. It should be mentioned that Joel believes that the equity of co founders needs to be subject to maturity (or staking) restrictions in any situation. Joel's point is quite correct.

　　Joel Spolsky确实非常成功，但是我估计他这是第一次跟联合创始人和投资人一起创业。他的想法看起来非常的理想化，但是在经济上是不合理的，也没有反映市场上的主流做法。

　　Joel Spolsky is indeed very successful, but I estimate this is his first time starting a business with co founders and investors. His ideas may seem very idealistic, but they are economically unreasonable and do not reflect mainstream market practices.

　　现实中已经有很多真实的案例告诉我们一个合理的股权分配有多么的重要，其中不乏各种赫赫有名的公司，比如说真功夫、海底捞等等。这些案例的具体情况就不再累述。在此我就简单举几个常被诟病的股权分配例子。

　　There are already many real cases in reality that tell us how important a reasonable equity distribution is, including various well-known companies such as Zhengongfu, Haidilao, and so on. The specific circumstances of these cases will not be elaborated further. Here are a few commonly criticized examples of equity distribution.

　　一、“哥俩好”模式：50:50或者33:33:34

　　1、 Good buddy mode: 50:50 or 33:33:34

　　创业者团队中不乏都是哥们兄弟的例子，既然都是兄弟了，当然得公平处理，所以就出现了这种均分的分配模式。一般来说初创团队刚开始都处于蜜月期，内部对发展方向和决策都不会有太大的分歧，这种模式下倒还能过得去。但是，人的经历、经验、识见、性格、思维方式不同，所以在面对公司的各种问题时，会有不同的抉择和取向。即使大家都是为了公司的发展，每个人选择的路径、节奏、方式也会不同。这时候，公司必须要作出决策，否则无法继续经营。但如果两个股东都是50%的股权，意见不一致，又谁都不肯妥协，那谁的意见都不能成为公司的决策，公司很自然的就会陷入了一个无法决策的公司僵局，导致公司无法正常运转，甚至瘫痪的事实状态。

　　There are many examples in entrepreneurial teams where they are all brothers. Since they are all brothers, they must be treated fairly, which is why this equal distribution model has emerged. Generally speaking, start-up teams are in their honeymoon period at the beginning, and there are not too many internal differences in development direction and decision-making. This model can still get by. However, people have different experiences, insights, personalities, and ways of thinking, so when facing various problems in the company, they will have different choices and orientations. Even if everyone is for the development of the company, the path, pace, and approach chosen by each person will be different. At this point, the company must make a decision, otherwise it cannot continue to operate. But if both shareholders hold 50% of the shares, have different opinions, and neither of them is willing to compromise, then neither of their opinions can become a decision for the company, and the company will naturally fall into a deadlock where it cannot make decisions, resulting in the company being unable to operate normally or even paralyzed.

　　此外，从收益的角度来说，两个股东各占50%的股权，那在公司中的收益权、决策权就都是均等的。但两个人的能力、资源不可能一样，对公司的贡献也不可能一样，这就会产生不公平。刚创业时没什么，但总有一天，贡献大的一方会对此有怨言，这时候矛盾就不可避免。

　　In addition, from the perspective of profits, if two shareholders each hold 50% of the equity, their rights to profits and decision-making in the company will be equal. But the abilities and resources of two people cannot be the same, and their contributions to the company cannot be the same, which will result in unfairness. At the beginning of entrepreneurship, there may not be much, but one day, the party with the greatest contribution will have complaints about it, and conflicts are inevitable at this time.

　　二、绝对话语权模式：49:51

　　2、 Absolute discourse power mode: 49:51

　　我们刚刚说了那么多均分股权的弊端，肯定会有人说：“那我们改改，49:51这样不就能解决了吗？”。不过我个人觉得这也不是一个好的方案。一般来说在两个股东股权比例如此接近的情况下,两者的两个人的能力、资源很可能在一个比较接近的范围，然而却因为一方多分配了1%的股权，另一方成了小股东，处处受制，长久而言也未必会是一个好的方案。

　　We just talked about the drawbacks of equal distribution of equity, and some people will definitely say, 'Then let's change it to 49:51, won't that solve it?'. But personally, I don't think this is a good plan either. Generally speaking, when the equity ratios of two shareholders are so close, their abilities and resources are likely to be within a relatively close range. However, because one party distributes an additional 1% of the equity, the other party becomes a minority shareholder and is subject to various constraints, it may not necessarily be a good solution in the long run.

　　此时问题来了，上面讲了那么不好的股权分配模式，那么股权怎样分配才是好的呢？为什么有的团队非常注重股权的合理分配，事后依然出现了分崩离析；而有的团队拍拍脑袋就决定了的股权分配，但是一直团结到胜利的最后一刻呢？

　　At this point, the question arises. With the poor equity distribution model mentioned above, how can equity be distributed effectively? Why do some teams pay great attention to the reasonable distribution of equity, but still experience disintegration afterwards; And some teams decide on the equity distribution with just a few heads, but they stick together until the last moment of victory?

　　一些常见的股权分配模式也许能给到我们一些启示。比如说70:30,60：40，三个股东的话60:30:10, 50:30:20。这些的分配比例中大股东都能和二股东拉开一定的股权比例，这样的话有助于公司决策，避免遇到公司僵局。但是，我认为再复杂、全面的股权分配分析框架和模型也只是技术手段，而手段是服务于核心的，股权分配的核心是要让各个创始人在分配和讨论的过程中，从心眼里感觉到合理、公平，从而事后甚至是忘掉这个分配而集中精力做公司。

　　Some common equity distribution models may provide us with some inspiration. For example, at 70:30, 60:40, and with three shareholders at 60:30:10, 50:30:20. In these distribution ratios, the major shareholder can have a certain equity ratio with the second shareholder, which helps the company make decisions and avoid encountering corporate deadlock. However, I believe that even the most complex and comprehensive framework and model for analyzing equity distribution is only a technical means, and the means serve the core. The core of equity distribution is to make each founder feel reasonable and fair from the bottom of their hearts during the distribution and discussion process, so that they can even forget about this distribution and focus on the company in the future.

　　三、创业者退出股权关系怎么处理？

　　3、 How to deal with entrepreneurs withdrawing from equity relationships?

　　每个创业团队都是希望所有人一起并肩作战甚至最后有一天到交易所敲钟的。但是事与愿违，初创团队中分道扬镳的事情并不少见，作为创业企业，如果创始人离开创业团队就涉及股权的退出机制。如果不设定退出机制，允许中途退出的合伙人带走股权，对退出合伙人是公平，但却是对其它长期参与创业的合伙人却是最大的不公平，所以，一个合理的退出方案是有必要的。

　　Every entrepreneurial team hopes that everyone will work together and even one day ring the bell at the exchange. However, contrary to expectations, it is not uncommon for start-up teams to go their separate ways. As a startup enterprise, if the founder leaves the start-up team, it involves an exit mechanism for equity. If no exit mechanism is established, allowing partners who withdraw midway to take away their equity is fair to the withdrawing partners, but it is the greatest unfairness to other long-term partners involved in entrepreneurship. Therefore, a reasonable exit plan is necessary.

　　对于退出的合伙人，一方面，可以全部或部分收回股权；另一方面，必须承认合伙人对公司作出的贡献，按照一定溢价/或折价回购股权。对于如何确定具体的退出价格，涉及两个因素，一个是退出价格基数，一个是溢价/或折价倍数。可以考虑按照合伙人掏钱买股权的购买价格的一定溢价回购、或退出合伙人按照其持股比例可参与分配公司净资产或净利润的一定溢价，也可以按照公司最近一轮融资估值的一定折扣价回购。有些退出价格是当时投入的本金，加合理利息回报。至于选取哪个退出价格，不同公司会存在差异。

　　For withdrawing partners, on the one hand, they can fully or partially recover their equity; On the other hand, it is necessary to acknowledge the contributions made by partners to the company and repurchase equity at a certain premium/discount. There are two factors involved in determining the specific exit price: one is the exit price base, and the other is the premium/discount multiple. It is possible to consider repurchasing at a certain premium based on the purchase price of equity paid by partners, or withdrawing partners can participate in the distribution of the company's net assets or net profits at a certain premium based on their shareholding ratio, or repurchasing at a certain discount price based on the company's most recent financing valuation. Some exit prices are based on the principal invested at the time, plus reasonable interest returns. As for which exit price to choose, there may be differences among different companies.

　　四、员工股权激励如何分配最为合理？

　　4、 How to allocate employee equity incentives in the most reasonable way?

　　什么是员工股权激励呢？简单而言就是一种员工获得公司股权的激励机制，能使员工能够以股东的身份参与企业决策﹑分享利润﹑承担风险，从而勤勉尽责地为公司的长期发展服务的一种激励方法。股权激励常用于留住或者吸引公司中的重要骨干，而不是普通的员工。创始人一定要明白，一般激励和股权激励是两回事。赚了钱多拿点出来和弟兄们分享，这是激励；而股权不是这样，对于识货的人，股权有价值，对于不识货的人，创业公司的股权是白纸上画的大饼，根本不实惠。所以，创始人在分钱时可以大方，在分股权时要小心。

　　What is employee equity incentive? Simply put, it is an incentive mechanism for employees to obtain company equity, which enables them to participate in corporate decision-making, share profits, and take risks as shareholders, thus serving the long-term development of the company diligently and responsibly. Equity incentives are often used to retain or attract key personnel in a company, rather than ordinary employees. Founders must understand that general incentives and equity incentives are two different things. Share more of your earnings with your brothers as motivation; But equity is not like that. For those who are knowledgeable, equity has value, while for those who are not knowledgeable, the equity of a startup company is a big cake drawn on white paper and is not affordable at all. So, founders can be generous when distributing money, but be careful when distributing equity.

　　常见的股权激励方式一般是首先设立好期权池，由股东代持或者专门设立一个有限合伙企业来持有。由股东代持的话可以以股权转让的形式给予给员工，由有限合伙企业来持有的话可以吸收员工为有限合伙人。在股权激励中一般要注意以下问题，第一个是成熟期。一般来说3到4年的成熟期是很常见的，只有成熟期期满了，员工才会拿到所有的股权。第二个就是退出和追缴的机制。比如说员工中途离开企业了，已拿到手的股权该怎么处理呢？员工泄密给竞争对手或者业绩或工作能力远远达不到预期，那股权该怎么办呢？这些都是一开始要设计好的。

　　The common equity incentive method is usually to first establish an option pool, which is held by shareholders on behalf of them or by setting up a limited partnership enterprise specifically for holding. If held on behalf of shareholders, it can be given to employees in the form of equity transfer, and if held by a limited partnership enterprise, employees can be absorbed as limited partners. In equity incentives, attention should generally be paid to the following issues, the first of which is the maturity period. Generally speaking, a maturity period of 3 to 4 years is very common, and only when the maturity period expires, employees will receive all the equity. The second one is the mechanism for withdrawal and recovery. For example, if an employee leaves the company midway, how should the acquired equity be handled? What should we do if an employee leaks information to a competitor or if their performance or work ability falls far short of expectations? These were all designed from the beginning.

　　创业的道路是漫长且曲折的，其中涉及到了很多的法律问题。现在很多创业企业成立之初就定位于打破现有的模式，这就无可避免地涉及到了更多的法律问题。但大部分企业在创立伊始，是没有这种意识的，所以在股权结构、人事制度、知识产权保护、商业模式上埋下了各种各样的隐患。当隐患暴露出来成为问题时，解决起来往往很难，甚至成为了企业的终结者。每当听到这样的案例时，我总有一种“出师未捷身先死，长使英雄泪满襟”的感慨。创业之路坎坷满途，“路漫漫其修远兮，吾将上下而求索”，

　　The path of entrepreneurship is long and winding, involving many legal issues. Nowadays, many start-up companies are positioned at the beginning of their establishment to break the existing model, which inevitably involves more legal issues. But most companies do not have this awareness at the beginning of their establishment, so various hidden dangers are buried in their equity structure, personnel system, intellectual property protection, and business model. When hidden dangers are exposed and become problems, they are often difficult to solve and even become the terminator of the enterprise. Whenever I hear such cases, I always have a feeling of 'dying before achieving victory, making the hero shed tears'. The road to entrepreneurship is full of ups and downs. 'The road is long and arduous, and I will search for it from top to bottom.',

　　体现能力搭配+主创者高权重+通过股权分配这个时机，梳理好各人的长远立场

　　Reflecting the combination of abilities, high authority of the creators, and the timing of equity distribution, we will sort out everyone's long-term stance

　　1.体现能力搭配具体要看你的创始团队的功能搭配。如果你的能力有短板，比如会技术但商务很重要，那么商务的重要性可以体现出来。如果你的能力有短板，比如基本不会技术，那么技术的重要性可以体现出来。如果你的能力有短板，比如会自己领域的技术，但是还不足够担起整个创业公司的重任，那么技术骨干的重要性可以体现出来。

　　1. The specific combination of abilities depends on the functional combination of your founding team. If your abilities have shortcomings, such as being skilled in technology but being important in business, then the importance of business can be reflected. If you have a weakness in your abilities, such as a basic lack of technical skills, then the importance of technology can be reflected. If your abilities have shortcomings, such as knowing the technology in your own field, but not enough to take on the heavy responsibility of the entire startup company, then the importance of technical backbone can be reflected.

　　2,主创者高权重但是注意，以上仅仅是“体现”，最重要的仍然是：你必须是最大股东，最好60%以上，在你有能力相当大的短板的情况下，如果你把自己定为70%，仍然是可以的。如果你的能力基本没有短板，或者你认为这个事情非我不成，那么定为90%也是可行的。（注，以上所说的能力短板都是“技能短板”，而如果你最主要的能力，即拼尽全力把事情推动直到成功的能力以及这个能力所能够衍生和发展出来的其他能力是不行的话，那么无论你的股权分配多少，只要你仍然是创始人，那么都是白搭。当然，括号里面的这句话也体现出创始人的作用的重要性）

　　2. The creator has a high weight, but please note that the above is only a "manifestation". The most important thing is still that you must be the largest shareholder, preferably at least 60%. In the case where you have a significant weakness in your ability, if you set yourself at 70%, it is still possible. If your abilities have almost no shortcomings, or if you believe that this matter is not impossible, then setting it at 90% is also feasible. (Note that the aforementioned skill gaps are all "skill gaps", and if your primary ability, which is the ability to push things forward to success with all your might, as well as other abilities that can be derived and developed from this ability, is not enough, then no matter how much equity allocation you have, as long as you are still the founder, it is useless. Of course, the sentence in parentheses also reflects the importance of the role of the founder.)

　　3.通过股权分配这个时机，梳理好各人的长远立场但是，主创者高权重的配置尽管有很多的好处，但是也有一些负面因素是你必须考虑的：

　　3. Through the timing of equity distribution, it is important to clarify everyone's long-term stance. However, although there are many benefits to the high weight allocation of creators, there are also some negative factors that you must consider:

　　【成员主动要求权重考虑】：

　　Members actively request weight consideration:

　　1.如果一个人要求的权重只有5%以及以下，那么一般来说他的参与感接近为0，仅仅是参与而已。除非你做的事情本身非常有趣，你们的收入不错，你们的前途很好，或者你做的事情是他所做的事情的一部分，等等。但是更有可能是他基本上并不想在你做的事情中发挥什么太大的作用。

　　If a person's requested weight is only 5% or less, then generally speaking, their sense of participation is close to zero, just participation. Unless what you are doing is very interesting in itself, your income is good, your future is promising, or what you are doing is a part of what he is doing, and so on. But it is more likely that he does not want to play a significant role in what you are doing.

　　2.如果一个人要求的权重只有10%，如果他以前没有创过业，没有入股过其他企业，没有做过股东，那么可以理解为他是想做一些事情的公司员工/小主管，并且有可能成为你的中坚力量；也有可能理解为他只是想参与你这个事情，获得一些额外的经历，并且拿到应得的好处。

　　If a person's requested weight is only 10%, and they have not started a business before, invested in other companies, or been a shareholder, it can be understood that they are a company employee/small supervisor who wants to do something and may become your backbone; It is also possible to understand that he just wants to participate in your matter, gain some additional experience, and receive the benefits he deserves.

　　3.如果一个人要求的权重只有10%，如果他以前创过业，有入股过其他企业，或者做过股东，那么可以理解为他还挺看好你这个企业的，但是出于已经经历过创业等事情的谨慎，也懂得摆放自己的位置，就给你参与10%。有可能他会成为你的中坚力量；也有可能他会不太参与你的事情，但是在某些时候给你带来一些（巨大）的帮助；也有可能他就真的不怎么参与你的事情。

　　3. If a person's requested weight is only 10%, and if they have previously started a business, invested in other companies, or been a shareholder, it can be understood that they are quite optimistic about your company. However, due to the caution of having experienced entrepreneurship and other things, and knowing how to position themselves, they will give you 10% participation. It is possible that he will become your backbone; It is also possible that he may not be very involved in your affairs, but at times he can bring you some (tremendous) help; It's also possible that he really isn't very involved in your affairs.

　　4.如果一个人一定要求20%以上的权重，如果他之前创业/入股过，那么显而易见你的事情比较有利可图，或者说他能够看到比较长远的好的发展。好处是3的好处会放大，可能的坏处是3的坏处也会放大。

　　If a person insists on a weight of 20% or more, and if they have previously started a business or invested, it is obvious that their business is more profitable, or they can see long-term good development. The advantage is that the benefits of 3 will be amplified, and the possible disadvantage is that the disadvantages of 3 will also be amplified.

　　5.如果一个人一定要求20%以上的权重，如果他之前没有创业/入股过，那么很有可能他和你一样是有理想的人，想要做事情，并且在这个事情中发现自己的意义所在。能不能做成，就是和你要问自己的那个问题一样，他也会在心中问这个问题的。

　　5. If a person insists on a weight of 20% or more, and if they have not started a business or invested before, it is very likely that they, like you, have ideals and want to do things, and find their own meaning in this matter. Can it be done? Just like the question you want to ask yourself, he will also ask this question in his heart.

　　6.如果一个人一定要求40%-50%的权重，那么有四种可能，

　　If a person must demand a weight of 40% -50%, there are four possibilities,

　　一种是这个人没有创过业，但是和你基本一样拥有非常长远的理想和坚定的信念，愿意为这个事情付出和做出事情，也就是说，他会和你一样靠谱。

　　One reason is that this person has never started a business, but they have very long-term ideals and firm beliefs similar to you. They are willing to contribute and do things for this matter, which means they will be as reliable as you.

　　第二种是这个人没有创过业，但是对于股权分配没什么概念，于是固执地要求给予自己”公平“的分配，对于以后要做成的事情，他其实也和你这个主创者一样没有谱，仅仅是作为”初次出场“所必须的出场排场一样，也就是说，他和你一样不靠谱。

　　The second type is that this person has not started a business, but has no concept of equity distribution, so they stubbornly demand a "fair" distribution for themselves. For what they want to achieve in the future, they are actually just as unreliable as you, the creator, and only need to show off as a necessary "first-time appearance". In other words, they are just as unreliable as you.

　　第三种，如果这个人创过业，但是仍然要求40%到50%的股权，那么有可能是他能看到你作为创始人是多么地不靠谱，但是出于对于你们共同的事业的追求，决定帮你一把，并且在这么做的过程中，并不排斥日后发生总是”帮助“你的情况发生。

　　Thirdly, if this person has started a business but still demands 40% to 50% equity, it is possible that they can see how unreliable you are as a founder, but out of pursuit of your common cause, they decide to help you, and in the process, they do not exclude situations that will always "help" you in the future.

　　第四种，如果这个人创过业，但是仍然要求40%到50%的股权，那么有可能是他是彻底的不要脸，彻底地鄙视你，并且决定玩你一把。其实第三种和第四种的性质是一样的，只不过前者带有好意多一些，后者带有恶意多一些。

　　The fourth type is that if this person has started a business but still demands 40% to 50% equity, it is possible that he is completely shameless, despises you completely, and decides to play with you. In fact, the nature of the third and fourth types is the same, except that the former carries more goodwill and the latter carries more malice.

　　【创始人主动分配权重考虑】：

　　The founder takes the initiative to allocate weights for consideration:

　　（一个本身是主创者高权重爱好者的创始人的内在考虑）

　　(Internal consideration of a founder who is a high weight enthusiast and the main creator)

　　1. 给你1%，是说你来参加吧，我们这个东西不错。

　　1. I'm giving you 1%, which means you can come and participate. Our product is good.

　　2. 给你5%，是说你来参加吧，我觉得你实力挺强，我们的未来少不了你这样的人。

　　2. I'll give you 5%, which means you can participate. I think you have strong abilities and our future cannot be without people like you.

　　3. 给你10%，是说你tmd太重要了，你的能力/资源/实力/作用非常关键，我们现在就需要你这样的人！

　　3. Giving you 10% means that your TMD is too important, and your abilities/resources/strengths/roles are crucial. We need people like you now!

　　4. 给你20%，是说你除了tmd太重要了之外，还是几个重要的人里面权重非常之高，可以在我的决策过程里面起主要作用。

　　4. Giving you 20% means that besides TMD being too important, you also have a very high weight among several important people and can play a major role in my decision-making process.

　　5. 给你30%，是你太tmd重要了，基本就是我的左臂右膀，基本就是我的分身，基本就是我们的成功的原因！！你的决策，我基本上都需要考虑，你的担心和忧虑，我也不得不担心和考虑，你所擅长的东西，我必须非常地信赖，你所说出的话，无论好坏对错，我都必须将其视为具备我的属性，具备公司的整体意义。我们的思路如果没有在相当多的程度上是一致的或者是能够对话的，那么我是不会给你30%的。

　　5. Giving you 30% is because you are too important, basically my left and right arms, basically my clone, basically the reason for our success!! I basically need to consider your decisions, your worries and concerns, and I also have to worry and consider them. I must trust what you are good at very much. Whatever you say, good or bad, right or wrong, I must regard it as possessing my attributes and the overall significance of the company. If our ideas are not quite consistent or conversational to a considerable extent, then I won't give you 30%.

　　6. 给你40%-50%，是你基本就是我自己了，哈哈。这种事情可能发生么？呵呵，我猜，也许可能吧。。。一般来说，你顶多会给到一个人30%吧，但是你给了一个人30%，那么其他参与者（如果你还有的话）的参与度就会下降。自己考虑吧。

　　I'll give you 40% -50%, you're basically me, haha. Can this kind of thing happen? Hehe, I guess maybe... Generally speaking, you can only give one person 30% at most, but if you give one person 30%, the participation of other participants (if you still have them) will decrease. Consider it for yourself.

　　所以，以上两个【方括号】之间的各种博弈，它们背后所代表的各个参与者的内心想法，才是你作为创始人不得不察的东西。当然，这些数值和解读也仅供参考，因为我自己就是”主创者高权重爱好者“。

　　So, the various games between the two square brackets and the inner thoughts of the participants behind them are what you, as a founder, have to pay attention to. Of course, these values and interpretations are for reference only, as I myself am a 'creator with high authority enthusiast'.

　　4. 股权只在分配的时候重要。实际做事的时候，大家还是逐渐体现出他对于自己所擅长的事情的实力能力以及他的长远commitment出来的。股权分配时候的比例能够反映一部分的commitment情况，但是不排除这个commitment日后也会变化。

　　4. Equity is only important during distribution. When actually doing things, everyone gradually demonstrates his strength and ability in the things he is good at, as well as his long-term commitment. The proportion of equity distribution can reflect a portion of the commitment situation, but it cannot be ruled out that this commitment may also change in the future.

　　而且，最重要的是，你作为创始人在股权分配时候所理解的重要性的权重的比例，在日后的创业过程中一定会发生变化的，也就是，股权分配只能作为参考。

　　Moreover, the most important thing is that the weight ratio of the importance you understand as a founder in equity distribution will definitely change in the future entrepreneurial process, that is, equity distribution can only be used as a reference.

　　那么在这个持续1个月到2年的不断变化的重要性的情况下，还有什么原则是重要的呢？对了，就是主创者高权重原则了。也就是说：

　　So, in this constantly changing situation of importance that lasts from one month to two years, what other principles are important? By the way, it's the principle of high authority for creators. in other words:

　　你作为最主要的发起者，必须保持一个持之以恒把事情做下去的决心，并且保持一个为了保持这个决心而必须的股权技术手段。

　　As the primary initiator, you must maintain a persistent determination to keep things going and employ the necessary equity technology to maintain this determination.

　　5. 此外，公司成型之后，通过未分配的剩余股份或者创始人代持的部分股份来吸引新的加入者时，所采用的股份比例的数值，与以上1，2，3所讨论的数值不可同日而语。

　　5. In addition, after the company is formed, the value of the shareholding ratio used to attract new entrants through undistributed remaining shares or a portion of the shares held by the founder on behalf of the company cannot be compared to the values discussed in 1, 2, and 3 above.

　　6. 黑科技，一般用不到：如果参与者很(lao)有(jian)经(ju)验(hua)，那么以上所有比例，无论是他要求的比例，还是你要求的比例，都只能视为是一种表态，是一种博弈的需要。至于博弈之后人的心齐还是不齐，就看你们是不是很(lao)有(jian)经(ju)验(hua)到一定程度了。如果你们足够“很有经验”，不会因为这种博弈的存在而改变自己本身的判断的。

　　6. Black technology, generally not used: If the participant has a lot of experience, then all of the above ratios, whether they are the ratios they require or the ratios you require, can only be regarded as a statement and a need for the game. As for whether the descendants of the game are united or not, it depends on whether you have a certain level of experience and experience. If you are experienced enough, you will not change your own judgment because of the existence of this game.

　　本文由 山东股权激励落地  友情奉献.更多有关的知识请点击  http://www.lushangyun.com/   真诚的态度.为您提供为全面的服务.更多有关的知识我们将会陆续向大家奉献.敬请期待.

　　This article is about the implementation of equity incentives and friendship contributions in Shandong For more related knowledge, please click http://www.lushangyun.com/ Sincere attitude To provide you with comprehensive services We will gradually contribute more relevant knowledge to everyone Coming soon.