{
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  "sourcesContent": ["import { jsx as _jsx, jsxs as _jsxs } from \"react/jsx-runtime\";\nimport { addPropertyControls, ControlType, Link } from \"framer\";\nimport * as React from \"react\"; /**\n                                * @framerRecordIdKey id\n                                * @framerSlug xg0WbWedl\n                                * @framerEnumToDisplayNameUtils 1\n                                * @framerData\n                                */\nconst data = [{\n  aszvoWrgP: \"\",\n  cnXKRiPHS: \"Startup\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Bespin Global Shares How They Simplified Stock Options Management with QuotaBook\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"How does Bespin Global work?\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(Link, {\n        href: \"https://www.bespinglobal.com/\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Bespin Global\"\n        })\n      }), \" is a company founded in 2015 by HanJoo Lee, who serves as the current vice chairman of the Korea Software Industry Association and co-founded SparkLabs and Hostway Corporation, with a strong belief in the cloud market\u2019s potential. Not long ago, it was also selected as the \u201Cworld\u2019s top 10 cloud companies\u201D by Gartner. In line with its mission of helping every company adopt cloud IT, Bespin secured leading companies such as Samsung, SK, and Doosan as its customers.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"So far, its total funding amount has reached around US $185M from investors like Premier Partners, Altos Ventures, SK Telecom, and more. With its fast growth, Bespin also quickly adopted employee stock option plans supported by CEO Lee\u2019s philosophy and its unique organizational culture.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"We heard from Seongwon Han, Bespin\u2019s Global HR Manager, about the difficulties the team had to go through with ESOP and how they handled the problem.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Bespin Global HR team manager explains how Quotabook enabled equity management so much easier.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,orxciMuhcWljrgWuAph6aNFloc0.jpeg?originalFilename=620db19b55323b81d8e8d942_1*y9iY62vrE3beIHAIMDtKZQ.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/orxciMuhcWljrgWuAph6aNFloc0.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Quotabook (Q): Hello, Seongwon. Thank you for your time and would love to hear more about your role.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Seongwon Han (S) :\"\n      }), \" Hi, I\u2019m currently in charge of personnel management planning, organizational culture, and global HR-related tasks at Bespin Global. More specifically, we design and operate compensation plans for employees such as stock options, incentives, and benefits.\"]\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: How did you join Bespin Global?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: I used to work in HR for a large logistics company for about 6 years. There were many growth opportunities but I felt like I wasn\u2019t building my own expertise so was always searching for something more. Then, I came across a video of Bespin\u2019s CEO HanJoo Lee and was deeply impressed by his dynamic and challenging spirit. I became curious about the company and ended up joining Bespin with the confidence that I\u2019d be able to build my own expertise and contribute to the company.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Also, I went to high school and university in China which made me interested in the companies actively expanding into China. Bespin Global was actively doing business not only in China but globally, in the U.S., Singapore, Middle East and more, so I was naturally attracted.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: That\u2019s great! Care to explain more about Bespin Global\u2019s business?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Bespin is a company that helps you use cloud properly. It is our vision and mission to make every institution and company enjoy the value of cloud IT with the world\u2019s most automated service.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"To put it plainly, it can be considered as a \u2018relocation service.\u2019 We help companies transfer the data collected in pieces to a cloud system, just as a relocation service company packs, transports, and unpacks the items for movers.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Not long ago, we also contributed to quickly stabilizing the \u2018vaccine pre-booking system\u2019 in Korea, which had been disrupted as too many people accessed the system simultaneously. I was glad that this opportunity allowed us to help people and also have our name out there.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Bespin Global HR team manager explains how Quotabook enabled equity management so much easier.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,U7Hwdva6Xj7bFhVCPlpcUcZejk.jpeg?originalFilename=620db19bfa07582b9796e09d_1*ndioNJ4MfXD17B4dyLywLQ.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/U7Hwdva6Xj7bFhVCPlpcUcZejk.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What are some of the main services?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: As I just compared to the \u2018relocation service,\u2019 we operate a \u2018delivery platform\u2019 that provides comprehensive cloud services such as relocation, establishment, operation, and management of the cloud environment. We also support \u2018public cloud services\u2019 that help each company set up and operate cloud systems such as Google, AWS, and GCP.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"What makes us different from other general cloud services is that we have also developed our own automated cloud management platform, \u2018OpsNow.\u2019 On this platform, we not only handle the delivery part but also sales and implementation of software programs.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"I guess we can say that we\u2019re doing everything related to cloud. It\u2019s really all about the cloud. (smile)\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: I\u2019m also curious about the organizational culture of Bespin Global.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Bespin Global is a company composed of people of a wide age range between twenties and fifties. We are a startup, but we have regular hiring of entry-level in batches as well as ad-hoc hiring of experienced employees in their forties and fifties that bring in expertise and knowhow. Within an organization where such diverse age groups coexist, we try to promote collaboration and growth by focusing on the core values of \u2018Learn, Do, Share\u2019.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Speaking of- I know that Bespin actively utilizes stock options as an incentive. Is it related to the philosophy of the company?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Our CEO granted every employee stock options rather than one-time cash bonuses to encourage and share more profits together from a long-term perspective. We still regularly grant options every year, which I think is pretty rare and unconventional.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200BWhen the company first granted ESO, many were unfamiliar even with its concept so the CEO arranged a meeting to explain everything. He made sure employees understood how valuable stock options are and how the company and employees can grow together.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: In April 2021, you adopted Quotabook to simplify stock option management. Can you tell us in detail what kind of difficulties you had at that time?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: When stock options were granted to only a small number of executives, there was little difficulty in managing the lists through Excel and organizing hardcopy contracts. However, as the company grew rapidly and started to grant options to hundreds of employees, this was no longer possible.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Especially with many employees working from home nowadays, it became more difficult to manage hardcopy of contracts, organize terms of the new-comers and leavers and so on.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What was the ESO feature that attracted you the most?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Two things actually. First was the online ESO contract feature and second was the automation of ESO terms and vesting management.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"We really needed a tool to help us out with the two so I started searching online and found Quotabook.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: So how are you using Quotabook?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Very well! We now manage stock options effectively through Quotabook.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200BEach company has a variety of cases such as different stock option plans, exercising conditions and methods. For us, we needed to implement our very specific terms into the system in order to use the tool to manage everything, and Quotabook was very helpful in satisfying our needs by tailoring everything for us.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"You can easily create vesting schedule and customize start and exercisable dates of stock options.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,jMBys6JgbhZAjGiX4RkJtNyEHQ.png?originalFilename=620db19b89cb1e21871e52cb_1*tkA0E8rXaABGbYKu4fxoOQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/jMBys6JgbhZAjGiX4RkJtNyEHQ.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Also, we are a Korean company but have staffs globally. We also grant stock options to them, so it was good that Quotabook was already prepared and supports everything globally as well. We requested a lot but everything was reflected immediately in less than a week.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Did your work become more efficient through Quotabook?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Absolutely! Early this year, we even presented Quotabook to our executives as an example of how our HR team is improving work efficiency. We saved the lead time almost by two weeks, and that\u2019s a pretty long time if converted into hours.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"For instance, we had to write up each contract in Words documents before, but now we simply update the name, emails, option quantity, and vesting conditions in the Excel template, upload it and the work is done. Plus, employees can sign the contract digitally, no more in written form.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"You can grant stock options to employees and electronic signature is also available with Quotabook\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,gjs7160b0a9sGxSfwddaN9uSX8U.png?originalFilename=620db19bd390efa6943322b0_1*iNZCjZ2jRuvOhprQA9BmDQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/gjs7160b0a9sGxSfwddaN9uSX8U.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"From the employees\u2019 point of view, they now understand stock options better and are highly motivated. Before using Quotabook, they kept hardcopy contracts somewhere and wouldn\u2019t even look into the terms but now, Quotabook is linked to the very first page of our internal portal so they can check their options in a second. Employees can also see the vesting status for their options. Down the road, we plan to handle the exercise process through Quotabook as well, and I think it\u2019ll be even more convenient.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: I\u2019m glad that you seem very satisfied with your experience using Quotabook.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: I really am. I\u2019m so satisfied that I even promote Quotabook on online communities for HR people. Sometimes I feel like I\u2019m the sales manager at Quotabook (laughter). I really want other HR managers to experience what I felt when I started using Quotabook. It\u2019s not just a simple introduction. It\u2019s an avid user explaining how efficient and simple your work can be by using Quotabook.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Whenever I ask any questions online, Quotabook team not only guides through the feature itself but also provides background knowledge, related regulations and so on, which made me realize that everyone at Quotabook is experts in this field. I actually learn a lot while using Quotabook.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Is there any point that Quotabook needs improvement?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: Well, ever since I got this question prior to this meeting, I\u2019ve been thinking a lot. No matter how much I think, there\u2019s literally nothing! It might sound unrealistic to say this, but all the features I needed were included, and any extra ones I required were updated very soon. I know very well that the requests I made were never easy. Nevertheless, Quotabook team didn\u2019t pass over a single request and figured out solutions. I really can\u2019t find anything disappointing.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Bespin Global HR support team discusses what they think of Quotabook service.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ELS4rn69Z96cZCUmb2v1pf2BZg.jpeg?originalFilename=620db19bf85e3fe525c3d6ac_1*E_-Z6gV9SOY89VqELA9qKg.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/ELS4rn69Z96cZCUmb2v1pf2BZg.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Customer Success team of Quotabook is talking with Bespin Global\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,HII3VggZTyzfoe2t9YI2JRWZFzs.jpeg?originalFilename=620db19b89cb1e02741e52cc_1*KRUbDgtTCCHCsmVp6TjKww.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/HII3VggZTyzfoe2t9YI2JRWZFzs.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: I wonder when you were most satisfied using a feature that you requested.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: When signing the first online contract through Quotabook, the signer could sign anywhere on the contract document. I then had to go over the documents to see if the signatures were rightfully made and properly placed, which was a hassle. So I asked Quotabook to automatically fixate a position for signatures and within the next months I was able to proceed e-signatures more efficiently.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Thank you always for being such an active user of our stock option management tools. Do you have anything else that you use frequently apart from stock options?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"S: The \u2018Cap Table\u2019 function!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200BUsually, stock options are managed by the HR team while the cap table is tracked by the finance team through their own system., which makes it difficult whenever there is a need to share and communicate on equity data as a whole. With Quotabook, we can manage the cap table and stock options at the same time, which is a super effective way to settle HR and finance tasks. Just by adopting this single platform, we were able to reduce communication costs as well.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook\u2019s cap table management service. You can slide back-and-forth to check cap tables of specific dates\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,PDrIjN7PROVPsifgyAqcR0hvDw.png?originalFilename=620db1b9727822152172d83d_1*SRL3csz8JjVCcgIjeFkb9A.png\",\n      src: new URL(\"https://framerusercontent.com/images/PDrIjN7PROVPsifgyAqcR0hvDw.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Make equity simple with QuotaBook - \"\n      }), /*#__PURE__*/_jsx(\"em\", {\n        children: \"QuotaBook is a SaaS-based equity management platform for startups, their investors and employees that replaces spreadsheets and manual work. Startups and VCs can sync crucial data on equity such as cap table or employee stock options, as well as investor relation updates through our platform so that every stakeholder can communicate through a single source of truth. QuotaBook is the no.1 equity management platform for startups, used by 2000+ startups and VCs in Korea, backed by more than 20 Venture firms and investors.\"\n      })]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })]\n    })]\n  }),\n  id: \"BAnt_QVRs\",\n  jpOfKjqK3: null,\n  kOyDn1bxK: \"customer-stories\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"HanJoo Lee from Bespin Global, a no.1 Cloud Management company in Asia, Shares Insights into leading the Cloud Industry and Why They Chose Quota Lab.\"\n    })\n  }),\n  OqcSdHe_B: \"Customer Success Stories | Bespin Global \uD83D\uDDFA\",\n  UiPyAA1pt: \"2021-12-01T00:00:00.000Z\",\n  xg0WbWedl: \"customer-stories-bespin-global\",\n  XL68k7AcQ: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"Bespin Global Shares How They Simplified Stock Options Management with QuotaBook\"\n    })\n  })\n}, {\n  aszvoWrgP: \"\",\n  cnXKRiPHS: \"Startup\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Customer Stories | Honest Ventures \uD83D\uDD29\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(Link, {\n        href: \"http://www.honest.ventures/\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: /*#__PURE__*/_jsx(\"em\", {\n            children: \"Honest Ventures\"\n          })\n        })\n      }), /*#__PURE__*/_jsx(\"em\", {\n        children: \" is \"\n      }), \"a Venture Capital firm in Korea operated by four partners- two CEOs from Korea Investment Partners and two vice presidents with more than 20 years of investment experience.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The famous quote \u201Chonesty is always the best policy\u201D by George Washington in 1796 is the philosophy behind Honest Ventures, who strives to be an \u201Chonest\u201D investment firm for both its portfolio companies and investors. The firm started using QuotaBook from October 2020 to streamline its post-investment management process, especially to centralize how it tracks growth of portfolios.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Complexity in documentation and communication grows together with the increase in the number of portfolios, creating too much workload for managers to handle one by one. Jinkyung Lee from Honest Ventures\u2019 management team met with our customer success team, and shared her personal experience with QuotaBook, and how she is utilizing it to simplify her work.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Honest Ventures is using Quotabook to streamline business updates from portfolio firms, and the general post-investment management process\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,S7Q0LLEs3uv5b8DFOfG8ny7yfQ.jpeg?originalFilename=620dc954dcd9a3357e115da8_1*gy3kUP3WTa8watVDSaqfgA.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/S7Q0LLEs3uv5b8DFOfG8ny7yfQ.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"QuotaBook (Q): Hi! Could you briefly tell our readers about your role at Honest Ventures?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jinkyung (J):\"\n      }), \" Sure. I\u2019m currently managing our investments and internal operation related tasks such as writing proposals, setting up funds, managing post-investment portfolio firms and so on.\"]\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: How did you join Honest Ventures?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: I used to work at a startup as a business support manager and got introduced by someone to Honest. I decided to join because I saw the vision of the industry and the team\u2019s expertise in managing investments.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What would you say is the most rewarding part of your job?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: I\u2019m super thrilled whenever Honest Ventures is chosen as a General Partner for a fund based on the proposal I wrote or when I come across news about our portfolio startups receiving follow-on investments or going public.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Honest Ventures decided to implement Quotabook to deal with challenges of fund management and portfolio firms management\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,pHWTyNXH2MT3f6b2Co6Z9rv9h8c.jpeg?originalFilename=620dc954098f3a0ab8f6b44f_0*9EjPRIvsEmQXyzd4.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/pHWTyNXH2MT3f6b2Co6Z9rv9h8c.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: How\u2019s the team culture in Honest Ventures?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: Before joining, I was worried that the culture here might be a little different from my previous jobs at startups and accelerators. Thankfully, Honest is more flexible than I expected. We have casual dress codes, can work from home, and have flexible working hours. Most recently, we also implemented an e-signature process for internal workflows, so there\u2019s many attempts being made company-wide for efficiency.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Another culture I like at Honest is that everyone is responsible for what they do. We often hear about senior partners requesting juniors or even other teams for manual and complex documentation tasks, but Honest is different. Even the partners are handling every detail and checking up with portfolios personally.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What are Honest\u2019s strengths and differentiating factors?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"J: I remember once our Vice President compared us to a dish (to be specific, \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"Bibimbap\"\n      }), \", a famous Korean dish where you mix rice with veggies and sauce). Simply put, we are a team of specialists grouped together creating synergy just like a dish with great ingredients. There are four partners in our firm and each one of them has more than 20 years of experience in the VC field. Also, our two associates specialize investments in their own sectors of interests, bringing performance together.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Jinkyung, manager of Honest Ventures, is using Quotabook to facilitate and simply communication to receive and update shareholder\u2019s list and buisness reports\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,hiZdoZRD3oUWNCrRP51NFlzsTE.jpeg?originalFilename=620dc954a0dc532a42587c4e_0*XeXfPjfhgm7zRKbf.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/hiZdoZRD3oUWNCrRP51NFlzsTE.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What are Honest\u2019s target sectors?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: We mostly invest in ICT manufacturing, service, and biological healthcare sectors.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What kind of VC does Honest want to become?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: It would be best if we can discover startups with great potentials early on, grow together with them and ultimately, become a VC trusted by our LPs as well. Trying our best to earn this trust as we speak.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Jinkyung explaining a great advantage of using Quotabook, which is that VCs and startups can handle everything in one single platform such as managing shareholders list and meetings, employee incentive plans, business reports and e-voting, streamlining post-investment management\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ySdWnQFnc7LqGxLI3wrYEoSk.jpeg?originalFilename=620dc954b407187f4a729d4b_0*sGgmdJlnP7egvJml.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/ySdWnQFnc7LqGxLI3wrYEoSk.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: It was last year when Honest decided to use QuotaBook. What kind of challenges were you going through at the time?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: The number of portfolios is constantly increasing with more funds we manage, and currently we have about 60 to 70 startups. It naturally became overwhelming and difficult to deal with the post-investment management.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"We came across QuotaBook while searching for a service to support our work as well as our startups\u2019. When we go through deals, we come across many startups that face difficulties preparing documents or setting up processes for funding, so I thought QuotaBook can help out. One great advantage of using QuotaBook is that startups can handle complex procedures and documents in one single platform, starting from shareholders list and meetings to employee incentive plans, business reports and even e-votings.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Jinkyung explaining the Business Reports function of Quotabook, which can standardize the formats of business reports from portfolio firms\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,T0yRBjofGJi3s1wSkBhl6YT1SO8.jpeg?originalFilename=620dc95487af87dce2f2fc1b_0*mt40jkoBCM0ZiCri.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/T0yRBjofGJi3s1wSkBhl6YT1SO8.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What did you expect the most out of QuotaBook when you first decided to implement it?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: Back and forth communication to receive and update shareholders list or reports was the most time consuming part of my work, so I was really hoping that QuotaBook could help.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Is there a particular feature that you find most convenient?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: I was definitely looking forward to the \u2018Business Reports\u2019 feature that I just mentioned.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Business Reports through Quotabook makes it possible to manage business reports from all the portfolio firms on a single page\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,U1hfALp7nBHRTVySrF4XBPLkpk.png?originalFilename=620dc954727822337e87082a_1*dPuGSrZE1tleTGnshL-aBQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/U1hfALp7nBHRTVySrF4XBPLkpk.png\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Can you tell us more about how QuotaBook helped out with your work?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: The whole process of requesting business updates from our portfolios became much simpler. I used to copy and paste each and every email address of our startups for business updates but now, I can just click \u2018bulk request\u2019 directly on QuotaBook.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"I can also bulk download the attached files. Before, I would open every single email to download the attachments. Not to mention the frustration of renaming files if the original formats are somehow different from the requirement. Now we can simply pre-set the template and file name from the beginning, so the formats would be automatically standardized.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook helps the documents like business reports to be formatted consistently according to the needs of Venture Capitals, significantly streamlining the post-investment management\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,V64lns5khXNu8vBAB42P4X2IXTM.png?originalFilename=620dc95464c8022139c1f4e6_1*4hIUWlfBAdSxeipHC0GxbA.png\",\n      src: new URL(\"https://framerusercontent.com/images/V64lns5khXNu8vBAB42P4X2IXTM.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Requesting business reports to all portfolio firms at once through Quotabook, simplifying post-investment management\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Ru0AApqMCYrAUD2RVzV1EuqlrgU.png?originalFilename=620dc954fcc89337058b4e26_1*ixmPP_wN-XDlwMzQylxg5A.png\",\n      src: new URL(\"https://framerusercontent.com/images/Ru0AApqMCYrAUD2RVzV1EuqlrgU.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Setting templates and formats of business reports for portfolio firms can streamline and simplify post-investment management process\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,fH0pQCTQHZCOpqAIPfvoZeDnN0.png?originalFilename=620dc95487af870c73f2fcda_1*lCPgr9joz1-xxrwZY8bZew.png\",\n      src: new URL(\"https://framerusercontent.com/images/fH0pQCTQHZCOpqAIPfvoZeDnN0.png\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: As a person who has experience managing businesses in a startup, an accelerator and even a VC here at Honest, what are some common pain points in the startup field?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"J: I think it all comes down to how we communicate to request, share and receive data. We rarely receive what we requested at one go, so we would follow-up to get everything we need. This whole process is tiring for both the investors and startups.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Having been on the side of preparing and sharing the data, I personally understand that it\u2019s not simple, especially for a startup that raised funds from multiple investors. It\u2019s hard to respond to every email asking for data in different formats even if you\u2019re dealing with the same piece of information.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Jinkyung, the manager of Honest Ventures, is communicating with the portfolio firms through Quotabook by receiving standardized business reports\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,PuiOexICSwtSJsVXqn5xOwcDmsk.jpeg?originalFilename=620dc954b40718a094729dbe_0*v7sXnD4GPb9aMHLx.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/PuiOexICSwtSJsVXqn5xOwcDmsk.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"I believe such communication costs can be greatly reduced by using QuotaBook and hope many more startups and investors will adopt the platform to facilitate overall communication \uD83D\uDE00.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Once again, a big thank you to Jinkyung for kindly sharing her experiences. Just like her last comment, QuotaBook looks forward to helping out more founders and investors around the globe simplify equity management!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Make equity simple with QuotaBook - \"\n      }), /*#__PURE__*/_jsx(\"em\", {\n        children: \"QuotaBook is a SaaS-based equity management solution for both Startups and Venture Capital funds. Startups and VCs can sync crucial equity-related data such as cap tables, employee stock options as well as investor updates on our platform so that every stakeholder can communicate through a single source of truth. QuotaBook is the No. 1 equity management software for startups in Korea, trusted by 2000+ startups & VCs and backed by more than 20 VC funds.\"\n      })]\n    })]\n  }),\n  id: \"o2fIsS7OW\",\n  jpOfKjqK3: null,\n  kOyDn1bxK: \"customer-stories\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"Jinkyung Lee from Honest Ventures Talks about VC Philosophy and Her Experience in the Startup Ecosystem in Korea, from a Startup to Accelarator to VC.\"\n    })\n  }),\n  OqcSdHe_B: \"Customer Success Stories | Honest Ventures\",\n  UiPyAA1pt: \"2021-08-13T00:00:00.000Z\",\n  xg0WbWedl: \"customer-stories-honest-ventures\",\n  XL68k7AcQ: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"How Honest Ventures Makes Honest and Reliable Investments through QuotaBook\"\n    })\n  })\n}, {\n  aszvoWrgP: \"\",\n  cnXKRiPHS: \"Startup\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"How ONCOCROSS\\xa0Uses QuotaBook to Communicate with Investors and Employees\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"How does ONCOCROSS work?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(Link, {\n        href: \"http://oncocross.com/\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"ONCOCROSS\"\n        })\n      }), \" is a biotechnological firm started by CEO/Co-Founder Dr. Kim Yi Rang, who previously worked as a Doctoral Fellow in Asan Medical Center after getting his PhD degrees in Medical Science from KAIST (Korea Advanced Institute of Science and Technology). ONCOCROSS develops pharmaceuticals using Artificial Intelligence based on transcriptomic database. Its name, which brings together two words \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"ONCO\"\n      }), \" and \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"CROSS,\"\n      }), \" implies a blend of conventional medical science and cutting-edge technology to create something new.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"ONCOCROSS is the first Korean company to develop new drug candidates for sarcopenia (condition of losing skeletal muscle mass and function) through an AI platform. It also developed a gene expression pattern-based AI platform that reduces time spent on new drug development and probability of clinical trials failure. Over 20,000 drugs are being monitored on this AI platform, analyzing around 6,000 diseases and 70,000 cancer patients\u2019 data so far. ONCOCROSS has raised about USD 14 million last year from various local financial institutions, which totals up to USD 19 million funding raised so far.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"QuotaBook\u2019s Customer Success team vistied ONCOCROSS to meet Daeha Kim, head of HR and Finance, to learn more about its business and experience with QuotaBook.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"QuotaBook (Q): Hi! Could you please briefly introduce yourself and your role at ONCOCROSS?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Daeha Kim (D): \"\n      }), \"I am currently leading HR and Finance at ONCOCROSS, responsible for recruitment, employee benefits, and team culture, as well as running and managing capital. I also take care of shareholder management.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook meets with Daeha Kim, head of HR and Finance at ONCOCROSS\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,YTlh8aOgW8ncaMzi0CI4ljjpqQ.jpeg?originalFilename=620da7345ee21c426dd7f012_0*iAnJF7R-c-QexZN6.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/YTlh8aOgW8ncaMzi0CI4ljjpqQ.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: How would you introduce ONCOCROSS?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"D: Simple, a startup developing drugs through AI. As mentioned earlier, ONCOCROSS is a firm that develops new drugs through Artificial Intelligence. We specialize in \u2018developing\u2019 new drugs through our own biology and AI research centers, while most of the pharmaceutical firms focus more on \u2018discovering\u2019 the candidates for a new drug- a key difference that sets us apart.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"We also try to find out if these medicines or candidates could serve other positive purposes on top of their original ones. In other words, we uncover new possibilities through AI. For example, suppose medicine A was developed to target stomach cancer. We would try to observe if medicine A can also be effective in treating, say, lung cancer. Medicines and candidates that were regarded ineffective in their first and second clinical trials can also become helpful for other purposes. So, our work is valuable to a lot of stakeholders because it is about discovering the unseen possibilities of a failed clinical trial that ultimately saves time, money, and effort spent.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: What kind of a future is ONCOCROSS dreaming as a biotechnological company?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"D: Our final goal is to pioneer rare and incurable diseases with our AI for new drugs development. Developing drugs for inaccessible diseases like cancer, sarcopenia, pediatric epilepsy would help people worldwide as well as our firm grow in scale. We are constantly trying to gain technological edge to achieve our goal.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook customer success team talks with the customer and get the feedback for equity management software\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,exbLxzhBJOcotrSW4FGsO0raHg.jpeg?originalFilename=620da734be8e193533dc36e6_0*7zO3dycSiOhk0WJg.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/exbLxzhBJOcotrSW4FGsO0raHg.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Moving on, you oversee a lot of responsibilities, including HR and finance, which must be difficult to handle. I wonder why you\u2019ve adopted QuotaBook and how it is helping your work.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"D: Since our Series B last year, we started receiving many reporting and data update requests from our investors. Especially when it comes to institutional investors, you need to update them on your business performances, ask for consents on certain matters and most importantly, share the most up-to-date cap tables from time to time.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Cap table became difficult to manage as we started having more investors, meaning frequent change in ownership and even secondary transactions. Updating everything manually was risky and time consuming. That\u2019s when I heard about QuotaBook. With QuotaBook, I am spending a lot less time on managing cap tables. 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When the time comes, I\u2019m sure QuotaBook will simplify our stock option related tasks as well.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Stock options grant, vesting schedule management, option contract writing all availbe at Quotabook\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,I67gkBUnqZeway8R9OFDUg5JA.png?originalFilename=620da7347791292390b9b346_1*paq6gnVVHYmHLyT7GM-v3Q.png\",\n      src: new URL(\"https://framerusercontent.com/images/I67gkBUnqZeway8R9OFDUg5JA.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On top of everything, I\u2019d like to comment on how QuotaBook actively reflects the voice of customers. Whenever I have any feedback, you always respond and update so quickly, which I am very satisfied as a user.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook and ONCOCROSS talks about Equity management and ESOP management\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,0TTEJbpqkIhb0fRuYwQS3xLwY9I.jpeg?originalFilename=620da73420225b05304f6d57_0*V-imD-XkvVPPNA6M.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/0TTEJbpqkIhb0fRuYwQS3xLwY9I.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Q: Thank you for the comments, glad that we could help! Before we finish, is there anything you expect from Quotabook?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"D: I am already very happy with the startup features such as cap table management and scenario simulation. 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Sandbox represents more than 450 teams of creators and entertainers, including high-profile creators such as Ddotty, Psick University, and Pungwolryang.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Based on the mission \u201CWe create better together\u201D, Sandbox not only focuses on helping creators gain popularity through their contents and channels, but also runs a variety of businesses utilizing its intellectual property rights.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"So far, Sandbox raised about 76 million USD including the most recent 40 million USD raised in a Series D last November. Curious to learn more about how Sandbox manages all its securities as it continues to raise money and grow rapidly? QuotaBook\u2019s Customer Success team met with Cheong Jae-hun, CorpDev Lead of Sandbox Network to hear about the challenges that follow large-scale investment and rapid growth, and how the company is handling them.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Jae-hun, CorpDev Lead of Sandbox Network, says that the company inevitably needed a smart solution like Quotabook for their IR as the investment round progressed.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,3PAV7jEaPjp5GKUEcC1LmHEuw3g.jpeg?originalFilename=620ddcfca0dc53400f604a89_1*kUnUQ2uMWZ2Z3jCBn2zpuw.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/3PAV7jEaPjp5GKUEcC1LmHEuw3g.jpeg\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Quotabook\"\n      }), \": Quotabook Customer Success Team\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": Cheong Jae-hun, CorpDev Lead of Sandbox Network\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": Hello Jae-hun, thank you so much for being the first customer interviewee for QuotaBook! Please introduce yourself and tell us briefly about what you do at Sandbox.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": Hello, I\u2019m Cheong Jae-hun and I\u2019m the CorpDev Lead of Sandbox Network.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"I am mainly responsible for attracting investment in Sandbox, communicating with shareholders, and also investing in partner companies that can bring synergy to our overall business.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Sandbox is especially content with Quotabook\u2019s onboarding process, because the onboarding team set up everything ready for use.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,9jXK4EOTs4S7oq5NZQxaKfEKZE.jpeg?originalFilename=620ddcfca3646e7d8a844c79_1*f7mzq_Uj8WQvyiyaaJ9XRw.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/9jXK4EOTs4S7oq5NZQxaKfEKZE.jpeg\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": How did you join Sandbox?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": I worked as a media/content analyst at a brokerage firm until I joined Sandbox about three years ago, and the rise in new media, including YouTube, was already very clear back then. No one sits around a TV anymore, watching a show someone else has already turned on, but each person gets to choose their own content. I was thinking that the content industry was structurally bound to shift to new media when I was offered a job at Sandbox, and decided to join because I was confident that the company would grow and that I could enjoy the work.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": When do you find it especially rewarding to work at Sandbox?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": It\u2019s really rewarding to feel that the company is growing. What\u2019s surprising is that YouTube\u2019s growth has accelerated more than I expected, and Sandbox has also almost tripled from 2018. When I joined, I had to explain about the company to people, but now everyone already knows us. I am happy to help in the process of such an interesting company\u2019s growth, and I think it was an excellent choice to join Sandbox.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Actually, I\u2019ve always been a big fan of idols. From visual styling to performance and communication with fans, I think the idol industry is such a comprehensive art. Now that the times have changed and creators are playing that role, it\u2019s exciting to see them up close.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": Wow! I think everyone can have a lot of fun here. As you mentioned, Sandbox is known as a really interesting company with diverse creators. How would you describe Sandbox yourself?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": I think Sandbox is drawing a map that has never existed in the world. In the era of new media, what matters is who first discovered the new treasure island.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"We are making this voyage by emphasizing the internal motto \u201CCreator first\u201D. We support our creative and attractive creators in every way to fully demonstrate their capabilities and talents, while at the same time doing our best as their business partner to maximize the possibility of new IPs. One of the core values of Sandbox is that creators should be respected and valued for their talents and personalities, not for their business purposes. Based on this belief, Sandbox is growing further with more creators to represent.\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": I think Sandbox is definitely a strong supporter of the creators.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"It\u2019s a big advantage to be able to generate various documents on equities and their transaction histories on Quotabook, says he.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,35EDahN05QPROsZKAJiOtZfOZlE.jpeg?originalFilename=620ddcfc1f763b6004cda1ff_1*e3k_N-t2A98PF1nfZkgwMA.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/35EDahN05QPROsZKAJiOtZfOZlE.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook always tries to take a good care of customers, so that they can get the most out of the product.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,gg4sry4HRWJyay8R6zPsuyBsWI.jpeg?originalFilename=620ddcfca00ac83c01b242dd_1*U4j0kyQWwP8vBfpGf1r2PA.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/gg4sry4HRWJyay8R6zPsuyBsWI.jpeg\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": Now I\u2019d like to ask you further about the status of shareholders/equity management of Sandbox. I understand that you attracted large investments at the end of last year- what were the difficulties at that time?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": First of all, there were too many shareholders to handle. At first, our CEO alone could manage shareholders through direct calls or meetings. Sometimes, there would be documents gone missing but we could handle them one-by-one and check up with them later.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"However, as the investment round progressed, there were more shareholders with stricter standards along with more requirements. This is when we decided to focus more on IR as we just couldn\u2019t call and chase after every document like we used to- it was too much of a hassle.\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": As you just said, many startups face difficulty when it comes to shareholders/equity management, which is exactly why QuotaBook exists. Guess that\u2019s why you chose QuotaBook as well!\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": That\u2019s right. Especially after CorpDev team was put in charge of investor relations, I was starting to think that there was a limit to taking care of each shareholder one-by-one. This was when I came across QuotaBook and for the next few months, we carefully reviewed QuotaBook internally and discussed a lot with QuotaBook directly as well. Finally at the beginning of this year, we decided to adopt QuotaBook because we were confident that it could hit the spot and make our problems go away.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": Wasn\u2019t the process of adopting QuotaBook cumbersome or difficult?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": I originally thought that the whole onboarding* process would be quite a hurdle. However, QuotaBook dedicated onboarding team set up everything ready for use, so it was actually very convenient for us.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Another good point was that the instructions for later use were not simply guided through the manual. The person in charge helped me learn how to use it easily by allowing me to access QuotaBook myself and clicking on this and that. I felt like the team was paying very much attention to that in detail. Because the team handled all of the early complex tasks, it became so much easier for me to use QuotaBook thereafter with no burden or difficulties.\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"*Onboarding: the process of transferring all equity data from spreadsheets and document files, including old stock transactions, new stock issues, stock options, etc. to QuotaBook\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": The onboarding team will be very happy to hear this. Are there any other additional advantages of using QuotaBook?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": Basically, it\u2019s a big advantage to be able to generate various documents on equities and their transaction histories. For example, it\u2019s very useful to be able to go back and check cap tables at any time when a stock-related event (ie. paid-in capital increase and secondary sales) took place, and to generate documents based on that.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,aHU5AwdDUtvxn5cVk2n2VQdYc20.png?originalFilename=620ddcfc7278223ee39bcc0f_1*u4NhTjuMUcXnSMHkyfkWKA.png\",\n      src: new URL(\"https://framerusercontent.com/images/aHU5AwdDUtvxn5cVk2n2VQdYc20.png\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \": Last but not least, do you have any other features that you expect to see from QuotaBook?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Jae-hun\"\n      }), \": I hope that more investors will use as well QuotaBook so that everyone can communicate actively through QuotaBook. We can check if our shareholders are using QuotaBook through the little green check box next to their names. Hopefully every one of our investors will turn green soon so that when we have any updates, our shareholders will be able to check directly on QuotaBook whatever they want, when they want.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Soon, there will be a day when a single sentence, \u201Cit\u2019s on QuotaBook\u201D, can easily replace a bunch of manual tasks.\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Sandbox is no longer just the leading MCN company in Korea, but has stepped further into the global market, attempting to become the global \u2018IP Publisher\u2019. It also runs content businesses that cross the field of e-sports games, cable TV channels, and film production. Watch out for Sandbox\u2019s quest to become the leading entertainment company in the digital content industry!\", /*#__PURE__*/_jsx(\"br\", {}), \"\u2192 \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://sandbox.co.kr/\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://sandbox.co.kr/\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Quotabook Customer Success Team is wide open to communication with customers anytime!\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,WvjOZ8iVjGv8KeZRZYfQuzHfXps.jpeg?originalFilename=620ddcfcf7b85936ec0875be_1*CNixsqHjxe27xEQzZcXLRA.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/WvjOZ8iVjGv8KeZRZYfQuzHfXps.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Sandbox Network, the leading multi channel network in Korea, chose Quotabook for their complicated cap table and stakeholder management.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,PbgYr9rbJUixtBJWQjMNijXk0w.jpeg?originalFilename=620ddcfcf7b859aba10875a7_1*FiTj-JYD66hgMb5ojFMUwQ.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/PbgYr9rbJUixtBJWQjMNijXk0w.jpeg\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"Both Startups and Investors can manage their equity so much smarter with Quotabook.\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,DNPPhdUCPJ1o351qseZWwizyA.jpeg?originalFilename=620ddcfca00ac80915b242de_1*6zEak2JhQUdguoikr6G9Gw.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/DNPPhdUCPJ1o351qseZWwizyA.jpeg\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"QuotaBook welcomes customer feedback, which helps us improve our product. If you have any issues or questions, please let us know!\", /*#__PURE__*/_jsx(\"br\", {}), \"\u2192 \", /*#__PURE__*/_jsx(Link, {\n        href: \"mailto:info@quotabook.com\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"info@quotabook.com\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"gfLMLKZ2q\",\n  jpOfKjqK3: null,\n  kOyDn1bxK: \"customer-stories\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"Sandbox Network, the Best Multi-Channel Network in Korea and a Leading Entertainment Company Shares Industry Insights and Why they Chose Quota Lab.\"\n    })\n  }),\n  OqcSdHe_B: \"Customer Stories | Sandbox Network \uD83D\uDCE6\",\n  UiPyAA1pt: \"2021-04-16T00:00:00.000Z\",\n  xg0WbWedl: \"customer-stories-sandbox-network\",\n  XL68k7AcQ: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: '\"We were confident that QuotaBook was the answer to our problem with equity management.\"'\n    })\n  })\n}, {\n  aszvoWrgP: \"RSU\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"There are different ways to reward employees based on their performance and dedication. Giving incentives can boost employees' morale and motivate them to work harder. Companies may offer monetary incentives or company stock to deserving employees. In addition to Stock Options, Restricted Stock Units (RSUs) are also a popular method for companies to enhance employee performance.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDDD0What is a RSU?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A Restricted Stock Unit (RSU) is a type of equity compensation used by companies as a form of employee incentiviation or reward. They are typically granted as a reward for past performance or as an incentive to motivate employees to stay with the company long-term. When an employee receives a RSU, they are granted a promise to receive a certain number of shares of the company at a predetermined date in the future, typically upon the completion of a vesting schedule.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Similar to that of stock options, the vesting schedule specifies the conditions that must be met for the employee to receive the shares.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: /*#__PURE__*/_jsx(\"strong\", {\n          children: \"For example, a typical vesting schedule might specify that the employee will receive one-third of the shares after three years, one-third after four years, and one-third after five years with the company.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Until the RSUs vest and the shares are issued, the employee does not actually own any stock in the company and does not have the right to cast a vote or receive dividends. However, the employee may be able to sell granted RSUs on the secondary market or receive cash equivalents in lieu of the shares once they vest. 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Instead, the shares are subject to a vesting schedule, which means that the employee must stay with the company for a certain period of time before they are able to receive the shares.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"2\uFE0F\u20E3\", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Second, RSUs are typically less risky than stock options.\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"With a stock option, an employee has the right to purchase a certain number of shares in the company at a set price, known as the strike price. If the price of the company's stock goes up, the employee can exercise their option and purchase the shares at the strike price, which can later be sold for a profit. However, if the price of the stock depreciates, the option may expire and be worthless, and the employee will not reap any benefits.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How Can I Better Manage RSUs?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If you are a startup that has already granted or is considering granting RSUs, you can operate and manage them more efficiently through the Quotabook\u2019s RSU management solution!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Trust QuotaBook with your RSU needs and we will deliver. \u2728\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"R\", /*#__PURE__*/_jsx(\"em\", {\n        children: \"eferences\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/r/restricted-stock-unit.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/terms/r/restricted-stock-unit.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://tradesmartonline.in/knowledge-hub/stock-market/how-does-restricted-stock-units-affect-employee-compensation/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://tradesmartonline.in/knowledge-hub/stock-market/how-does-restricted-stock-units-affect-employee-compensation/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\u200D\"\n    })]\n  }),\n  id: \"AjGXACzec\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Restricted Stock Unit\",\n  UiPyAA1pt: \"2023-05-10T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/w7DKX4fJG9AQZs1rUyeX04K46E.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/w7DKX4fJG9AQZs1rUyeX04K46E.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/w7DKX4fJG9AQZs1rUyeX04K46E.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/w7DKX4fJG9AQZs1rUyeX04K46E.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-restricted-stock-unit\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Investor\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"Getting an investment is more than just receiving money. Investors have rights, responsibility, and liability for the business they invested in. Therefore, knowing who they are and choosing the right partnership is important. There are two types of partner, general partners and limited partner. What is their role and what are the differences?\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDE42 General Partner\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A general partner is an owner of the partnership who can act on behalf of the company without permission from other partners. Often they have specialized knowledge in the business field they invest and devote their time to getting involved in daily business operations. However, note that the general partner also has unlimited liability for the partnership. If the company they invested in acquired financial debt or liability, legal responsibility might be passed on to them. A general partner with the most money invested receives the larger proportion of the penalty. Sometimes, the general partners even bear a risk on their personal assets if they are required to meet a financial obligation.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDE42 Limited Partner\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A limited partner invests money and takes shares of the company. A difference from the general partner is that the limited partner has limited voting power and does not get involved in daily business operations. While taking less responsibility and authority, a limited partner has a limited liability and the loss will be no more than the amount they invest. However, if a limited partner is proven to have an active role or get involved in daily operations, they also can be subjected to bear the liability with their personal assets.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,2aWJ0jCmnjwR5CaptKLRiVUG0fQ.jpg?originalFilename=63f72be5d277297c172f7fcc_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_11.GP_LP.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/2aWJ0jCmnjwR5CaptKLRiVUG0fQ.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDC81\uD83C\uDFFB General Partnership & Limited Partnership\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"General Partnership\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A general partnership consists of two or more general partners. In order to establish a general partnership, partners only need to sign a partnership agreement, and should agree to take responsibility for the debt and losses that come from the partnership. They will then have full authority to involve in business management and operation, and usually the ownership responsibility is placed equally on all partners in the general partnership. In terms of tax-paying, a general partnership is regarded as a pass-through entity. The owners don\u2019t need to file separate business taxes, but instead, they have to report business income on their personal tax returns.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Limited Partnership\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A limited partnership is composed of at least one general partner and one or more limited partners. While a general partner handles daily operations, limited partners have limited authority and liability. Establishing a limited partnership requires one more step compared to a general partnership. Once all partners signed the partnership agreement, they have to file a certificate of limited partnership with the secretary of state\u2019s office of their state of operation. Like a general partnership, a limited partnership is regarded as a pass-through entity. Therefore, they don\u2019t need to pay separate business taxes as well.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,mk4Xa6GcQ6TlwqsNdq56SJKEo.jpg?originalFilename=63f72c03ff3824956885b864_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_11.2%2520GP_LP.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/mk4Xa6GcQ6TlwqsNdq56SJKEo.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Do you find it hard to prepare for the investment? QuotaBook is here to help you. Click the button below to try our equity management solution.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"\u200D\", /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })]\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"R\", /*#__PURE__*/_jsx(\"em\", {\n        children: \"eferences\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/g/generalpartner.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \" https://www.investopedia.com/terms/g/generalpartner.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/l/limited-partner.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \" https://www.investopedia.com/terms/l/limited-partner.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/ask/answers/062515/what-difference-between-silent-partner-and-general-partner.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \" https://www.investopedia.com/ask/answers/062515/what-difference-between-silent-partner-and-general-partner.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.shopify.com/blog/general-vs-limited-partnership\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \" https://www.shopify.com/blog/general-vs-limited-partnership\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"mQ6tj_Y9h\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"General Partner & Limited Partner\",\n  UiPyAA1pt: \"2023-01-12T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/UrdGovAQtSkkHX09FbwmoTv3UUY.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/UrdGovAQtSkkHX09FbwmoTv3UUY.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/UrdGovAQtSkkHX09FbwmoTv3UUY.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/UrdGovAQtSkkHX09FbwmoTv3UUY.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-general-partner-limited-partner\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Investment\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: '\u201CPro rata\" is a term commonly used during the financing process. However, it might sound unfamiliar to you if you don\u2019t have the experience to raise investment. So, what does \u201Cpro rata\u201D mean, and how can it be calculated?'\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCC8 What is Pro Rata?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u201CPro rata\u201D is a Latin term meaning \u201Cproportionally\u201D. When something is given out to the people in the proportion of their possession to the whole, we call it that it is given on a \u201Cpro rata basis\u201D. In the case of the investment process, a concept and calculation of pro rata are used in the situations such as determining the interest or dividend of the shareholders.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCDD How to Calculate Pro Rata?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Calculating pro rata is very simple.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"Fractional ownership\"\n        }), \" = Number of the items owned / Total quantity of items\"]\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"Pro rata distribution\"\n        }), \" = Fractional ownership * Total amount of assets to be distributed\"]\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Let\u2019s have a look at the examples to make it more understandable!\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"1. Allocate dividends per shareholder\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When a company pays cash dividends out, the amount is determined on a pro rata share basis.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Assume a company called \u201CUnicorn Inc.\u201D has 200,000 shares outstanding. In this quarter, Unicorn Inc. announced that they will give off $100,000 as a dividend to their shareholders.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Anna is a shareholder of Unicorn Inc. She owns 5,400 shares. How much dividend will she receive?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\u200D\", /*#__PURE__*/_jsx(\"em\", {\n        children: \"\u200D\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"Fractional ownership of Anna\"\n        }), \" = 5,400 shares / 200,000 shares = 0.027 (2.7%)\"]\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"Dividend Anna will receive\"\n        }), \" = 0.027 * $100,000 = $2,700\"]\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Here, calculate the proportion of Anna\u2019s share ownership, then multiply the percentage by the whole number of dividends.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"2. Determine the interest rate\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Some types of investments earn interest. For the calculation of short-term interest, pro rata calculation is used.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Unicorn Inc. pays interest to Harry for the investment of $10,000. The interest rate is 5% annually. How much interest accrues each month?\", /*#__PURE__*/_jsx(\"em\", {\n        children: \"\u200D\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"Monthly interest rate of Harry\"\n        }), \" = 10% / 12 months = 0.83%\"]\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"Interest accrues each month\"\n        }), \" \\xa0= 0.83% * (10% * $10,000)\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0= 0.83% * $1,000\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0= $8.3\"]\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The interest rate for each month is proportional to the annual monthly rate. Therefore divide annual interest by 12 months so that the interest rate of every month is equal. Then, multiply the monthly interest rate by the whole amount of annual interest to get interest accrues each month.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDD37\uD83C\uDFFB What are Pro Rata Rights?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u201CPro rata rights\u201D are the rights of shareholders that guarantee participation in the future investment round. Startups, especially those that are in early-stage, go through several rounds of investment as they grow up. Dilution of existing shareholders\u2019 equity is inevitable during this series of investments. Although equity dilution is not always a bad thing, some investors want to keep their percentage of ownership to get a greater return for their investment or to keep their other rights. Therefore, those who don\u2019t want dilution of their ownership can exert pro rata rights to participate next investment round.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Pro rata rights are not given to all investors. Generally, early-stage startups grant this right to people who help the company a lot, and late-stage startups grant this to the major investors. This is a right not an obligation, so even if a person owns pro rata rights, they don\u2019t necessarily need to participate in the next financing round. Also, new investors or existing investors who don\u2019t have pro rata rights can still participate in further investment rounds. This is just to \u2018guarantee\u2019 space for further investment if a holder of the right wants to participate.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The pro rata calculation might look a little bit different in this case. Let\u2019s see the example.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"X ventures has invested in Unicorn Inc. for a seed round, and taken 20% of the company. A year after, Unicorn Inc. raises series-A funding at $3M pre-valuation. The total number of outstanding shares is 300,000 and the price per share is $10. Unicorn Inc. plans to raise $500K so, 50,000 shares will be newly issued.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"X ventures wants to exert its pro rata rights to keep its percentage of ownership. How much should X ventures invest for the next round to keep 20% ownership?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1. Firstly, calculate the number of shares that takes 20% of the company after the investment\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"2. Then calculate the number of shares that X ventures owns before the investment\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"3. Determine how many shares to buy by subtracting (2) from (1)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"4. Multiply (3) by price per share to calculate the total amount to invest for the next round\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [/*#__PURE__*/_jsx(\"strong\", {\n          children: \"*Total number of shares after investment\"\n        }), /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0\\xa0= total number of shares before investment + newly issued shares\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0\\xa0= 300,000 + 50,000\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0 \\xa0= 350,000 shares\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"strong\", {\n          children: \"1. Number of shares to keep 20% ownership after investment\"\n        }), /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0\\xa0= 20% * total number of shares after investment\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 20% * 350,000\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 70,000 shares\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"strong\", {\n          children: \"2. Share numbers of X ventures before investment\"\n        }), /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= percentage ownership * total number of shares\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 20% * 300,000\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 60,000 shares\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"strong\", {\n          children: \"3. Number of shares that X ventures has to buy\"\n        }), /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 70,000 - 60,000\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 10,000 shares\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"strong\", {\n          children: \"4. Amount that X ventures has to pay\"\n        }), /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= Number of shares to buy * price per share\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= 10,000 * $10\", /*#__PURE__*/_jsx(\"br\", {}), \" \\xa0 \\xa0= $ 100,000\"]\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,486QvJsXLTZxPFU4p2sPZRB3g.png?originalFilename=63aa5318e8b453839016b12f_%25EC%258A%25A4%25ED%2581%25AC%25EB%25A6%25B0%25EC%2583%25B7%2844%29.png\",\n      src: new URL(\"https://framerusercontent.com/images/486QvJsXLTZxPFU4p2sPZRB3g.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Equity is such a complex thing to handle. However, with QuotaBook, it won\u2019t be hard as you think. 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Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Pro Rata\",\n  UiPyAA1pt: \"2022-12-27T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/DcuORpIfru16pr8LsD0W7GWG3fo.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/DcuORpIfru16pr8LsD0W7GWG3fo.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/DcuORpIfru16pr8LsD0W7GWG3fo.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/DcuORpIfru16pr8LsD0W7GWG3fo.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-pro-rata\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Marketing\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"Have you ever tried a free trial? How about freemium? Both of these are used as a marketing strategy to help potential customers evaluate your product/service and make a purchase decision.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This QuotaWiki post will explain what are free trial & freemium. If you are considering which of these to choose for your product/service, have a read of this post.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCB8 What is Free Trial?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When you provide your product/service to the customers with a time limit, it is called a \u2018free trial\u2019. The most common time limit might be a 30-days trial, but the time limit can differ from a week up to six months. Within the trial period, the customer can have access to the product/service features for free. After having a taste of the product/service, customers will finally make the decision at the end of the trial period whether to pay for it or not.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Advantages\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Adopting a free trial strategy allows the product/service to sell itself, as long as the customers can explore it on their own. That is, user conversion will be driven by the product rather than sales. Less need for aggressive selling decreases the burden of the sales team so they can focus on other important tasks. Also, a free trial decreases customer acquisition costs, while the conversion rate is higher compared to the freemium strategy. Among the paying users, product satisfaction tends to appear high and unrealistic expectation is low as they already tried the product/service and know what they are using before the conversion.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"\uD83D\uDCA1 Note: If your product/service needs an explanation to operate or has a complex onboarding process, the conversion rate will be low.\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Disadvantages\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If the customer experienced a free trial and decided not to pay for the product/service, it will be very hard to attract the same customer again. The more people refuse to use the product/service, customer acquisition will be harder and more expensive. When you choose to adopt a free trial strategy, always keep in mind that the potential customer pool is not an infinite resource. Therefore, just acquiring a large number of initial customers is not important for a free trial. Target the right customers who will eventually pay for the product/service.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Be aware of professional free trial users who abuse your offer. When focusing on user acquisition, you may overlook their conversion to paying customers. If those users don't turn into paying customers, it means you are just wasting your resources and need to revisit your sales strategy. 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Then consider the 80:20 rule. Include features in a freemium plan in which 80% of the users stay unpaid, and 20% of the users pay money to upgrade.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Advantages\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As the Freemium plan does not require paying, it acquires a large number of initial users. Based on that, the company can collect user information and data which can be used to make revenue from an advertisement or to improve the company\u2019s own product/service. For startups, a freemium strategy can give an impact on increasing brand awareness while working less on customer support. From point of customers\u2019 view, customers can easily approach and get used to the product/service, and establish their habits or processes around it. When they want to upgrade their plan, they will make fully informed decisions, and problems caused by unconscious payments will decrease. In addition, a decrease in unconscious payments leads to more positive feedback on your product/service.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Disadvantages\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The biggest disadvantage of the freemium strategy is that this increases customer acquisition costs. Also, the conversion rate tends to be lower than the free trial. 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When you adopt a free trial for hard goods, make sure to minimize the risk of damage to the product or free-trial taker.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Freemium\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Due to the absence of a time limit, it is good for a slow burner. If you are considering a long-term perspective with a target ROI(return on investment) greater than 5 years, the freemium strategy has a strong point on it. B2C business or product/service focusing on user growth are also suitable for a freemium strategy.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,VJf0tPEsyjDQllMvKBe2yzMhMs.jpg?originalFilename=643e6830b00d7f759513549c_QuotaWiki_%25EC%258B%259C%25EA%25B0%2581%25EC%259E%2590%25EB%25A3%258C_%25EB%2594%2594%25EC%259E%2590%25EC%259D%25B8_Free%2520Trial%2520VS%2520Freemium%2520%281%29.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/VJf0tPEsyjDQllMvKBe2yzMhMs.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\u2757 Free Trial & Freemium Model is just an Alternate\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Adopting either free trial or freemium model as a marketing strategy is not a compulsory thing to do. Set your GTM strategy straight. Sometimes it makes more sense to not offer free trials or freemiums. 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Sign up for the QuotaBook 30-day free trial today!\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"References\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.forbes.com/sites/forbestechcouncil/2021/04/26/free-trial-or-freemium-best-monetization-decisions/?sh=6e8f6d242c08\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.forbes.com/sites/forbestechcouncil/2021/04/26/free-trial-or-freemium-best-monetization-decisions/?sh=6e8f6d242c08\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://techcrunch.com/2022/11/12/freemium-or-free-trials-why-not-both/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://techcrunch.com/2022/11/12/freemium-or-free-trials-why-not-both/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.forbes.com/sites/theyec/2018/04/05/free-trials-an-efficient-profitable-way-to-generate-sales/?sh=53f758996005\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.forbes.com/sites/theyec/2018/04/05/free-trials-an-efficient-profitable-way-to-generate-sales/?sh=53f758996005\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://techcrunch.com/2022/11/12/freemium-or-free-trials-why-not-both/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://techcrunch.com/2022/11/12/freemium-or-free-trials-why-not-both/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"p9jk3dHPD\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Free Trial vs. Freemium\",\n  UiPyAA1pt: \"2022-12-08T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/rgLBn86IuBs8g7v8HS0PMGfXM.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/rgLBn86IuBs8g7v8HS0PMGfXM.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/rgLBn86IuBs8g7v8HS0PMGfXM.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/rgLBn86IuBs8g7v8HS0PMGfXM.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-free-trial-vs-freemium\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Board of Directors\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"When incorporating a company, many founders wonder how to build a board of directors and end up listing themselves as the sole director. As the startup grows along with a series of investment rounds, the board expands but the question of how to build a good board still lingers in their mind. Therefore, in this QuotaWiki post, we are going to look into some points to consider when you build a board for your startup.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDD37\u200D\u2640\uFE0F What is the Role of the Board?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The board\u2019s key role is governance where its power and responsibility come from bylaws written when the company was established. In addition, the board of the startup has to focus on raising the company and helping the business to work in the market.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"These are some examples of the task of the board:\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Set internal rules and policies of the company.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Delegate C-level executives, including the CEO.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Make decisions on important issues such as mergers and acquisitions, on behalf of the company and stakeholders.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Decide capital allocations. For example, dividends, investments, and issuing new shares.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Through these works, the board supports management, helps a company to set a goal, and manages resources which eventually leads to successful corporate operation and company growth.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCA1 Ideal Board Composition for the Startups\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\u200D\", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"A small board is appropriate for the early-stage startup\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Veterans said that three to five seats are adequate for an early-stage startup, whereas more than five is not recommended. An unnecessarily large board team often interrupts the company from working efficiently. A little tip is that having an odd number of board members is better. Think of the situation where half of the members vote yes, while the other half vote for the opposition. Deadlock will slow down decision-making in certain circumstances.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Choose a person with the right skill and rich experience\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"According to Fred Wilson, a partner of Union Square Ventures, the best composition of the startup\u2019s board is a CEO of that company, one financial investor, and two to three fellow CEOs who already had or still have experience in building a successful company. Above all, choosing each member who will work best for your company is the most important thing. Think about the resources and skills the company will most need for the next two years. Will it be product development, hiring talent, or raising money? Seek a person with adequate skill, and make sure those people have experience running a company in a similar industry to yours. Those skillful professionals will provide a different point of view, filling the experience gap of first-time founder and VC investor.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Build a strong board culture\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As the board members have to work as a team, building a good board culture is important to positively drive your company\u2019s operations. Each member should know how to engage themselves, collaborate, and be open to communicating. Also, they have to attend regular meetings while fully informed, and well-prepared for it. Not only each member\u2019s characteristics but also the role of the chair is significant. Create the right atmosphere in the meeting to let each member disclose their opinion.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Adopt diverse workforce\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There is research with 366 companies across Canada, Latin America, the UK, and the US showing that the companies with the board having diversity in race, ethnicity, and gender are more likely to have better financial results compared to those who do not have diversity. No doubt that the diversity in the board workforce will bring your company a wide range of perspectives and experiences. This will lead to making more reasonable and insightful decisions, eventually increasing the chance of success.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCB8 How to Compensate the Board Members?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"VC investor board member usually does not get compensated, but independent board members do. Generally, in early-stage startups, between 0.5% to 2.0% of non-qualified stock options derived from the management equity pool are granted to each member. The amount of stock options granted to each person is determined by the member\u2019s profile, equity pool, and company growth stage.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Building a good board is complicated work. QuotaBook can reduce the burden on equity management, letting the founders focus on this important task. If you want to try a demo, don\u2019t hesitate to hit the button below!\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"\u200D\", /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })]\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.toptal.com/finance/venture-capital-consultants/building-effective-startup-boards\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.toptal.com/finance/venture-capital-consultants/building-effective-startup-boards\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://betakit.com/ask-an-investor-how-do-i-build-a-board-of-directors-for-my-startup/\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://betakit.com/ask-an-investor-how-do-i-build-a-board-of-directors-for-my-startup/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/why-diversity-matters\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/why-diversity-matters\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.iod.org.nz/resources-and-insights/starting-a-board/what-makes-a-good-board/#\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.iod.org.nz/resources-and-insights/starting-a-board/what-makes-a-good-board/#\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"tsMWFM9lO\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"How to Build an Effective Board for Your Startup\",\n  UiPyAA1pt: \"2022-11-14T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/AVGgronHOAHUHeWFsuTUWODFKKc.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/AVGgronHOAHUHeWFsuTUWODFKKc.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/AVGgronHOAHUHeWFsuTUWODFKKc.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/AVGgronHOAHUHeWFsuTUWODFKKc.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-how-to-build-an-effective-board-for-your-startup\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Seed Funding\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"In the previous QuotaWiki post, we briefly introduced what series A, B, C fundings are. In this post, we are going to look at the very first funding round, \u201CSeed Financing\u201D in more detail.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83C\uDF31 What is Seed Financing?\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Seed financing (which is also known as seed funding), is the earliest official equity funding process of the company. The reason why it is called seed is that it helps to grow the startup from the very beginning. For startups to grow their business, they need to develop a product, purchase equipment, and employ team members. The money required to do all these things is way beyond the amount a founder can afford. In most cases the early-stage companies don\u2019t make money yet, they need to raise capital from outside. Therefore when founders spot opportunities in the market and are confident that they can seize them, they start raising money for the seed round. Seed financing will help startups to operate the business until they grow enough to generate revenue and raise series A funding.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [\"\uD83D\uDC7C \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Who Invests in Seed Financing?\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Possible investors of seed financing are diverse from the founder's surrounding people such as family or friends to incubators, accelerators, venture capital companies(VCs), or angel investors. One of the common types of investor in seed financing is an \u201Cangel investor\u201D. An angel investor is an individual who offers to fund early-stage startups. Some angel investors are grouped together and provide a larger size of capital. They usually come into the scene after the initial funding from the founder's family or friends but before the venture capital funding.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDCB8 How Much is Raised During Seed Financing?\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The amount range of seed financing is very broad (from a few thousand to several million dollars!) because startups in different fields require different amounts of money to run the business. Ideally, raising money that is enough to grow a business where you can raise the next funding is the best. Set a milestone that can give you meaningful indicators(such as customer retention rate or revenue growth). When can you reach that goal? Number of the months taken to reach that milestone times monthly costs for the operation will be the right amount of seed financing. For example, if you want to spend $20,000 per month and you are planning to reach the next milestone after 12 months, then you need to raise $20,000 x 12 mths = $240,000.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDCB8 How Seed Financing Proceeds?\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There are some differences between investment from an angel investor and VC. As the angel investors individually invest their own money, the funding proceeds much faster than that of VCs. VCs are handling other people\u2019s money, so they need to go through more meetings between partners and have more rigorous standards. Although some angel investors are very thorough, usually angel investors are more generous in their terms and processes compared to VCs.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Seed financing usually proceeds as below:\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The investor and founder have met in various ways (for example, by referral, meeting during the seminars & conventions \u2026)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"If the investor and founder both have a mutual interest in seed funding, the investor conducts due diligence.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"If there are no specific issues found during the due diligence, a term sheet is drawn up.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Once the contract is finalized, a legal agreement is written and signed by both parties.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Capital is released for the company's use, and the deal is officially closed.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"\u2757 Things to Remember in Seed Financing\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"While seed financing is your first funding round, investors have done this several times and are much more experienced than you. Most of the conditions in the contract will be reasonable, but always remember this is your first official funding round and these conditions can affect your business and following the funding round in the future. If a certain term doesn't look right, ask investors for an explanation!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\u200D\u2640\uFE0F Have you managed to attract seed financing?\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Congratulations \uD83C\uDF89 QuotaBook wishes all the best for the journey of your business.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"How was your first official funding round? Have you found it difficult to manage? We are specialized in managing equity. With QuotaBook, your next funding round will be much simpler. So don\u2019t hesitate to request a demo!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Related Posts\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\uD83D\uDC49 \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-series-a-b-c-funding\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Haven\u2019t read QuotaWiki\u2019s series A, B, C funding post yet?\"\n        })\n      })]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\uD83D\uDC49 \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-angel-investor\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Know more about angel investors \uD83D\uDC7C\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/articles/personal-finance/102015/series-b-c-funding-what-it-all-means-and-how-it-works.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.ycombinator.com/library/4A-a-guide-to-seed-fundraising\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.ycombinator.com/library/4A-a-guide-to-seed-fundraising\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.forbes.com/advisor/investing/what-are-angel-investors/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.forbes.com/advisor/investing/what-are-angel-investors/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"IOcWNd3Nd\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Seed Financing\",\n  UiPyAA1pt: \"2022-10-13T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/7aXqTexBtuZZ2OzDLzYOm3LXIY.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/7aXqTexBtuZZ2OzDLzYOm3LXIY.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/7aXqTexBtuZZ2OzDLzYOm3LXIY.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/7aXqTexBtuZZ2OzDLzYOm3LXIY.png\").href} 1051w`\n  },\n  xg0WbWedl: \"quotawiki-seed-financing\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Accelerator\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"During the boom in startups and venture capital, new players in startup ecosystems emerged. Startup accelerators are one of them, supporting early-stage startups along with other similar but distinctive institutions like incubators, angel investors, and venture capitalists.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is a Startup Accelerator?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Startup accelerators support growth-driven companies in their early-stages through education, mentoring, and financing. Since it is aimed at accelerating the life cycle of young innovative companies, the accelerator experience is intense, rapid, and immersive, compressing years\u2019 worth of learning-by-doing into just a few months. More than 200 accelerator programs are active in the US, and many more globally. The well-known Y Combinator and Techstars are investor funded, and there are other cases sponsored by universities or corporations. Just like any other equity funding, accelerators take startups\u2019 equity (generally 5%~10%) in return for funds and guidance. While there are lots of confusions with other similar organizations such as incubators or angel investors, accelerators are said to be unique in their inclusion of all four criteria:\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Fixed term (3 to 6 months)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Cohort based\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Mentorship driven\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Culminate in a graduation or \u201Cdemo day\u201D\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDE9CThe Process of Startup Accelerator\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Apply & Get Accepted\", /*#__PURE__*/_jsx(\"br\", {}), \"The journey starts with an application. 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The founders should keep in mind that this equity share may seem trivial now, but possibly become a substantial amount later and impact future fundraising rounds.\", /*#__PURE__*/_jsx(\"br\", {}), \"\u200D\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Focus\", /*#__PURE__*/_jsx(\"br\", {}), \"Accelerators usually operate on site, with coworking space provided. Entrepreneurs can fully focus and make progress in such immersive environments, which is definitely one of the big advantages of accelerator system.\", /*#__PURE__*/_jsx(\"br\", {}), \"\u200D\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Learn\", /*#__PURE__*/_jsx(\"br\", {}), \"Learning is another big part of accelerator program. Accelerators hold various seminars, workshops, and mentorship sessions. 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This is where the experience and time invested is really proven or not.\"]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Y1ZiTHCVLhJtguirrJPk3jQE68.png?originalFilename=63f72c719f68797243705aed_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_Startup%2520Accelerators.png\",\n      src: new URL(\"https://framerusercontent.com/images/Y1ZiTHCVLhJtguirrJPk3jQE68.png\").href\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"Is Startup Accelerator Always a Good Option?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Startup accelerator may seem to be undoubtedly good path for startups, but there are also disadvantages that should be considered. If the startup is not in the right stage for accelerator, either too early or too late, the benefits can\u2019t be maximized. Moreover, the accelerator program can be a big distraction. High degree of commitment required by accelerators might rob the founders\u2019 time that should be spent otherwise such as building product or hiring key staff. Startups should thoroughly go through these points to decide whether the accelerator program suits the company.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Graduation from accelerator is only the beginning. The fate of the startup depends on the capabilities fostered through the accelerator program. Unfortunately, there are a significant number of startups that fail to raise funds after demo day, with their valuation still set low. To survive and thrive, founders should endlessly strive for running the startup effectively and profitably, taking advantage of the connections when necessary. \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"QuotaBook\"\n        })\n      }), \" and \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotaspace.com/en\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"QuotaSpace\"\n        })\n      }), \" can help through this journey, supporting securities management and networking respectively. Schedule a demo anytime to discuss your needs and show you how we solve them!\"]\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://hbr.org/2016/03/what-startup-accelerators-really-do\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://hbr.org/2016/03/what-startup-accelerators-really-do\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.svb.com/startup-insights/startup-growth/how-do-startup-accelerators-work\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.svb.com/startup-insights/startup-growth/how-do-startup-accelerators-work\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.forbes.com/sites/alejandrocremades/2019/01/10/how-startup-accelerators-work/?sh=1a509d2e44cd\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.forbes.com/sites/alejandrocremades/2019/01/10/how-startup-accelerators-work/?sh=1a509d2e44cd\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"U3JC6kPQY\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Startup Accelerator\",\n  UiPyAA1pt: \"2022-09-07T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/UPzdumMYPA8q2LqVnX2aD0Tq5Uw.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/UPzdumMYPA8q2LqVnX2aD0Tq5Uw.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/UPzdumMYPA8q2LqVnX2aD0Tq5Uw.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/UPzdumMYPA8q2LqVnX2aD0Tq5Uw.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-startup-accelerator\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Fundraising\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"In previous QuotaWiki posts, we\u2019ve looked at the components of a fundraising deal. In this post, we\u2019ll take an operational approach, and learn about the initial document in the fundraising process.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is a term sheet?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A term sheet is a nonbinding agreement between the company and an investor that outlines the terms and conditions of an investment. It is frequently used as a template and basis for more detailed, legally binding documents in the future. Once the parties involved reach an agreement on the details of term sheet, they will move on to next step, coming up with a binding document or contract in accordance with the term sheet details. The term sheet reduces the likelihood of misunderstandings or unnecessary dispute. In addition, it has a benefit of preventing premature occurrence of expensive legal charges on drawing up a binding agreement or contract.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Companies planning M&A also use term sheets, but typically term sheets are more often associated with startups, because they are the ones in need of investments to start the business or expand operations. Venture capitalists, the most common investor of startups, usually have many deals in front of them. Their main concern is earning investment return, so they will mainly look for startups with potentials. But among some similarly promising competitors, startups with term sheets ready, which have terms of potential agreement laid out clearly, will be definitely appealing. In this way, entrepreneurs may find it easier to attract funds by preparing term sheets and making the process easier for investors.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is included in the term sheet?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"While the term sheet doesn\u2019t have to contain every single detail or contingency of a deal, it should include some essential information so investors can get a grasp of what they are getting into. Below are some of the items expected in a term sheet.\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Identification Information\"\n          }), \" of both business owner and investor are shared to make clear who is part of the term sheet.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"The \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"investment amount\"\n          }), \" should be stated to have accurate expectation.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Valuation\"\n          }), \" shows how much the company worth and is something that investors want to know before investment. It can be measured in two ways, pre-money and post-money.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"The \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"percentage stake\"\n          }), \" is the proportion of equity shares the investor will get in return for investment. The calculation depends greatly on the valuation, so it is drawn upon the valuation and the investment amount.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"VCs may ask for \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"voting rights\"\n          }), \" to participate in the business and maximize investment return.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Investor commitment\"\n          }), \", which means how long the investor is required to remain vested should be also stated in the term sheet.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"It is a custom to give a \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"time frame\"\n          }), \" to allow for a certain period of time where the investor can go over the term sheet and make a formal decision.\"]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"So far, we have briefly looked what term sheet is. Although term sheet is nonbinding, each component of it is complex enough for startups to handle. Some founders underestimate the resources required for fundraising and end up being caught up to securing funds. This may result in lack of time to do anything other than securing investments for the company. QuotaBook can lessen such burden and help you focus on the core business. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/t/termsheet.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/terms/t/termsheet.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.contractscounsel.com/t/us/terms-sheet\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.contractscounsel.com/t/us/terms-sheet\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"QS1fYnFMx\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Term Sheet\",\n  UiPyAA1pt: \"2022-08-17T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/YzBjHOlMWwpTss0trHMJPkjPQ.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/YzBjHOlMWwpTss0trHMJPkjPQ.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/YzBjHOlMWwpTss0trHMJPkjPQ.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/YzBjHOlMWwpTss0trHMJPkjPQ.png\").href} 1051w`\n  },\n  xg0WbWedl: \"quotawiki-term-sheet\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Fundraising\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"When venture capitals and investors get equity shares in return for the investment, valuation is important. The percentage of shares they will get is determined by this valuation. There are two types of valuation, pre-money and post-money.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is Pre-money Valuation?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As you can guess from the name, pre-money valuation is a measurement before extra financial input. It is the value of a company not including external funding or the latest round of funding. This valuation gives investors an idea of the current value of the business, and when divided by number of shares outstanding, price per share could be also calculated. Although the word \u2018valuation\u2019 gives the notion of logical measurement, pre-money valuation is more of a negotiated number. It is often not strictly derived from accounting indexes like revenue, free cash flow or EBITDA. Rather, it is a result of negotiation between existing and new shareholders, driven by market forces and inherently speculative.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is Post-money Valuation?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On the other hand, post-money valuation includes external funding or the latest capital injection. That is, post-money valuation is equal to the sum of pre-money valuation and the new investment. Using the definition, post-money valuation can also be calculated backward by dividing the newly raised financing by equity ownership percentage of new investors.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDD14Difference between pre-money and post-money\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Let\u2019s look at the difference between the two terms with an example in numbers. Suppose an investor is about to invest in a startup, and they both agreed the company is worth $12 million and the investor will put in $3 million.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If this $12M valuations are pre-money, the company will be valued at $15M after the investment. New investors would get 20% ($3M/$15M) of the shares. However, if the $12M valuations are derived including the $3M investment, it is referred to as post-money. In this case, pre-money valuation would have been $9M, and new investors\u2019 equity ownership percentages would be 25% ($3M/$12M). As you can see, the ownership percentages depend greatly on whether the valuation is pre-money or post-money.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Since pre-money and post-money only differs at timing of measurement, you may think it isn\u2019t a big deal as long as it is clearly stated which one is used on the term sheet. But this choice can have a massive impact in some situations. New investors increasing the amount of financing or multiple investors joining the round at different times isn\u2019t an uncommon thing. In such cases, pre-money valuation is more favorable to founders and existing shareholders, not to mention the simplicity of calculating.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Continuing from the example we used above, let\u2019s add a few assumptions. Suppose there were a total of 1 million outstanding shares issued before the new investment, and the amount of new investment is increased to $4M. If the $12M valuations are pre-money, the company will be valued at $16M after the investment, allocating 25% of the shares to the new investors. Price per share will be constantly $12, because the calculation ($12M pre-money valuation/1M shares) won\u2019t be affected by the amount of new financing. The number of shares issued to new investors would increase by 83,333 shares ($1M/$12).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On the other hand, if the $12M valuations are post-money, pre-money valuation would have been $8M, and $4M investors would get about 33% of the shares. In this case, price per share would also fluctuate depending on the amount of new investment, because with the post-money valuation fixed, pre-money valuation will change in the opposite direction of investment amount. In the prior example where the new investment was $3M, price per share would have been $9 ($9M pre-money/1M shares). However, when the investment is increased to $4M while the post-money valuation is fixed at $12M, pre-money valuation will go down to $8M, resulting in share price of $8. The change in number of shares would be trickier to figure out, with 333,333 shares ($3M/$9) to 500,000 shares ($4M/$8), and the difference of 166,667 shares way bigger than the 83,333 shares in the earlier case where the deal was made based on pre-money valuation.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Since the choice between pre-money and post-money greatly affects the fundraising round, startups should thoroughly run a simulation under both assumptions. It sounds pretty tough, but QuotaBook has a recently renewed, magnificent calculator capable of it. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/ask/answers/difference-between-premoney-and-postmoney/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/ask/answers/difference-between-premoney-and-postmoney/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.dlapiperaccelerate.com/knowledge/2017/venture-capital-valuation-calculation-scenarios-no-1.html\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.dlapiperaccelerate.com/knowledge/2017/venture-capital-valuation-calculation-scenarios-no-1.html\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.wallstreetprep.com/knowledge/pre-post-money-valuation/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.wallstreetprep.com/knowledge/pre-post-money-valuation/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"DwEtQSVEl\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Pre-money vs Post-money Valuation\",\n  UiPyAA1pt: \"2022-08-10T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/BeGw12oJ6ga7tUVcGV3j2Z6Yxc.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/BeGw12oJ6ga7tUVcGV3j2Z6Yxc.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/BeGw12oJ6ga7tUVcGV3j2Z6Yxc.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/BeGw12oJ6ga7tUVcGV3j2Z6Yxc.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-pre-money-vs-post-money-valuation\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Startup\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"Most people tend to follow the example of successful precedents. That\u2019s a good strategy but supplementing it from another perspective would make it even more effective. Lessons learned from failures are something that shouldn\u2019t be missed.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Top reasons why startups fail\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"According to CB Insights\u2019 compilation of startup failure cases, no startup failed due to a single reason. It was a combination of multiple reasons that drove startups to shut down, and analysis of 111 startup failures showed there was a pattern in those reasons.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"One of the reasons is related to the prevalent view in Silicon Valley, that successful companies almost always involve overwork. Combined with working from home during the pandemic, this misbelief led to burnout, especially among tech workers. Burnouts were sometimes severe enough to close the company because team members could no longer implement innovative ideas to overcome stagnated growth.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Other operational issues had something to do with people (either the team or investors) or external factors like laws and regulations. Building the right team, or in other words, hiring is certainly an important factor in running a business. Jason Crawford (co-founder of Fieldbook) wrote in his post-mortem blog post that while he \u201Cknew investors would need to see strong, consistent growth before Series A, but didn\u2019t expect that engineers would need to see it even before that to join.\u201D Unfortunately, his business with modest growth wasn\u2019t attractive enough for engineers compared to other industries like AI or cryptocurrency. Disharmony among team members is also pointed out as a reason for startup failure, not to mention the distrust of investors in the company's viability. Unexpected external obstacles like increased tariffs or revisions of regulations brought some companies\u2019 operations to an end.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Another type of reason for startup failures is related to the products or services. In fact, such problems are so diverse, accounting for half of the 12 reasons demonstrated in the CB Insights\u2019 report. Products may lack needs in the market, get outcompeted, or have pricing/cost issues. On a more fundamental level, the product itself may be simply not good enough or released at an inappropriate time. VR platform Vreal said in retrospection that \u201Cunfortunately, the VR market never developed as quickly as we all had hoped, and we were definitely ahead of our time.\u201D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Focusing on the core business\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"So far, we were able to see what causes startups to fall apart. To put it the other way, startups need to wisely deal with those matters in order to survive. Market research and product development are a matter of course, and attracting and retaining talents and investors are also crucial to startups\u2019 existence. At the same time, founders and members should keep the balance between their work and life to avoid burnout. It is indeed a tough task, and for startups, especially those in their early stages, it\u2019s even more challenging because they are usually short of resources. So, to focus their time and effort on core activities, startups should minimize their resources spent in the areas where getting help from outside the company is more effective.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Securities management is one example, which begins as early as a startup successfully secures financing through a series of funding rounds. Documents and follow-ups of convertible notes, SAFEs, stock options, and cap table are difficult and time-consuming, but couldn\u2019t be neglected. QuotaBook can streamline such equity management to allow more time on your core business. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"\u200D\", /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })]\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.cbinsights.com/research-12-reasons-why-startups-fail\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.cbinsights.com/research-12-reasons-why-startups-fail\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://jasoncrawford.org/what-happened-at-fieldbook\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://jasoncrawford.org/what-happened-at-fieldbook\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://techcrunch.com/2019/08/07/virtual-reality-game-streaming-platform-vreal-shuts-down/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://techcrunch.com/2019/08/07/virtual-reality-game-streaming-platform-vreal-shuts-down/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"ezJvL1d7k\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Startup Productivity\",\n  UiPyAA1pt: \"2022-08-03T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/01DL2chQnFLkU8GYsLco7LDWao.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/01DL2chQnFLkU8GYsLco7LDWao.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/01DL2chQnFLkU8GYsLco7LDWao.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/01DL2chQnFLkU8GYsLco7LDWao.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-startup-productivity\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"ESOP\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsxs(\"p\", {\n      children: [\"As we have covered in the previous QuotaWiki series, startups use \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/employee-stock-options\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"stock options\"\n        })\n      }), \" to attract and retain talents and motivate them, while keeping the cash burn rate from overly increasing at the same time. Being a part of reasonable expectations when joining a startup, stock options have become an industry norm nowadays.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is an Option Pool?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Since stock options are issued in equity shares after \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-vesting\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"vesting\"\n        })\n      }), \", it inevitably affects the shares of founders and investors. To avoid requesting investor consents for each stock option grant, option pool is determined before the round of fundraising. So basically, option pool is a block of shares set aside for employees, typically accounting for about 20% of total shares. This enables founders to secure stock options for new hires, and investors can set a limitation on the possible dilution.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is an Option Pool Dilution?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The creation of the option pool will naturally result in dilution because other shareholders must have their total stake reduced to accommodate this new equity. Option pool creates dilution for both founders and investors, and therefore is a point of negotiation during a fundraising round. There are two ways to calculate the dilution from the option pool.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Pre-money Valuation\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Carving out the option pool from the pre-money valuation means all the option pool dilution impacts the founders and existing investors. New investors would thus avoid any dilution from the creation of the option pool.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Take a startup heading into its Series A with 8M shares outstanding and no option pool, for example. It plans to raise $2M, and the investors offer a pre-money valuation of $8M \u2013 adding up to $10M of post-money valuation. A quick calculation come up with the stock price valued at $1 per share ($8M pre-money valuation divided by 8M outstanding shares), but things change if investors meant this pre-money valuation to include an option pool equal to 20% of the post-money valuation. This means that the effective valuation of the startup was $6M. Investors raised it to $8M to create $2M option pool (20% of $10M post-money valuation). As a result, valuation of stock price is decreased to $0.75 per share ($6M divided by 8M shares), and the founders\u2019 stake is also diluted to 60% (20% option pool deducted from 80% pre-option pool founders\u2019 stake). Meanwhile, the investors will be free of dilution, maintaining their 20% stake.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,BbSDMCVUbP6FKWTi0RhJdBf57M.jpg?originalFilename=63f72b78ff382432e485637d_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_8.%2520Option%2520Pool.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/BbSDMCVUbP6FKWTi0RhJdBf57M.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Post-money Valuation\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On the other hand, if the employee option pool is carved out from the post-money valuation, that means option pool dilution is equally distributed to everybody including new investors. Continuing from the assumption of the example above, founders and investors will each hold 80% and 20% stake before the creation of the option pool. But this time, the investors had agreed to carve out the 20% option pool from the post-money valuation, meaning everybody gets diluted by 20%. As a result, the founders will hold 64%, the investors 16%, and the option pool 20%.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,yxt35sboqqdRVscg94xEiXfew.jpg?originalFilename=63f72af197a1ac3bce3c880b_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_8.%25202%2520Option%2520Pool.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/yxt35sboqqdRVscg94xEiXfew.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How can I better manage Employee Stock Option Pool?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Negotiating the size of the option pool with the investors is tough. Even after that, managing any changes to the option pool or keeping track of the number of shares granted or remaining in the option pool with numerous employees is also challenging. QuotaBook can help you manage the status of the option pool. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://learn.angellist.com/articles/employee-option-pool#toc_3_H2\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://learn.angellist.com/articles/employee-option-pool#toc_3_H2\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.pillar.vc/playlist/article/part-1-increase-to-option-pool/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.pillar.vc/playlist/article/part-1-increase-to-option-pool/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"XCntt1q8A\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Option Pool\",\n  UiPyAA1pt: \"2022-07-20T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/a0ruYUPLe2tVjsKVwru4ASWfDqE.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/a0ruYUPLe2tVjsKVwru4ASWfDqE.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/a0ruYUPLe2tVjsKVwru4ASWfDqE.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/a0ruYUPLe2tVjsKVwru4ASWfDqE.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-option-pool\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Accelerator\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h2\", {\n      children: \"Y Combinator\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If you are a startup founder or a soon-to-be founder, you are likely to be familiar with accelerators and incubators. Rookie entrepreneurs encounter lots of challenging tasks they have never experienced before from developing products or services and building teams to raising funds and managing the press appearance. Luckily, there are various programs to support those who need finance and advice.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDE4BWhat does Y Combinator do as an accelerator?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Y Combinator, often shortened in YC, was founded in 2005 in Silicon Valley. Since then, YC has actively invested in startups around the world, becoming one of the most well-known accelerators nowadays. In the accelerator program, YC interviews and selects 2 batches of companies in summer and winter each year. Selected companies participate in the 3-month program, during which they get booster in preparation for takeoff. Startups get fundings from YC in SAFE, intimately interact with mentors and other alumni, and graduate the intense program with the Demo Day.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83C\uDFC6Y Combinator\u2019s contribution to startup scene\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"As YC back up numerous startups for years, it noticed that traditional ways of raising funds are not appropriate for early-stage startups. Beginning businesses lacked performance results in numbers to assess the valuation, which is a requisite process in conventional equity financing and debt financing. \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-convertible-note\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Convertible notes\"\n        })\n      }), \" were introduced to deal with such inefficiency, but still had some issues remaining unsolved. That\u2019s when YC came up with the concept of \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-safe\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"SAFE(Simple Agreement for Future Equity)\"\n        })\n      }), \", the right to get equity shares in the future, enabling to postpone the valuation until the startup is ready for it. Today, SAFE has settled as a mean of fundraising for early-stage startups.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In addition to this, YC provides numerous resources even to those who are not yet in the YC cohort. There is the Startup School, an online course on how to start a startup, and Co-Founder Matching where you can find a reliable companion. Startup Library, which is an extensive collection of useful resources in videos and essays, is an integration of YC\u2019s 15-year experience. If you are not a founder but interested in startup scene, Startup Jobs section on YC displays a collective list of job openings.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"YC graduates and relatively mature startups in their growing stage can still benefit from YC, too. YC runs an investment fund named YC Continuity to support later series of funding rounds. YC alumni have access to the Alumni Community of successful, experienced founders. Great ideas of collaboration often spark here. QuotaBook, a YC W21 batch, has recently teamed up with 4 YC alumni \u2014 Circular, Deel, Deskimo, Spenmo \u2014 to launch a B2B service package. They cover essential sectors of every business, from finance and equity management to workspace, HR and Ecommerce. Extra discounts and special offers are exclusively available through this package, so \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://partnership.ycinsea.com/?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=Y-Combinator\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"check out the benefits you can get from this package!\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Want to learn more about QuotaBook, YCW21 Batch?\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(Link, {\n        href: \"https://www.ycombinator.com/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.ycombinator.com/\"\n        })\n      }), /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })]\n    })]\n  }),\n  id: \"PFTLfbAxQ\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Y Combinator\",\n  UiPyAA1pt: \"2022-07-13T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/5yJio2NMzamNhiU2ViYxSqyS6EE.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/5yJio2NMzamNhiU2ViYxSqyS6EE.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/5yJio2NMzamNhiU2ViYxSqyS6EE.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/5yJio2NMzamNhiU2ViYxSqyS6EE.png\").href} 1051w`\n  },\n  xg0WbWedl: \"quotawiki-y-combinator\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Angel Investor\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Angel Investor\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Just like the name implies, angel investors are angel-like figures to early-stage entrepreneurs. In this QuotaWiki post, we will cover the concept of angel investor along with its bright and dark sides.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is an Angel Investor?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Angel investors are wealthy individuals who provide financial backing for small startups or entrepreneurs in exchange for equity. The fund they provide may be a one-time investment to help the business get off the ground, or a continuous injection to support the company through its difficult early stages. Angel investors provide more favorable terms compared to other lenders because their interest is helping startups take their first steps, rather than the possible profit from the business. Angel investors are also called informal investors, private investors, seed investors or business angels. Though angel investors usually represent individuals, some invest through crowdfunding platforms online or build angel investor networks to pool capital together.\\xa0Angel investors typically acquire less than 25% stake in a company. This is because veteran angels know that the startup founders need to hold the highest stake so that they also have the biggest incentive to make the company successful.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDD14The Pros and Cons of Angel Investors\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Advantages\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Since most angel investment involves equity deal, business owners are not obligated to pay back the funds. Also, angel investors are often entrepreneurs themselves. They have years of business knowledge and experience, being able to serve as a mentor or offer direct management assistance. Finally, angels usually start funding the company in a long-term perspective. This means they are likely to make another cash injection later.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Disadvantages\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As explained above, angel investors get equity share as a compensation for their funding. This is advantageous in that business owners are free of repayment, but in some cases, such equity financing could turn out to be more expensive than debt financing. What\u2019s worse, the business owners could even lose control of the company if angel investors require high percentage of ownership.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDD14Angel Investors vs Venture Capitalists\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Both angel investors and \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-venture-capital\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"venture capitalists\"\n        })\n      }), \" tend to invest in startups in exchange for equity ownership, but they are significantly different from each other. The biggest difference is that they get involved at different stages in a startup\u2019s lifecycle. An angel investor is willing to provide capital for an idea whereas most VCs would like a proof of concept in hand. Another difference is the amount and source of funds. In addition to their own dollars, venture capitalists raise funds from other people and make investment with it, generally writing checks of $2 million or more. On the other hand, angel investors are private investors investing their own money, so they typically write much smaller checks between $10,000 and $100,000. Source of funds also makes a difference in due diligence. Due diligence is a must for venture capitalists given that they have a fiduciary responsibility. Meanwhile, angel investors aren\u2019t really bound to it since all the money is their own.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ZlOvHsLWl3HuLOHX6pPbs74Ez40.jpg?originalFilename=63f72a6068647808796aef4a_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_7.%2520Angel%2520Investor.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/ZlOvHsLWl3HuLOHX6pPbs74Ez40.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"By its nature, angel investors have more flexibility in terms of making investments. It is important to remember those who believed in your product even before it was brought to the world. Handling investor communication becomes more and more important as your company grows and it's always challenging to follow up with all investor communication. Angel investees tend to be not familiar with such process due to lack of experience, but QuotaBook can help with templates and keeping track of necessary indicators. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"\u200D\", /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })]\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/a/angelinvestor.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/terms/a/angelinvestor.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.forbes.com/advisor/investing/what-are-angel-investors/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.forbes.com/advisor/investing/what-are-angel-investors/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.thehartford.com/business-insurance/strategy/alternative-funding-startup/angel-investors\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.thehartford.com/business-insurance/strategy/alternative-funding-startup/angel-investors\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.business.com/articles/angel-investors-vs-venture-capitalists/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.business.com/articles/angel-investors-vs-venture-capitalists/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"GEma6QKGT\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Angel Investor\",\n  UiPyAA1pt: \"2022-07-06T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/SQoAcW0MSKxvV38OSCkPsLJvA.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/SQoAcW0MSKxvV38OSCkPsLJvA.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/SQoAcW0MSKxvV38OSCkPsLJvA.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/SQoAcW0MSKxvV38OSCkPsLJvA.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-angel-investor\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"SAFE\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"SAFE\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"In the previous post of QuotaWiki series, we learned what \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/quotawiki-convertible-note\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"convertible note\"\n        })\n      }), \" is. It was a response to founders' and investors\u2019 needs to make the funding process quicker and simpler. Still, convertible notes had some unsolved problems, so SAFE came up to deal with them.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is a SAFE?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"SAFE stands for \u201CSimple Agreement for Future Equity.\u201D Y Combinator, one of the most well-known accelerators, introduced this concept in 2013. Since then, SAFE along with YC\u2019s standard documentation have become a widely used fundraising method for early-stage startups. Although convertible note remarkably reduced the financing complexity by postponing the valuation process until next funding round, it is still classified as a debt. Thus, it is bound to debt-related fixed terms like interest rate and maturity date which make the conversion or possible extension complicated. SAFE got over such drawbacks by taking a unique position of something like a warrant. What investors buy is neither a stock nor a debt, but the right to buy stock in the future equity round. To sum up, SAFE works just like convertible note, but with fewer complications.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How does SAFE work?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"SAFE investors get the right to convert their SAFE into stocks at the company\u2019s next equity financing round or liquidation event. The conversion price is determined by either a valuation cap or a discount rate. \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Valuation cap\"\n      }), \" is the maximum price a SAFE convert at, and \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"discount rate\"\n      }), \" is the discount of priced round valuation for SAFE investors when they convert. SAFE holders get the biggest advantage with lower valuation cap and higher discount rate. Like convertible note, SAFE can have either valuation cap or discount rate only, or both of them so SAFE holders can choose more favorable option. In addition to this, SAFE can come with \u201CMost Favored Nation\u201D clause, which applies the most favorable terms offered to new investors in the next priced equity round.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,D1zz7JSl9Ybk9RHQEc3NLcJw.jpg?originalFilename=63f729278242cfc6603b7016_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_6.%2520SAFE.jpg\",\n      src: new URL(\"https://framerusercontent.com/images/D1zz7JSl9Ybk9RHQEc3NLcJw.jpg\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83E\uDD14Necessity of SAFE Simulation\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Dilution is probably the major concern for both founders and investors when issuing SAFE. Simulation to estimate such dilution is important because it is affected by the valuation of next priced round and new investors also care a lot about it. Simulation is as complicated as managing the SAFE itself, but QuotaBook can help you with both problems. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://learn.angellist.com/articles/safe-note\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://learn.angellist.com/articles/safe-note\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.ycombinator.com/blog/announcing-the-safe-a-replacement-for-convertible-notes/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.ycombinator.com/blog/announcing-the-safe-a-replacement-for-convertible-notes/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://learn.angellist.com/articles/convertible-note\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://learn.angellist.com/articles/convertible-note\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"y95KSYLhc\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"SAFE\",\n  UiPyAA1pt: \"2022-06-29T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/ie3eckG8ERSRBP4z0FiAJhMc.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/ie3eckG8ERSRBP4z0FiAJhMc.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/ie3eckG8ERSRBP4z0FiAJhMc.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/ie3eckG8ERSRBP4z0FiAJhMc.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-safe\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Stakeholder\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Stakeholders\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: 'Operation of a company is involved with numerous people. 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They want to be treated well, advance in their roles and benefit from the project itself. Meanwhile, shareholders\u2019 priority is more of a financial one like stock prices. They can get out at any time because unlike stakeholders, they do not have such long-term needs. For instance, if a company is performing poorly financially, the vendors in the supply chain might suffer from decreased orders. Similarly, employees of the company might lose their jobs. However, shareholders of the company can simply sell their stocks and limit their losses.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"Why Are Stakeholders Important?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Stakeholders are important for many reasons. 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Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/s/stakeholder.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/terms/s/stakeholder.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://corporatefinanceinstitute.com/resources/knowledge/finance/stakeholder/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://corporatefinanceinstitute.com/resources/knowledge/finance/stakeholder/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"SmA6nKYPW\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Stakeholders\",\n  UiPyAA1pt: \"2022-06-22T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/e0fgYSBGykCLDaOtiRw03LpLeY4.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/e0fgYSBGykCLDaOtiRw03LpLeY4.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/e0fgYSBGykCLDaOtiRw03LpLeY4.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/e0fgYSBGykCLDaOtiRw03LpLeY4.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-stakeholders\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Fundraising\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Series A, B, C Funding\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"br\", {}), \"Financing is essential in any business \u2013 it takes capital to develop great ideas and make a profit out of them. Startups in their beginning stage usually rely on the funding from close acquaintances, but eventually the time comes when they should look for external funding to assist the growth of the company. Series of funding rounds in letters are what they will encounter in this phase.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is Series A, B, and C Funding?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The purpose of naming the Series A, B, and C funding rounds is to rank payments to investors and ensure earlier investors receive preferential treatment. To secure their ownership interest, venture capital firms offer startup funding in exchange for company equity. Detailed explanation of each funding round is given below.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83C\uDF31Seed Funding\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As you can guess from the name, seed funding represents the first official money that a business raise. This helps a company to finance its first steps like market research, product development, and employing a founding team to complete these tasks. With seed funding, a company gets to determine its final products and target demographic. Sometimes this process takes time, and a company may encounter the period called \u201CDeath Valley\u201D, the span of time from its initial capital contribution to the point it finally begins generating revenue. Potential investors in seed funding are founders, family, friends, incubators, venture capital firms, and angel investors who tend to appreciate riskier ventures. 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It\u2019s also common for them to take part in a more political process. That is, a single investor may serve as an \u201Canchor\u201D to attract additional investors and lead the funding round.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCB8Series B Funding\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Companies that have gone through previous rounds have already developed a substantial user base and proven to investors that they are prepared for success on a larger scale. Series B rounds are all about taking businesses to the next level, beyond the development stage. Series B is quite similar to Series A, often led by many of the same characters as the earlier round. 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Generally, a company will end its external equity funding with Series C, but some go on to Series D and even E rounds of funding either because they are in search of a final push before an IPO, or because they have not yet been able to achieve the goals of Series C funding.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How can I better manage multiple series of funding?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Since valuation is a critical process in every funding round, startups should be ready for thorough due diligence. Keeping track of KPIs with necessary documents and going over simulations would help it. Also, investors from different funding rounds must be updated with appropriate reports. These tasks could be dealt with QuotaBook, making your fundraising much simpler. 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In addition to this, portfolio companies can get access to the VC fund\u2019s network of partners and experts or depend on the VC firm\u2019s assistance when they raise more money in the future. These advantages make venture capital a popular, even essential source for emerging companies, especially those who lack access to capital markets, bank loans, or other debt instruments.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCCAPrivate Equity vs. Venture Capital\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Strictly speaking, venture capital is a subset of private equity, but the two are often confused terms. 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If interested in the proposal, VC firm must then perform due diligence. This includes a thorough investigation of the company's business model, products, management, and operating history. Once due diligence has been completed, the VC firm will pledge an investment of capital in exchange for the company\u2019s equity. These funds are typically provided in rounds, and the firm takes an active role in advising and monitoring the portfolio company\u2019s progress before releasing additional funds. Generally, four to six years after the initial investment, the VC firm will exit the company by either selling their stake or initiating a merger, acquisition, or initial public offering (IPO).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"It\u2019s briefly explained above, but the venture capital process is a stream of communication between the company and the VC. The company must provide lots of required documents for due diligence, and after the funding, send a business report on a regular basis to update the VC. This demanding task would get much simpler with QuotaBook. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.forbes.com/advisor/investing/venture-capital/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.forbes.com/advisor/investing/venture-capital/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/v/venturecapital.asp#toc-the-venture-capital-process\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/terms/v/venturecapital.asp#toc-the-venture-capital-process\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"nxVvcdHiW\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Venture Capital\",\n  UiPyAA1pt: \"2022-06-08T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/PTqZTtuH2YBBtNivftM0VQC17HI.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/PTqZTtuH2YBBtNivftM0VQC17HI.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/PTqZTtuH2YBBtNivftM0VQC17HI.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/PTqZTtuH2YBBtNivftM0VQC17HI.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-venture-capital\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Convertible Note\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Convertible Note\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"What comes into your mind when you think of raising a new round of funding? While equity financing and debt financing are the two main categories, a hybrid form of the two is frequently used in reality. Convertible note is one of them, being a popular means of fundraising for early-stage startups.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is a convertible note?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A convertible note is a form of short-term debt instrument that converts to equity upon a predetermined conversion event. Investors offer founders convertible notes and at some later point (typically future financing round), those notes will convert to equity instead of being paid back in the form of principal plus interest. It seems pretty much like a convertible bond, but the biggest difference between the two is that a convertible bond has a fixed conversion price, while a convertible note does not. The conversion price of a convertible note is determined by the contract terms and the startup\u2019s performance.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"Why are convertible notes used?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The characteristic of postponing valuation till the next funding round is what makes convertible notes an attractive choice for a seed round. Early-stage startups usually don\u2019t have enough data for valuation. They also lack time to wait for the time-consuming valuation process when they have to focus on developing the product. Investors also prefer to accept the reasonable terms to invest quicker, and eventually benefit from the fruits quicker. So basically convertible notes are a win-win solution to meet the needs of both parties.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDCDDTerms of convertible notes\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Discount Rate\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Noteholders get a discount on the valuation at the priced equity round when they convert. They get to buy shares at a lower price than new investors in the subsequent financing round, which is compensation for the additional risk of investing earlier.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Valuation Cap\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If the startup turns out to be a great success and its valuation goes way higher than expected, early investors may suffer a loss of getting a smaller percentage of shares. To protect noteholders from such possible dilution, the valuation cap is set in advance. This is the maximum valuation at which a convertible note will convert.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Interest Rate\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Since a convertible note is in the form of lending money to a startup, it has accrued interest according to the interest rate, just as a normal debt. However, instead of cash payback, this interest typically accrues as additional principal, increasing the number of shares issued upon conversion.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Maturity Date\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This denotes the date on which the note is due, at which time the company needs to either raise qualified financing or repay the note.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How does convertible note work?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Let\u2019s walk through an example with the terms explained above. Imagine a startup that has just raised its seed round via convertible notes. These notes come with a valuation cap of $4M, a 20% discount, and a maturity date of 2 years from now (interest rate ignored for simplicity). One year in, the startup manages to raise a Series A round at a $10 price per share. This conversion event occurred before the maturity date of 2 years, so the notes are ready to be converted to equity in a more favorable way between valuation cap and discount. Below is the calculation of the shares the investor who invested $10,000 with convertible notes in a seed round will get in each scenario.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,2IBRsib2iWBSyCRcHIHEGx9QT0.png?originalFilename=62a96a8033f56f43a78aad5c_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_3.%2520Venture%2520Capital.png\",\n      src: new URL(\"https://framerusercontent.com/images/2IBRsib2iWBSyCRcHIHEGx9QT0.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Scenario 1: $12M Pre-money valuation\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In order to calculate the valuation cap adjusted price per share, you would divide the valuation cap by the pre-money valuation of the subsequent round and apply that to the Series A price per share. In this example that works out to $3.33 per Series A share for convertible noteholders. Dividing the investment amount ($10,000) by that share price ($3.33) would grant the seed investor approximately 3,000 shares. Meanwhile applying the 20% discount rate would yield 1,250 shares with per-share price of $8. So, in this case, the investor would choose the valuation cap method. Note how much more shares they get compared to new investors with the same investment amount.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Scenario 2: $4.5M Pre-money valuation\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If the startup\u2019s performance wasn\u2019t satisfactory as expected, a discount could be a better option for conversion. $4M valuation cap and $4.5M pre-money valuation come up with $8.89 per Series A share. That\u2019s unfavorable for investors compared to the discount-applied price of $8. So, in this depressing scenario, investors would get 1250 shares at a discount price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How can I manage convertible notes better?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Even the simplified example above may have brought you a headache. Managing convertible notes is a tough task, but QuotaBook can help you. Issue convertibles conveniently by setting the terms, and the system will do the calculations for you. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"References\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.seedinvest.com/blog/angel-investing/convertible-notes\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.seedinvest.com/blog/angel-investing/convertible-notes\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://learn.angellist.com/articles/convertible-note\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://learn.angellist.com/articles/convertible-note\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"BnMHVfhGX\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Convertible Note\",\n  UiPyAA1pt: \"2022-06-01T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/UW0t62jp4wrJ3Qbc9CEDTlSWiSY.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/UW0t62jp4wrJ3Qbc9CEDTlSWiSY.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/UW0t62jp4wrJ3Qbc9CEDTlSWiSY.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/UW0t62jp4wrJ3Qbc9CEDTlSWiSY.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-convertible-note\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"ESOP\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"Vesting\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"br\", {}), \"If you are a CEO of a startup planning to grant stock options or an employee who received option contract to sign, you must have heard of the term \u2018vesting\u2019. It seems complicated, but by the end of this post, you\u2019ll get the point of it and be able to make use of it in your situation. (In case you want to be clear about what ESO (employee stock option) is before reading further, check out our last post \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en-blog/what-is-an-esop\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"here\"\n        })\n      }), \")\", /*#__PURE__*/_jsx(\"br\", {}), \"\u200D\"]\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"What is Vesting?\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Vesting is a process through which employees earn their shares of an asset. Since one of the objectives of employee stock options is to retain human resources, options can\u2019t be exercised right away upon the conclusion of contract. The number of options available for exercise increases over time and on a schedule, a so-called \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vesting Schedule\"\n      }), \". Another related term to this topic is the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vesting Commencement Date\"\n      }), \", which is a starting point where options begin to vest from. Vesting Commencement Date is usually the same as the Grant Date (a date the board approved the stock option grant), but another specific date could be selected by the Committee.\", /*#__PURE__*/_jsx(\"br\", {}), \"\u200D\"]\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"\uD83D\uDDD3\uFE0FTypes of Vesting Schedule\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There are 3 types of vesting schedules, time-based, milestone, and hybrid.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Time-based Vesting\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Employees earn their stock options over time on a set schedule.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"In general, there is a \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"cliff\"\n          }), \", the time period before the employee can receive the first portion of the promised stock. The remaining amounts are vested over time.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"For example, suppose you have been granted the right to buy 100 shares, and the options will be vested over 4 years with 1-year cliff. You get 0% vesting for the first 12 months, 25% vesting at the 12th month, and 1/48th (2.08%) more vesting each month until the 48th month.\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0- For the 1st year from the grant date\\xa0\u27A1\uFE0F 0 shares vested\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0- At the end of the 1st year \u27A1\uFE0F 25 shares vested (1/4)\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0- At the end of the 2nd year \u27A1\uFE0F 50 shares vested (2/4)\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0- At the end of the 3rd year \u27A1\uFE0F 75 shares vested (3/4)\", /*#__PURE__*/_jsx(\"br\", {}), \"\\xa0\\xa0\\xa0- At the end of the 4th year \u27A1\uFE0F 100 shares vested (4/4, fully vested)\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"So the cliff period is basically a time for patience. The time counts, but there aren\u2019t any visible gains during that period. Planting an apple tree would be a nice metaphor. If you leave before the sprout comes out, you won\u2019t get any fruits or even timbers at least. If you leave the company before the cliff period ends, you won\u2019t get any stock options since the number of shares vested is zero.\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n            className: \"trailing-break\"\n          })]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,sQGOwE8IQvGxDO5fmxrCYl4jVF0.png?originalFilename=62a9699f3284fa670df56637_QuotaWiki_%25E1%2584%2589%25E1%2585%25B5%25E1%2584%2580%25E1%2585%25A1%25E1%2586%25A8%25E1%2584%258C%25E1%2585%25A1%25E1%2584%2585%25E1%2585%25AD_%25E1%2584%2583%25E1%2585%25B5%25E1%2584%258C%25E1%2585%25A1%25E1%2584%258B%25E1%2585%25B5%25E1%2586%25AB_1.Vesting%2520Schedule.png\",\n      src: new URL(\"https://framerusercontent.com/images/sQGOwE8IQvGxDO5fmxrCYl4jVF0.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Milestone Vesting\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Employees earn their stock options when they complete specific tasks or hit objectives set by the employer.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"For example, a salesperson who sold the target number of units gains the stock options.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"For an additional example, an accountant who completed a specific number of audits gains the stock options.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Hybrid Vesting\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Employees earn their stock options after staying for a specific period AND reaching a specific milestone.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"As expected from the name, it is a combination of time-based vesting and milestone vesting.\", /*#__PURE__*/_jsx(\"br\", {}), \"\u200D\"]\n        })\n      })]\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDE4B\"\n      }), \"How can I better keep track of vesting schedule?\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Now you know what vesting is and how it works, but you might be still wondering how to keep track of it in your real life. Often understanding is one thing, and implementing it is another. Employers find it inconvenient to manage different vesting schedules with spreadsheet. This badly affects the objectives of ESO, keeping employees motivated and retaining top talents. And since all the vesting process is abstract compared to cash compensation in hand, employees are inevitably less motivated than expected. This is where QuotaBook comes in. At QuotaBook, employers can easily manage vesting schedule and employees can check their vesting status whenever they want with digital documents. Let\u2019s schedule a demo to discuss your needs and show you how we solve them.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\u200D\", /*#__PURE__*/_jsx(\"br\", {}), \"References\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.lawinsider.com/dictionary/vesting-commencement-date\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.lawinsider.com/dictionary/vesting-commencement-date\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"NiO9A7KOs\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Vesting\",\n  UiPyAA1pt: \"2022-05-25T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/WI1W5N0Xqtf11uQoWeqcdKg8NwE.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/WI1W5N0Xqtf11uQoWeqcdKg8NwE.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/WI1W5N0Xqtf11uQoWeqcdKg8NwE.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/WI1W5N0Xqtf11uQoWeqcdKg8NwE.png\").href} 1051w`\n  },\n  xg0WbWedl: \"quotawiki-vesting\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Cap Table\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Capitalization Table\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsxs(\"strong\", {\n        children: [/*#__PURE__*/_jsx(\"br\", {}), \"\uD83D\uDE4B What is a cap table?\"]\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"A capitalization table (or cap table) provides an analysis of the ownership of all the securities your company has issued. 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Excel is a good tool when you have a simple capital structure and a small number of stakeholders. However, when the business grows it becomes difficult to keep every data up-to-date on a spreadsheet. After multiple funding rounds, the cap table becomes more complex but tracking the data on your spreadsheet does not scale as your company does. Eventually, you need a tool to streamline your cap table management and this is when a tool like \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook\"\n      }), \" becomes handy. Let\u2019s schedule a demo to discuss your needs and show you how we solve them. \"]\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  id: \"CdLTHbP7d\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: null,\n  OqcSdHe_B: \"Capitalization Table (Cap Table)\",\n  UiPyAA1pt: \"2022-05-18T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/6S1Ua8Fqc6fohL65v7ABagC2v0.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/6S1Ua8Fqc6fohL65v7ABagC2v0.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/6S1Ua8Fqc6fohL65v7ABagC2v0.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/6S1Ua8Fqc6fohL65v7ABagC2v0.png\").href} 1050w`\n  },\n  xg0WbWedl: \"quotawiki-cap-table\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"ESOP\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"How to Grant Employee Stock Options\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"How to grant Employee Stock Options, quick and easy on QuotaBook.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Employee Stock Options\"\n      }), \" are an equity compensation that gives an employee a percentage of ownership of the company. Employee Stock Options have multiple elements and can be tricky to manage as more stakeholders join in.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Let\u2019s find out how you can create ESOPs, grant Stock Options and create additional stocks on QuotaBook.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"To find out more about Employee Stock Options, read our recent post:\", /*#__PURE__*/_jsx(\"br\", {}), \"\u200D\", /*#__PURE__*/_jsx(Link, {\n        href: \"https://medium.com/quotabook/what-are-employee-stock-options-esos-3cf74187ba2b\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"What are employee stock options? \"\n        })\n      }), \"\uD83E\uDD84\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Make an Employee Stock Option Plan \uD83D\uDCD2\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"What is an Employee Stock Option Plan? \uD83E\uDD14\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"An Employee Stock Option Plan is an employee benefit plan that grants Employee Stock Options, which is a right to purchase company shares at a later date.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You can add different types of option plans depending on how they will be managed.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,4UOKaJOjDkg2lDd7yiSEPIza4s.png?originalFilename=623d7bb1e43a8872a067e5d4_0*rBZDJKoSon_KzQyU.png\",\n      src: new URL(\"https://framerusercontent.com/images/4UOKaJOjDkg2lDd7yiSEPIza4s.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,zKON5YBezjGTS6WTFPUJHyjKSLE.png?originalFilename=623d7bb101905bd27a5a971b_0*EfwVDpEU4olWURGy.png\",\n      src: new URL(\"https://framerusercontent.com/images/zKON5YBezjGTS6WTFPUJHyjKSLE.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,3pHjnsKjMM2Z7ZqmnP7Cj5P2tw.png?originalFilename=623d7bb12f34b30963cfcafe_0*nBR7ZKoGIeNND28K.png\",\n      src: new URL(\"https://framerusercontent.com/images/3pHjnsKjMM2Z7ZqmnP7Cj5P2tw.png\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"You can choose from \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"New Stocks, Existing Stocks\"\n      }), \" or\", /*#__PURE__*/_jsx(\"strong\", {\n        children: \" Cash\"\n      }), \" to grant your employees in an option plan. Each ESOP will also have a vesting schedule.\"]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"* Closing a funding round, issuing more stock options? \uD83E\uDD14\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You can simply edit the maximum number of options authorized to issue more stocks options.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"What is a Vesting Schedule? \u23F0\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Typically, even after granting stock options to employees through grant letters and signatures, they do not own shares and cannot exercise stocks right away. Stock options that were granted must be first\", /*#__PURE__*/_jsx(\"strong\", {\n        children: \" vested \"\n      }), \"to the employees before they can actually exercise, sell and cash out. Vesting simply means that employees have to earn their shares over time on condition(s). The number of options vested increases over time on a schedule. This schedule is called a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"vesting schedule.\"\n      })]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"A Vesting Schedule\"\n      }), \" determines how many stock options will be vested and when, depending on terms such as employment duration and milestone.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,OWAX55iAmrDQrQ29jOsZNGdqkoU.png?originalFilename=623d7bb10506b777fe5ce52c_0*hmU5XOUZbVlv7v40.png\",\n      src: new URL(\"https://framerusercontent.com/images/OWAX55iAmrDQrQ29jOsZNGdqkoU.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"What is Time-based Vesting? \u23F3\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Time-based vesting\"\n      }), \" allows employees to earn their shares over time. Time-based vesting schedules often have a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"cliff\"\n      }), \", which is the duration of time before the first promised portion of the stock is vested. When the cliff hits, the first portion is vested. The remaining options are gradually vested over time, typically every month or a quarter.\"]\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Example: \", /*#__PURE__*/_jsx(\"em\", {\n            children: \"4 Year vesting schedule with 1 year cliff (total 1,000 shares):\"\n          })]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"1st year from the option grant: 250 shares vested\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"2nd year: 250 shares vested\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"3rd year: 250 shares vested\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"4th year: 250 shares vested\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On Quotabook, you can create a vesting schedule of your choice, setting a unique vesting duration, cliff and frequency for each plan. You can set the details of a vesting schedule, reflecting the differing terms in stock option agreements with your employees.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,T6yyUBeXZfW2CP3FA1Gk8hTCwQg.png?originalFilename=623d7bb17482f4c0fb6f6302_0*oThSVCorOv43vWjc.png\",\n      src: new URL(\"https://framerusercontent.com/images/T6yyUBeXZfW2CP3FA1Gk8hTCwQg.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You may also make a non-linear vesting schedule when the amount of vested stock options does not increase linearly. (e.g. 50% vested after 2 years, 25% after a year \u2026 ).\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,2WVNqVJWAWDMwr6wYRMbI90TLqc.png?originalFilename=623d7bb101905b80cc5a973f_0*NYPmWUNpPwWTaQMi.png\",\n      src: new URL(\"https://framerusercontent.com/images/2WVNqVJWAWDMwr6wYRMbI90TLqc.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"What is milestone vesting? \uD83C\uDFC3\u200D\u2642\uFE0F\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Milestone vesting lets employees to earn their shares if they reach specific milestones. (e.g. sales performance, marketing KPIs).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You can create a milestone vesting schedule reflecting performance indicators or KPIs of your choice.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,k042SXZr2YW1avgT0QyN84K958.png?originalFilename=623d7bb10506b700ca5ce556_0*boWgpHM8D5nKX0B7.png\",\n      src: new URL(\"https://framerusercontent.com/images/k042SXZr2YW1avgT0QyN84K958.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You may also create a custom vesting schedule not linked to time or milestone achievements.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,AAWrGlQtQMhlYbgO5P5R01PEudM.png?originalFilename=623d7bb242bfaf3cf91cf309_0*EySGZMuKimyN_-O7.png\",\n      src: new URL(\"https://framerusercontent.com/images/AAWrGlQtQMhlYbgO5P5R01PEudM.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"How to Grant Employee Stock Options \uD83D\uDCC8\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Once you have successfully created an ESOP and its vesting schedule, you are now ready to grant and record stock options on QuotaBook!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You can view and manage a cap table of all stakeholders who hold stock options of your company.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,lVdeOTyYfTM6PmlAQsnHLYT0YgU.png?originalFilename=623d7bb201905b819b5a982f_1*dOOU-esJ-o27VtN3iD5XaQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/lVdeOTyYfTM6PmlAQsnHLYT0YgU.png\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Select an employee you want to grant options (grantee), and click and option plan you already created. Or alternatively, you can create a plan directly from the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"[+Grant Options] \"\n      }), \"window.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Fill out the necessary information and attach contracts if any, and you\u2019re done!\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,W06VbiU1i96UpHEFAN1Lb7B9lPA.png?originalFilename=623d7bb1cc9651e4fc4544a5_1*VWNQ2sC-eZHyeJHJhrbiJA.png\",\n      src: new URL(\"https://framerusercontent.com/images/W06VbiU1i96UpHEFAN1Lb7B9lPA.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The granted options will be added to the cap table as below:\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,yZVKcTRcXK5puEotyITQ8K0GZUo.png?originalFilename=623d7bb1a992dd47b3702aa7_0*wMoq2HaUy3LHhdEC.png\",\n      src: new URL(\"https://framerusercontent.com/images/yZVKcTRcXK5puEotyITQ8K0GZUo.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Still Got Questions? Talk to Us.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Request demo below\uD83D\uDC47 Start Today, Try First 3 Months Free.\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"QuotaBook makes equity simple, so you can focus on growth.\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Create \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"ESOPs\"\n          })]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Build and Mange \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Cap Tables\"\n          })]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Send \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Business Reports\"\n          })]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Send \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Investor Updates\"\n          })]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"QuotaBook helps you save 90% of the time spent on securities management.\"\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,DdEa0ar62dvJK2qya7nccvjg.png?originalFilename=623d7bb22f34b3954bcfcb5f_1*sv7slI7Kg-ba7FqTl5ATRQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/DdEa0ar62dvJK2qya7nccvjg.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"fDK7N88_d\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"Planning to grant employee stock options to your employees? Find out how you can grant stock options without spreadsheets or templates, quick and easy on QuotaBook.\"\n    })\n  }),\n  OqcSdHe_B: \"How to Grant Employee Stock Options\",\n  UiPyAA1pt: \"2022-05-04T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/E1Q3bDs72hJHODEPrWft9yLI.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/E1Q3bDs72hJHODEPrWft9yLI.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/E1Q3bDs72hJHODEPrWft9yLI.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/E1Q3bDs72hJHODEPrWft9yLI.png\").href} 1050w`\n  },\n  xg0WbWedl: \"how-to-grant-stock-options\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"ESOP\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"In our last post, we looked at what goes in an Employee Stock Option Plan and how to set up one quick and easy on QuotaBook. There are a few things you, as startup founders, have to consider as you set up an ESOP. Let\u2019s take a closer look.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"1. Size of the ESOP Pool \uD83D\uDCD0\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When setting up a company, how to split your equity pizza might not be your immediate concern. However, you always want to remember more stakeholders are bound to join as your company raises more funds down the road. You want to keep your share.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This includes what you give out to your employees. It is recommended that you set a limit on the percentage of equity to share with employees. In general, an ESOP pool is about 7.5 - 15 % of total company shares. 10% is most common, with each employee granted a right to buy around 0.5 to 3% of equity.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Note that as your company raises more funds and the total number of shares increase, the % of the ESOP pool remains the same. But because there is a bigger pool of total shares, the ESOP Pool will grow bigger as well.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"2. Equity Dilution \uD83D\uDCA7\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Equity dilution\"\n      }), \" is when a stakeholder\u2019s ownership of company equity gets smaller.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Let\u2019s think of company equity as one big, giant extra large pizza and you have the cutter in your hands. And you have to decide how you will divide this pizza so that everyone is happy with their piece.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If you want more people in the party, you will have to give up some of your share to cut the pizza into more pieces. You can\u2019t have the whole thing to yourself.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"But as your company makes more ESOP plans, and more stakeholders join in, the founder\u2019s share of equity will naturally decrease.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the end, the founder may be left with a very small portion.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the case of a company exit, this situation could get quite tricky when a host of people share the equity pizza.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This why board of management can include drag-along rights, to allow specific shareholders to force minority shareholders to sell their shares upon receiving a third party offer.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"3. Exercise Price \uD83C\uDFF7\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Exercise price\"\n      }), \", as explained in our previous post, refers to the price an employee has to pay to exercise their vested options within a set time frame. Not all employees have the same exercise price.\"]\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"How do you determine the exercise price of stock options?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There are broadly two ways to go about deciding the exercise price.\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Set it to the current market value of company shares.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"How? Set exercise price to the market price of the company shares at the time options are granted to employees.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Refer to the valuation from the latest funding round.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Go with a nominal exercise price.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"How? Set exercise price equal to the nominal value (aka par value) of each share.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"*Nominal value is a random value set for balance sheet purposes when a company issues share capital, usually less than $1.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Employees will benefit if the company value increases from the date options are granted, reaping more gains from selling their shares.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"4. Vesting Period \u23F1\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Most ESOPs will have a vesting period of 3 or 4 years. As a reminder, vesting refers to the process in which employees earn their shares over time. Read more about vesting in our last post.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Vesting incentivizes employees to stick around longer by setting a time frame during which the amount of exercisable stock options goes up. You might want to think about the right vesting length to best incentivize an employee considering each of their role and employment duration.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"For employees who joined the company in the early days for example, you might want to set a shorter, more flexible vesting period to motivate them.\"\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"5. What will happen when an employee leaves? \uD83D\uDC4B\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You also want to consider what will happen when an employee leaves. Will they lose all of their unvested shares? Will you move up the expiration date, the latest date by which the employee can exercise their options?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"An expiration date typically aligns with the time frame for a company to find an exit. This period will typically range from 7 to 10 years from the grant date, while it will vary depending on the company\u2019s stage of growth.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If an employee leaves, you may leave the expiration date as it is or give a shorter time frame, depending on the needs of the company.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Got Questions on ESOP?\\xa0Talk to us! \"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Start Today and Try First 3 Months Free.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"References:\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://sleek.com/sg/resources/a-beginners-guide-to-esops-in-singapore/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://sleek.com/sg/resources/a-beginners-guide-to-esops-in-singapore/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://uk.practicallaw.thomsonreuters.com/5-504-2196?transitionType=Default&contextData=(sc.Default)&firstPage=true\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://uk.practicallaw.thomsonreuters.com/5-504-2196?transitionType=Default&contextData=(sc.Default)&firstPage=true\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://thebusinessprofessor.com/en_US/accounting-taxation-and-reporting-managerial-amp-financial-accounting-amp-reporting/nominal-value-definition\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://thebusinessprofessor.com/en_US/accounting-taxation-and-reporting-managerial-amp-financial-accounting-amp-reporting/nominal-value-definition\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://kindrik.sg/guides/5-key-questions-when-setting-up-an-esop/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://kindrik.sg/guides/5-key-questions-when-setting-up-an-esop/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investopedia.com/terms/n/nominalvalue.asp\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://www.investopedia.com/terms/n/nominalvalue.asp\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://medium.com/@adjblog/how-does-startup-dilution-for-founders-work-with-esops-and-investment-2c5abc291ec5\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://medium.com/@adjblog/how-does-startup-dilution-for-founders-work-with-esops-and-investment-2c5abc291ec5\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    })]\n  }),\n  id: \"SM8E4q8WD\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"Looking to grant stock options through Employee Stock Option Plans? Find out the five essential factors startup founders must consider as they are setting up an ESOP.\"\n    })\n  }),\n  OqcSdHe_B: \"5 Things You Must Consider When Setting up an ESOP\",\n  UiPyAA1pt: \"2022-04-13T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/x13O8jEcCNMVeEj91HfBQNMIM.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/x13O8jEcCNMVeEj91HfBQNMIM.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/x13O8jEcCNMVeEj91HfBQNMIM.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/x13O8jEcCNMVeEj91HfBQNMIM.png\").href} 1050w`\n  },\n  xg0WbWedl: \"5-things-you-must-consider-when-setting-up-an-esop\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"ESOP\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h2\", {\n      children: \"What is an ESOP?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"In our last post we found out what Employee Stock Options are. Today we will dissect an \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Employee Stock Option Plan\"\n      }), \", what it\u2019s made of, how to make one, and some tips and tricks for founders on the way. Let\u2019s get into it.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"What is an ESOP (Employee Stock Option Plan)?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"An \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Employee Stock Option Plan\"\n      }), \" is a contract between employee and employer that grants stock options. In other words, employees have a right to purchase the company shares at a set price over set a time window.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Please note that we used the term Employee Stock Option Plan, as opposed to Employee Share Ownership Plan.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"What is the difference between an Employee Stock Option Plan vs. Employee Stock Ownership Plan?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"*\", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Note\"\n      }), \": Employee Stock Ownership Plan is not necessarily the same thing as Employee Stock Option Plan. Employee Stock Ownership Plan is a retirement plan where an employer contributes its company stock to the benefit plan of an employee. Employee Stock Option Plan can be seen as a type of Employee Stock Ownership Plan.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"(\", /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.investor.gov/introduction-investing/investing-basics/glossary/employee-stock-option-plans\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Source: U.S. Securities and Exchange Commission\"\n        })\n      }), \")\"]\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"How is an ESOP structured?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"1. ESOP Agreement\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"We learned last time that Employee Stock Options are not the actual share ownership. Employee Stock Options are the rights granted to employees. These rights must first be brought into existence. This is why your company first needs to create a thoughtfully written \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"ESOP agreement.\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"\u201CLet there be Employee Stock Options.\u201D - ESOP\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Now that you have brought your company\u2019s Employee Stock Options to existence, \\xa0you want to start thinking about where to put them.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"2. ESOP Pool\"\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,LGXSyXfhJveLCfSEsNdGyhxAGv8.png?originalFilename=623d6e5c9b0ddaa7fe0a4775_ESOP%2520Pool%2520%281%29.png\",\n      src: new URL(\"https://framerusercontent.com/images/LGXSyXfhJveLCfSEsNdGyhxAGv8.png\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"You have to create an \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"ESOP pool\"\n      }), \" for your company that will set aside a pre-determined % of equity shareholding for your employees. In general, companies set aside about 10-15% of their employee stock options for employees.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In order to keep everyone happy, you want to make a prudent decision on how much to set aside for the board and for the rest of employees.\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"3. ESOP Committee\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Now that we have a vast pool of Employee Stock Options wading and floundering unsupervised, we need someone to manage this pool before they drown.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"An ESOP agreement should also set the details of an \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"ESOP Committee\"\n      }), \".\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"An \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"ESOP committee\"\n      }), \" is responsible for managing the ESOP pool and recommending necessary actions to the Board of Directors. ESOP committee is generally made up of company\u2019s directors and officers. So now we have some lifeguards keeping an eye on our children (stock options) in the pool.\"]\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"4. Cliff & Vesting Period\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"May skip if you have already read our last post on Employee Stock Options.\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"What is a Cliff?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"An Employee Stock Option Plan could have a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"cliff\"\n      }), \" and a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"vesting period \"\n      }), \"per ESOP.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Employee Stock Options are generally given over a period of time, and not all at once. This distribution of stock options over time is called \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"vesting\"\n      }), \", which means employees will earn their share over a period of time. Vesting encourages employees to stick around longer and perform better.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Cliff\"\n      }), \" is a time period within which no vesting can occur. It refers to the time period before an employee can receive the first promised portion of the stock.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"During the cliff, no stock options are vested. If options are not vested, employees cannot exercise them. To exercise stock options means to buy a set number of stock options at a set price \u2014 called exercise price, or strike price \u2014 \\xa0that is lower than the market price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When the cliff hits, the employee can exercise the first portion of the promised benefit.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If employee resigns during the Cliff period, they will NOT receive any stock options. It is important to set these arrangements clearly in the stock option agreement. A typical cliff period for startups is one year.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,0NwtChw2qHUGj8yt3qVg8SFH0A8.png?originalFilename=623d6ebdfcc001a1f60db042_ESOP%2520vesting-graph%2520%281%29.png\",\n      src: new URL(\"https://framerusercontent.com/images/0NwtChw2qHUGj8yt3qVg8SFH0A8.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"What is a Vesting Period?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"We saw that stock options are vested, and employees have to work to earn their share of an asset. The number of options an employee can exercise increases over time on a schedule, called a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"vesting schedule\"\n      }), \".\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vesting period\"\n      }), \" is a period of time before all ESOP shares become fully, and unconditionally owned by employee.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the graph above, the cliff lasts for a year, and the vesting period lasts for four years.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If the employee resigns during the vesting period (usually after the Cliff), they will be given pro-rated stock options based on the length of employment.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"FYI for Startups in Singapore \uD83C\uDDF8\uD83C\uDDEC : Selling Restriction\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"What is a selling restriction?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"In Singapore, you can include a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"selling restriction\"\n      }), \", which is a period of time where an employee is not allowed to sell their shares.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Selling restrictions will affect how gains from ESOP plans are taxed for employees, so be sure to research or receive proper consulting on whether and how to set this selling restriction.\"\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"How to Create an Employee Stock Option Plan\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"So now you understand why it is important to create and manage ESOP for your employees and your company\u2019s growth, but with so many employees coming and going, managing everything manually could easily be a recipe for a disaster.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On QuotaBook, you can create different types of Employee Stock Option plans, letting you digitalize the entire process at just one click.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Manage Several Option Plans\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,3m6beBDuKoQLRyWN8QJLLoOpw.png?originalFilename=633b993ce52e2c7cc5236809_file-eoXXE1h7ds.png\",\n      src: new 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children: \"QuotaBook\"\n      }), \" helps you manage efficiently and accurately, so you can solely focus on growth. QuotaBook is trusted by 2000+ startups and VCs, and our onboarding team consisted of experienced professionals here to guide you through the process.\"]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"More Questions? Click \uD83D\uDC47\"\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"h3\",\n        children: [/*#__PURE__*/_jsx(\"h3\", {\n          children: /*#__PURE__*/_jsx(Link, {\n            href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=restricted-stock-unit\",\n            openInNewTab: true,\n            smoothScroll: false,\n            children: /*#__PURE__*/_jsx(\"a\", {\n              children: \"\u200DRequest a Demo\"\n            })\n          })\n        }), /*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n            className: \"trailing-break\"\n          })]\n        })]\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Start now, Get 3 Months Free Trial.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"References:\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://uk.practicallaw.thomsonreuters.com/Document/Ia294f3b7060011ecbea4f0dc9fb69570/View/FullText.html?contextData=(sc.Default)&transitionType=Default\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://uk.practicallaw.thomsonreuters.com/Document/Ia294f3b7060011ecbea4f0dc9fb69570/View/FullText.html?contextData=(sc.Default)&transitionType=Default\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://singaporelegaladvice.com/law-articles/preparing-employee-stock-option-plan-esop-singapore/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://singaporelegaladvice.com/law-articles/preparing-employee-stock-option-plan-esop-singapore/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://sleek.com/sg/resources/a-beginners-guide-to-esops-in-singapore/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://sleek.com/sg/resources/a-beginners-guide-to-esops-in-singapore/\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://sbr.com.sg/financial-services/commentary/basics-employee-share-option-plans-esops-in-singapore\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://sbr.com.sg/financial-services/commentary/basics-employee-share-option-plans-esops-in-singapore\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/employment-income/gains-from-the-exercise-of-stock-options\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsxs(\"a\", {\n          children: [\"https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/employment-income/gains-from-the-exercise-of-stock-options\", /*#__PURE__*/_jsx(\"br\", {})]\n        })\n      })\n    })]\n  }),\n  id: \"KVE0Pk_Lq\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"An ESOP\\xa0refers to an Employee Stock Option Plan, an employee benefit plan that promises an employee a portion of the company through stock options.\"\n    })\n  }),\n  OqcSdHe_B: \"What is an Employee Stock Option Plan?\",\n  UiPyAA1pt: \"2022-03-25T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/4A96UFLZeBuogdxhEbLCKKshHk.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/4A96UFLZeBuogdxhEbLCKKshHk.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/4A96UFLZeBuogdxhEbLCKKshHk.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/4A96UFLZeBuogdxhEbLCKKshHk.png\").href} 1051w`\n  },\n  xg0WbWedl: \"what-is-an-esop\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"Fundraising \",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"Planning to raise VC funding in the upcoming months but still have no idea how it works? No need to fret. Let us guide you through every step of the VC investment process and introduce how QuotaBook can help you along the way.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Seeking Financing from a VC\uD83D\uDCB0\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"In general, there are \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"six stages\"\n      }), \" from the first meeting before the wire transfer of the funding.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,vR2gtQV6FYjMjkgdXuokeQROI.png?originalFilename=622714eb7240e72bf6a75c10_1*YxXWptZiZ5b0XKnASJX_kg.png\",\n      src: new URL(\"https://framerusercontent.com/images/vR2gtQV6FYjMjkgdXuokeQROI.png\").href\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Note: This article was written to provide a general overview of the VC investment process. Please note that every VC firm might have different internal processes.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Three groups are involved in the investment process.\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Startups \uD83E\uDDD1\u200D\uD83D\uDCBB\"\n          })\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Investors\u200A\u2014\u200AVC / Investment principals \uD83D\uDD75\uFE0F\"\n          })\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Investors\u200A\u2014\u200APortfolio / Fund management teams \uD83C\uDFE6\"\n          })\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A summary of the activities at each stage is provided below. It\u2019s best to have all the relevant information ready at hand for an easy ride without having to dig through your inbox every few minutes.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,aGYVITtCz7h9LzEGzNPOt08LDw.png?originalFilename=622714f2edb03c04356f23e8_1*IERW4MqP-omNEpseITrCuQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/aGYVITtCz7h9LzEGzNPOt08LDw.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The entire process\u200A\u2014\u200Afrom the first meeting to the final contract and (most importantly) wiring of money\u200A\u2014\u200Amay sometimes take over a year.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Now let\u2019s take a closer look.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"1. First meeting with investors \uD83E\uDD1D\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,szClZWQulENcZpQCCQtqECKCY.png?originalFilename=622714ebedb03cdfce6f1d0e_1*pLRO1ZFy-dt-nldV22wa-Q.png\",\n      src: new URL(\"https://framerusercontent.com/images/szClZWQulENcZpQCCQtqECKCY.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Nailed the first meeting with your investors? Congratulations!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Once the VC starts to review your company as a serious potential investment opportunity, they will then discuss the company valuation and investment size. These two factors may change the company\u2019s shareholding percentages a great deal.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDCC8Run easy investment simulations on QuotaBook\"\n      }), \", modeling different scenarios to find the best case for your business.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You can check how securing an investment change the number of shares, percentage of ownership and export the results as an excel sheet. Find how an exit simulation will affect the outstanding capital contribution and total proceeds by stakeholder.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,n6tcCqVa03Cyr3lkkgQqNkEi3TI.png?originalFilename=622714edaeda894fb1c1aa8c_1*pnaEWq7MAmJvt6RmB54p4g.png\",\n      src: new URL(\"https://framerusercontent.com/images/n6tcCqVa03Cyr3lkkgQqNkEi3TI.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,7aYbGy0N95R8vOu0DTH6vehrnaI.png?originalFilename=622714eb6ee3f352d91569c9_1*n_aPw2byEm73s83VFbdXsA.png\",\n      src: new URL(\"https://framerusercontent.com/images/7aYbGy0N95R8vOu0DTH6vehrnaI.png\").href\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"2. Review \uD83D\uDCD1\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,rZrQm526zFMkq3DUAZtOocpaCY.png?originalFilename=622714f0ed593be32f9dd5cd_1*h0U-A_SvyiYLCDe-cUr5jQ.png\",\n      src: new URL(\"https://framerusercontent.com/images/rZrQm526zFMkq3DUAZtOocpaCY.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"After your successful meeting with the investors, the investment team will request a host of documents for evaluation and review. This is part of a process to convince their colleagues at the firm and may take over several months.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"As the investment team reviews multiple startups at once, this request & review period may take longer than expected. You can see the interest level of investors through this period by checking which investors viewed the documents in our \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Data Room\"\n      }), \" feature.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\uD83D\uDCCA Upload and manage relevant materials by round in \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Data Room\"\n      }), \". You can share data with multiple investors and monitor which investor has viewed the uploaded materials. Check the interest level of investors real-time on access logs.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,8WKmtQqhao2egspkH0xuGXKvjT4.png?originalFilename=622714eced593b35899dd462_1*HhW_idDcyun5a8NRA9JEKg.png\",\n      src: new URL(\"https://framerusercontent.com/images/8WKmtQqhao2egspkH0xuGXKvjT4.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,AFbbpcsHKJtZYkghbKRyoNWOn8.png?originalFilename=622714ec75887ba1d71c180e_1*DBRxEsD8Cem8aItK_4UU9g.png\",\n      src: new URL(\"https://framerusercontent.com/images/AFbbpcsHKJtZYkghbKRyoNWOn8.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,dgaSUmiBJtwzMCPuZF3MDAWedU.png?originalFilename=622714ee2052c2e1097ad66a_1*osUchfL5WAlx9xu_L8b82Q.png\",\n      src: new URL(\"https://framerusercontent.com/images/dgaSUmiBJtwzMCPuZF3MDAWedU.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\uD83D\uDCA1 Tip: Keep track of questions or any requests that investors have at the meeting. This will be helpful in updating your pitch materials and preparing for certain data that investors are interested in.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"3. Evaluation \uD83D\uDD0D\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Q2muZaI8igflrUWPc1VbgucTX0.png?originalFilename=622714f17468181e5e9e2f04_1*MMVMGf4OWg5SsbF8p2gfug.png\",\n      src: new URL(\"https://framerusercontent.com/images/Q2muZaI8igflrUWPc1VbgucTX0.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When principals are sure about your company and so are their colleagues, they will proceed with initial Due Diligence. The management side of the VC will prepare a due diligence checklist, and the investment team will request the related information from you.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Due Diligence is a thorough process to investigate the overall health of the company. The investment team will ask a series of questions and a range of documentation. Investment principals will continue to discuss internally if your company is the right fit for investment. Make sure you are prepared to deliver the best, yet honest impression of your company.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\uD83D\uDCA1 Through Due Diligence, investors will evaluate not only the business and legal foundation of the company but also the speed and the way in which company carries out their business.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Due Diligence, still confused? No worries\u200A\u2014\u200AQuotaBook will soon update features in which investors can request documents they need, so that the startup respond immediately.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"4. Investment committee \uD83D\uDCBC\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,fORt4nL53tcnWkZBMPTSC75Cn8s.png?originalFilename=622714edf13688c31972753a_1*aPe3dA44TLaEIR2wpdvV0A.png\",\n      src: new URL(\"https://framerusercontent.com/images/fORt4nL53tcnWkZBMPTSC75Cn8s.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Now the investment team will work hard to pitch your company to the senior members of the firm at the investment committee.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The deal team will prepare an investment memo to circulate and a presentation to convince the main decision-makers of the firm prior to the IC meeting. This process is at the heart of winning an investment. You must be prepared to meet the investors\u2019 requests promptly and proactively.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\uD83D\uDCC8 Once again, you can manage these flooding requests through the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Data Room \"\n      }), \"feature. Invite investors over, share necessary documents quick and check access logs to see if everything was delivered properly.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When ready, the investment committee will approve or reject investment opportunities and identify areas of improvement on company value and risks.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When the committee says \u201Cyes\u201D to the investment opportunity, they will conduct extra Due Diligence. You might also receive a term sheet to negotiate the nuts and bolts of the deal. A term sheet is not a guarantee for the investment, but it signals that the investor is serious about this investment.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The second Due Diligence involves a more technical overview of the company through accounting professionals. They will review all the relevant documentation and may visit the company site in person.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\uD83D\uDCA1 Every VC firm has works differently in terms of the IC and agreement negotiations. It\u2019s always best to communicate with the investors to make sure you are on the same page with them.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\uD83D\uDCA1\uD83D\uDCA1It may take more than three weeks from planning a company visit til drafting a final report. Note that these onsite visits or additional Due Diligence do not mean that the investment has been finalized.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"5. Final Contract & Wire Transfer \uD83D\uDCB5\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,wKRKkwV1a136x5d6Ui7PhcSQAg.png?originalFilename=622714eeaeda89f83dc1ab18_1*zpngRGcLSVq28DmF6bonTw.png\",\n      src: new URL(\"https://framerusercontent.com/images/wKRKkwV1a136x5d6Ui7PhcSQAg.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On the day of the shareholder agreement, you will prepare all the necessary documents to sign and seal the deal with the investors. They are now legally ready to be your new shareholders!\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"But it\u2019s too early to loosen up yet.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"On a very rare occasion, investors may delay wire transfer even after the deal has been closed. It is best to be on alert and check every box down the list.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Once you checked the investment has been wired, the long process is complete. Make sure to update data on QuotaBook by adding new stakeholders and issuing shares (once the investors have wired funds).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"QuotaBook Makes Equity Simple, so You can Focus on Business.\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"\uD83D\uDC49 \"\n      }), /*#__PURE__*/_jsx(Link, {\n        href: \"https://www.quotabook.com/en/demo-request/all?utm_source=salespersonal&utm_medium=owned_blog&utm_campaign=Inbound_global_st-prp_22-05-18_quotawiki-homepage_non-paid&utm_content=fundraising-101\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Click here to request demo today, try first 3 months free.\"\n          })\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"References\"\n      }), \":\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://rb.gy/e4j8sf\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://rb.gy/e4j8sf\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://rb.gy/o2they\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://rb.gy/o2they\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://rb.gy/trpjx9\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://rb.gy/trpjx9\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://rb.gy/e4j8sf\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://rb.gy/e4j8sf\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(Link, {\n        href: \"https://rb.gy/ht9ntx\",\n        openInNewTab: true,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"https://rb.gy/ht9ntx\"\n        })\n      })\n    })]\n  }),\n  id: \"sJtQzee2j\",\n  jpOfKjqK3: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"\u203B Legal disclaimer\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Make Equity Complete \u2014\\xa0QuotaBook is a global equity management platform with a mission to create an ecosystem for private companies and their investors and employees. Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. QuotaBook does not assume any reliability for dependence on the information provided above.\"\n    })]\n  }),\n  kOyDn1bxK: \"\",\n  LyOspHxLy: /*#__PURE__*/_jsx(React.Fragment, {\n    children: /*#__PURE__*/_jsx(\"p\", {\n      children: \"Read about the venture capital investment process summed up in six stages, from the first meeting to wire trasnfer.\"\n    })\n  }),\n  OqcSdHe_B: \"Startup Fundraising 101: Venture Capital Investment Process in 6 Stages\",\n  UiPyAA1pt: \"2022-03-16T00:00:00.000Z\",\n  vLAY0Lb80: {\n    src: new URL(\"https://framerusercontent.com/images/tlpKmR5E7pNek4aFyJL0m9GtPc.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/tlpKmR5E7pNek4aFyJL0m9GtPc.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/tlpKmR5E7pNek4aFyJL0m9GtPc.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/tlpKmR5E7pNek4aFyJL0m9GtPc.png\").href} 1050w`\n  },\n  xg0WbWedl: \"startup-fundraising-101\",\n  XL68k7AcQ: null\n}, {\n  aszvoWrgP: \"ESOP\",\n  cnXKRiPHS: \"\",\n  GL15rSvyw: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h1\", {\n      children: \"What are Employee Stock Options (ESOs)?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The essentials of what Startup founders and employers need to know about Employee Stock Options\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"TL;DR\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"An \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Employee Stock Option\"\n          }), \" is an equity compensation that gives an employee a percentage of ownership of the company.\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"An ESO is a \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"right\"\n          }), \" to purchase a set # of company shares at a set price starting from a set date. (\", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"STOCK OPTIONS \u2260 OWNERSHIP OF ACTUAL STOCKS)\"\n          })]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Exercise price\"\n          }), \" = The fixed price at which employees can buy their shares\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Stocks will \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"VEST\u200A\u2014\u200A\"\n          }), \"you earn promised stock options over time, on condition(s)\"]\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Read your stock option agreement: \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"KNOW YOUR TERMS\"\n          })]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,hb4iC8iRqN2rYFQXwVJAObWBIR4.png?originalFilename=62182564902398974e6d0525_Screen%2520Shot%25202022-02-24%2520at%25203.23.37%2520PM.png\",\n      src: new URL(\"https://framerusercontent.com/images/hb4iC8iRqN2rYFQXwVJAObWBIR4.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Every startup dreams of becoming a unicorn. While relishing in the pure joy of creating world-changing solutions, a minor potential benefit we often forget about is the unfound possibility of financial compensation in the future.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This compensation often includes stock options. Stock options are complicated. Finance is complicated, when it\u2019s really a lot of big words. Don\u2019t worry, we\u2019ll cover what you need to know.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,rB1tui05aJ4cONxCo1Cqmmwuu8.png?originalFilename=621820d0146ad11e0350c3b1_1*kzmZb-x83ecQbcHmNtylBg.png\",\n      src: new URL(\"https://framerusercontent.com/images/rB1tui05aJ4cONxCo1Cqmmwuu8.png\").href\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ZfVaXjvX3Q7eBljwrAuF356mQ.png?originalFilename=621820d0c5728cf10cf329aa_1*UhFaMxnHqFljejoIYbSBvA.png\",\n      src: new URL(\"https://framerusercontent.com/images/ZfVaXjvX3Q7eBljwrAuF356mQ.png\").href\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"What are Employee Stock Options?\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,YEspa8EfxjoenfmdjADenjGoyk.jpeg?originalFilename=621820cf5a1a901596c02ccb_1*yFxiHDZd1d1ECNGeeOeurg.jpeg\",\n      src: new URL(\"https://framerusercontent.com/images/YEspa8EfxjoenfmdjADenjGoyk.jpeg\").href\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Many startups and other employers offer employee stock options as part of a compensation package. An \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Employee Stock Option\"\n      }), \" is an equity compensation that gives an employee a percentage of ownership of the company. A company sets aside a portion of shares for employees, promising their piece of pie. \"]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Why Does a Company Issue Stock Options?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u2705 Reward early employees when & if the company goes public\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u2705 Incentivize employees to work harder to grow the value of shares\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u2705 Broke companies can employ talent even when they are lacking cash at the moment\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u2705 Retain talent for the promise of growth \"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You get a piece of the company. You work harder so your company can grow. The company saves cash they are lacking at the moment. It\u2019s a win-win situation for both employees & employers.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"But is it really that simple?\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ogmnWzpyaaUtqcqCs8HUa9dwCQ.png?originalFilename=621826e37c4c132bcdf9f5cd_Screen%2520Shot%25202022-02-24%2520at%25203.04.15%2520PM.png\",\n      src: new URL(\"https://framerusercontent.com/images/ogmnWzpyaaUtqcqCs8HUa9dwCQ.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Your CEO put down a bag of stock options in front of you. Congratulations! You\u2019re soon-to-be a millionaire when that stock hits the IPO. Unfortunately, getting your piece of pie is not as simple. \"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"An employee stock option is a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"\u201Cright\u201D\"\n      }), \" to purchase a set number of company shares at a given price starting from a specific date.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"This pre-determined price is called an \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"exercise price\"\n      }), \". The date when employees can receive their stock options for the first time is called the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"grant date\"\n      }), \". Employees cannot exercise their right to purchase their shares before the grant date.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Note that these stock options will also expire at some point in time. The employee will have to exercise their options before they expire, within a given period of time. \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Exercising\"\n      }), \" means employees will buy the a number of shares at the exercise price. The give time period is called the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"exercise window.\"\n      }), \" The date when the stock options expire and can no longer be exercised is called the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"expiration date\"\n      }), \".\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"So, receiving stock options for 100 shares DOES NOT MEAN that 100 shares of the company will be added to your Robinhood account the next day. It means that you have a right to buy 100 shares at a set price, starting from a set date.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"REMEMBER, \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"STOCK OPTIONS \u2260 OWNERSHIP OF ACTUAL STOCKS\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"At this point some of you might wonder, how would a company retain their employees with stock options? What if you join a company just about to hit IPO, and you dip the next day with bags full of cash to where nobody can find you (in a very hypothetical world)? Congratulations! Time to purchase some yachts.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Sadly, there is little chance of this script becoming a reality as most companies \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"vest \"\n      }), \"stock options.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"What is Vesting?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vesting \"\n      }), \"is a process through which employees earn their shares of an asset. When stock options are awarded (granted), employees can\u2019t just exercise all of their stocks right away. The number of options you can exercise increases over time and on a schedule. This schedule is called a \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"vesting schedule\"\n      }), \". A vesting schedule determines when and how many stock options employees can exercise at each time. Vesting encourages employees to stick around longer and perform better.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There are three main types of vesting:\"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Time-based vesting\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Employees earn their stock options over time on a set schedule.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"In general, there is a \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"cliff\"\n          }), \", the time period before the employee can receive the first portion of the promised stock. The remaining amounts are vested over time.\"]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Ps5pzsEQfr5oZj916IYTd04UNc.png?originalFilename=621820cf9c499080d49dccac_1*N6gmItSe70XONnl7LRLiZw.png\",\n      src: new URL(\"https://framerusercontent.com/images/Ps5pzsEQfr5oZj916IYTd04UNc.png\").href\n    }), /*#__PURE__*/_jsxs(\"h2\", {\n      children: [\"\u200D\", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Milestone vesting\"\n      })]\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Employees earn their stock options when they complete specific tasks or hit objectives set by employer.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"ex. A salesperson can have stock options after they sold # units\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"ex 2. An accountant can have stock options after they completed X number of audits per month\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Hybrid vesting\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Employees earn their stock options after staying for a specific period of time AND reaching a specific milestone.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Time-based vesting + Milestone vesting\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"ex. A salesperson can have stock options after they sold # units\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"ex 2. An accountant can have stock options after they completed X number of audits per month\"\n        })\n      })]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"\u200D\", /*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })]\n    }), /*#__PURE__*/_jsx(\"h1\", {\n      children: \"Things to consider when you are exercising stock options\u200A\u2014\u200Afor Employees\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,WqPZFGeS4IcP6JPX8wiw6cl6fKI.png?originalFilename=621820d01cb67c5c0979aff8_1*WVPPDOHzwEtf-qApouYNiw.png\",\n      src: new URL(\"https://framerusercontent.com/images/WqPZFGeS4IcP6JPX8wiw6cl6fKI.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"\u200D\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Meet Randall Thatcher, whose daily responsibilities back in the day look more like yours than those of David Choe, the graffiti artist. Although he may not have been gifted in the art of spray painting, Thatcher received stock options in the early days of Microsoft and retired as a millionaire.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,fpSHPfMTrslXE3c7C2XwfTPro90.png?originalFilename=621820cf1bf46d5dc783c602_1*m5PzC72dyOY0-XTcnSsE3Q.png\",\n      src: new URL(\"https://framerusercontent.com/images/fpSHPfMTrslXE3c7C2XwfTPro90.png\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Thatcher didn\u2019t know Microsoft was gonna be Microsoft. Like many of us, he probably scrolling through the 1987 version of LinkedIn during workday thinking he could just be anywhere else but here. Did Thatcher have staunch faith in what was then a literal micro business to become the Microsoft we know of? Probably not. There were presumably many factors behind his decision, but Thatcher\u2019s stock option agreement could have been one of them.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"When you receive your offer letter, the letter won\u2019t tell you a great deal about the stock options in your compensation package. However, you will have to sign the \", /*#__PURE__*/_jsx(\"strong\", {\n        children: \"stock option agreement\"\n      }), \" that details how your company will grant stock options. This is where you need to pay attention to. \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"You will find out the exercise price, the kind and number of stock options you will receive, and how they will be vested.\"\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You worked hard, sent too many emails, dealt with too many cold clients. And\u2026 your cliff finally passed while you didn\u2019t realize. Congratulations! Your stock options are vested, and now you are finally able to exercise them. Also, although it may seem obvious, note that you can exercise your stock options once the current market price is greater than the exercise price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If your company does super well and the current market price goes way beyond the exercise price, then yay! You will exercise your stock options, buy stocks at a low exercise price, sell them at a high market price, creating a bigger margin. You will have made a fortune.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Reversely, if your company does badly and the market price never reaches the strike price, you may never get to exercise your options. And sadly, yes this does happen in the startup world.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"It is also important to consider when you will exercise your stock options. Depending on the strike price and the number of shares, exercising your options may cost $$$. Find out things to consider as you exercise your stock options in our next post.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Still got questions?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Stock options are complicated. You got things to do. With QuotaBook, you can let us manage Employee Stock Options while you focus on the real business. 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Leaving spreadsheets and manual works behind, every stakeholder can connect online and sync crucial data on equity such as cap table or employee stock options. It is the leading platform used by top startups and VCs in Asia, backed by Y Combinator.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This piece is written for information purposes only and is not intended as financial or legal advice. 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