07

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﻣﺮﻭﺭﻱ ﺑﺮ ﻣﺎﻫﻴﺖ ﻭ ﻛﺎﺭﻛﺮﺩ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬ ‫ﺣﺴﻴﻦ ﺻﻮﻓﻠﻮ ﻛﺎﺭﺷﻨﺎﺱ ﺍﺭﺷﺪ ﻣﺪﻳﺮﻳﺖ‬

‫‪ -١‬ﻣﻘﺪﻣﻪ‬

‫ﻣﺪﺕ ﺯﻣﺎﻧﻲ ﻧﮕﺬﺷﺘﻪ ﺍﺳﺖ ﻛﻪ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﻣﺒﺘﻨﻲ ﺑﺮ ﻓﻨﺎﻭﺭﻱ ﻣﻴﻠﻴﻮﻧﻬﺎ ﺩﻻﺭ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬ ‫) ﺳﺮﻣﺎﻳﻪ ﺍﻱ ﻛﻪ ﻫﻴﭽﮕﻮﻧﻪ ﭘﻴﺶ ﺑﻴﻨﻲ ﺑﺮ ﺭﻭﻱ ﺑﺮﮔﺸﺖ ﺁﻥ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ ( ﺑﺮﺍﻱ ﺍﻳﺪﻩ ﻫﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻚ‬ ‫ﺧﻮﺩ ﺩﺭﻳﺎﻓﺖ ﺩﺍﺷﺘﻪ ﺍﻧﺪ‪ .‬ﺑﻤﻨﻈﻮﺭ ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮﻱ ﺑﺮﺍﻱ ﺍﻳﺪﻩ ﻫﺎﻱ ﻧﻮ ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ‬ ‫ﺧﻄﺮ ﭘﺬﻳﺮ ﻛﻪ ﻣﺘﺨﺼﺺ ﺍﻳﻦ ﺍﻣﺮ ﻫﺴﺘﻨﺪ ‪ ،‬ﺑﻮﺟﻮﺩ ﺁﻣﺪﻩ ﺍﻧﺪ ﻫﺪﻑ ﻋﻤﺪﻩ ﺑﺮﺍﻱ ﺍﻳﻦ ﺷﺮﻛﺘﻬﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ‬ ‫ﮔﺬﺍﺭﻱ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﺷﺮﻛﺖ ﻧﻮﭘﺎ ﺩﺍﺭﺍﻱ ﺍﺭﺯﺵ ﺑﺎﻻﻳﻲ ﻣﻲ ﺑﺎﺷﺪ ﻭ ﻣﻲ ﺗﻮﺍﻧﺪ ﺩﺭ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻓﻌﺎﻟﻴﺖ ﻧﻤﺎﻳﺪ‪.‬‬ ‫ﺑﺮ ﻃﺒﻖ ﻣﻄﺎﻟﻌﺎﺕ ﻣﺪﻟﻬﺎﻱ ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﺯ ﺗﻮﺍﻓﻖ ﺑﻴﻦ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ‬ ‫ﻭ ﻛﺎﺭ ﺁﻓﺮﻳﻨﺎﻥ ﺣﺎﺻﻞ ﻣﻲ ﺷﻮﺩ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺷﺮﻛﺘﻲ ﺍﺳﺖ ﻛﻪ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﺧﻮﺩ ﺍﺯ ﺳﺎﻳﺮ ﻣﻨﺎﺑﻊ‬ ‫ﺗﺄﻣﻴﻦ ﻭ ﺍﻳﻦ ﻣﻨﺎﺑﻊ ﺭﺍ ﻫﺪﻑ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺩﺭ ‪ START-UP‬ﻫﺎ ﻣﻲ ﻧﻤﺎﻳﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﺩﺍﺭﺍﻱ‬ ‫ﻣﻜﺎﻧﻴﺰﻡ ﻣﺪﻝ ﻭ ﻣﺮﺍﺣﻞ ﻣﺘﻨﺎﺳﺐ ﺑﺎ ﺧﻮﺩ ﻣﻲ ﺑﺎﺷﻨﺪ‪ .‬ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﻪ ﻣﻼﻛﻬﺎ ﻭ‬ ‫ﻣﻌﻴﺎﺭﻫﺎ ﻳﺎ ﺍﺭﺯﺷﻬﺎﻱ ﺧﺎﺻﻲ ﺩﺭ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﺗﻮﺟﻪ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺑﺮﺁﻭﺭﺩﻩ ﻧﻤﻮﺩﻥ ﺁﻥ ﺷﺮﺍﻳﻂ ﻣﺴﺘﻠﺰﻡ ﺍﻳﺤﺎﺩ‬ ‫ﻣﺤﻴﻂ ﺭﺷﺪ ﻣﺘﻨﺎﺳﺐ ﺑﺮﺍﻱ ﺁﻧﻬﺎ ﻣﻲ ﺑﺎﺷﺪ ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺑﻪ ﺑﻴﺎﻥ ﺭﻭﺷﻬﺎﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ )ﺑﻄﻮﺭ ﻛﻠﻲ ( ﭘﺲ ﺑﻪ‬ ‫ﺑﻴﺎﻥ ﻭﻳﮋﮔﻴﻬﺎ ‪ ،‬ﻣﻼﻛﻬﺎ ‪ ،‬ﻣﻨﺎﻓﻊ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺭﻳﺴﻚ ﭘﺬﻳﺮ ﭘﺮﺩﺍﺧﺘﻪ ﻣﻲ ﺷﻮﺩ‪.‬‬ ‫‪ -٢‬ﺭﻭﺷﻬﺎﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ‪ START - UP‬ﻫﺎ‬ ‫ﺑﺮ ﻃﺒﻖ ﺍﺩﺑﻴﺎﺕ ﻛﻼﺳﻴﻚ ﻛﺎﺭ ﺁﻓﺮﻳﻨﻲ ﺳﻪ ﻣﻜﺎﻧﻴﺰﻡ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﺮﺍﻱ ‪ START – UP‬ﻫﺎ ﻭﺟﻮﺩ ﺩﺍﺭﺩ ‪.‬‬ ‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﻮﺳﻴﻠﻪ ﻓﺮﺩ ) ﺧﻮﻳﺶ ( ﺍﺯ ﺳﻮﻱ ﻣﻨﺎﺑﻊ ﺷﺨﺼﻲ ﻛﺎﺭ ﺁﻓﺮﻳﻦ ﻭ “ ﺩﻭﺳﺘﺎﻥ ﻭ ﺧﺎﻧﻮﺍﺩﻩ ” ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬ ‫ﺍﺯ ﻃﺮﻳﻖ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻭ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺍﺯ ﻃﺮﻳﻖ ﺷﺮﻛﺘﻬﺎﻱ ﺩﻭﻟﺘﻲ ﻭ ﻣﺆﺳﺴﺎﺕ‬ ‫ﺩﻭﻟﺘﻲ ‪.‬‬ ‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺨﺼﻲ ﺗﻘﺮﻳﺒﹰﺎ ﺩﺭ ﭼﺮﺧﻪ ﻋﻤﺮ ﺷﺮﻛﺘﻬﺎ ﻗﺒﻞ ﺍﺯ ﺍﻳﻨﻜﻪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻭﺍﺭﺩ ﻓﻌﺎﻟﻴﺖ‬ ‫ﺷﻮﺩ ﻭ ﺍﺭﺯﺵ ﻳﻚ ﺷﺮﻛﺖ ﺭﺍ ﻧﺸﺎﻥ ﺩﻫﺪ ﻋﻤﻞ ﻧﻤﻮﺩﻩ ﺍﺳﺖ‪ .‬ﺍﮔﺮ ﭼﻪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺷﺮﻛﺖ ﻣﻨﺒﻊ ﻣﺎﻟﻲ‬ ‫ﺍﻭﻟﻴﻪ ﺍﻱ ﺍﺳﺖ ﺗﺎ ﺯﻣﺎﻧﻲ ﻛﻪ ﺷﺮﻛﺖ ﺷﺮﻭﻉ ﺑﻪ ﺍﺭﺍﺋﻪ ﺗﻮﻟﻴﺪ ﻳﺎ ﺧﺪﻣﺎﺕ ﺍﻭﻟﻴﻪ ﺧﻮﺩ ﻧﻤﺎﻳﺪ‪ .‬ﺑﻪ ﻋﻼﻭﻩ ﺑﺮﺧﻲ ﺍﺯ )‬ ‫‪(start - up‬ﻫﺎ ﻭ ﺷﺮﻛﺖ ﻫﺎﻱ ﻧﻮﭘﺎ ﻗﺎﺩﺭ ﺑﻪ ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺷﺮﻛﺖ ﻧﻴﺴﺘﻨﺪ‪.‬‬ ‫ﻳﻚ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻓﺮﺷﺘﻪ ﺑﻌﻨﻮﺍﻥ ﺑﻠﻲ ﻛﻪ ﺷﺮﻛﺘﻬﺎ ﺭﺍ ﺑﻌﺪ ﺍﺯ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺑﻮﺳﻴﻠﻪ ﺧﻮﺩﺷﺎﻥ ) ‪self -‬‬ ‫‪ (funding‬ﻭ ﻗﺒﻞ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺍﺯ ﺷﺮﻛﺖ ﻧﻮﭘﺎ ﺣﻤﺎﻳﺖ ﻣﻲ ﻛﻨﺪ‪.‬‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺷﺮﻛﺘﻬﺎ ﻣﻲ ﺗﻮﺍﻧﺪ ﺑﻌﺪ ﻳﺎ ﻗﺒﻞ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﻗﺮﺍﺭ ﮔﻴﺮﺩ‪.‬‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺷﺮﻛﺖ ﻫﻨﮕﺎﻣﻲ ﺭﻭﻱ ﻣﻲ ﺩﻫﺪ ﻛﻪ ﺑﺮﻧﺎﻣﻪ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﺑﻠﻨﺪ ﻣﺪﺗﻲ ﺍﺯ ﻣﻨﺎﻓﻊ ﺷﺮﻛﺖ ﺩﺭ ﺣﺪ‬ ‫ﺗﻜﻨﻮﻟﻮﮊﻱ ﻳﺎ ﺍﺭﺍﺋﻪ ﺧﺪﻣﺎﺕ ﺷﺮﻛﺖ ﻛﺎﺭ ﺁﻓﺮﻳﻨﻲ ﻭﺟﻮﺩ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪.‬‬ ‫ﺑﺮﺍﻱ ﻫﺮ ﺷﺮﻛﺖ ‪ ،‬ﺩﺭﺟﻪ ﺑﻨﺪﻱ ﻳﺎ ﻣﺮﺍﺗﺒﻲ ﺍﺯ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻭﺟﻮﺩ ﺩﺍﺭﺩ ﻛﻪ ﺩﺳﺘﻪ ﺑﻨﺪﻱ ﺑﻄﻮﺭ ﻣﺸﺨﺺ‬ ‫ﺭﻭﺷﻬﺎﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺭﺍ ﻣﺸﻜﻞ ﻣﻲ ﺳﺎﺯﺩ‪ .‬ﺑﻪ ﻫﺮ ﺣﺎﻝ ‪ ،‬ﻃﺮﺡ ﻛﻠﻲ ﻛﻪ ﻣﻤﻜﻦ ﺍﺳﺖ ﺩﺭﺳﺖ ﺑﺎﺷﺪ ﻋﺒﺎﺭﺕ ﺍﺯ‬ ‫‪:‬‬ ‫ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬

‫ﺧﻮﻳﺶ‬

‫ﺷﺮﻛﺖ‬

‫‪corporate‬‬

‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬

‫‪IPO‬‬

‫‪ -٢‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬ ‫ﺩﺭ ﺳﺎﻝ ‪ ،١٩٩٩‬ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺷﺮﻭﻉ ﺑﻪ ﻛﻮﺗﺎﻩ ﻛﺮﺩﻥ ﭼﺮﺧﻪ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﺘﻬﻲ ﺧﻮﺩ‬ ‫ﺑﻮﺳﻴﻠﻪ ﺩﺭ ﺩﺳﺘﺮﺱ ﻗﺮﺍﺭ ﺩﺍﺩﻥ ﺳﺮﻣﺎﻳﻪ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺷﺮﻛﺖ ﻧﻤﻮﺩﻧﺪ‪ .‬ﺑﻌﻀﻲ ﺍﺯ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ‬ ‫ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻣﻴﺰﺍﻥ ﺩﻗﺖ ﺧﻮﺩ ﺭﺍ ﺩﺭ ﻃﺮﺡ ﺷﺮﻛﺘﻬﺎ ﻛﺎﻫﺶ ﺩﺍﺩﻩ ﺍﻧﺪ‪.‬‬ ‫ﺍﻫﻤﻴﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﻪ ﺍﻳﻦ ﻋﻠﺖ ﺍﺳﺖ ﻛﻪ ﺁﻧﻬﺎ ﺗﺄﻣﻴﻦ ﻛﻨﻨﺪﻩ ﺍﺭﺯﺷﻤﻨﺪﻱ ﺑﺮﺍﻱ ﺷﺮﻛﺖ ﻫﺎﻱ ﻧﻮﭘﺎ‬ ‫ﻣﻲ ﺑﺎﺷﻨﺪ ﻭ ﺩﺭﻙ ﻋﻤﻮﻣﻲ ﺑﺮ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻳﺠﺎﺩ ﻛﻨﻨﺪﻩ ﻳﻚ ﺗﻐﻴﻴﺮ ﺷﺎﺧﺺ‬ ‫)ﻋﻤﺪﻩ(ﺩﺭ ﺩﻧﻴﺎﻱ ﻧﻮﺍﻭﺭﻱ ﻫﺴﺘﻨﺪ ﻛﻪ ﺁﻥ ﻧﻮﺁﻭﺭﻱ ﻧﻴﺎﺯ ﺑﻪ ﺳﺮﻣﺎﻳﻪ ﺩﺍﺭﺩ‪ ،‬ﺍﻳﻦ ﭼﻨﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺍﻱ ﺍﺯ ﻃﺮﻳﻖ ﺑﺎﻧﻜﻬﺎ‬ ‫ﻳﺎ ﺍﺯ ﻃﺮﻳﻖ ﺧﻮﺩ ﺍﻓﺮﺍﺩ ﺑﺪﺳﺖ ﻧﻤﻲ ﺁﻳﺪ ‪ ،‬ﻟﺬﺍ ﻣﻲ ﺑﺎﻳﺴﺖ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﺳﺘﻔﺎﺩﻩ ﻧﻤﺎﻳﻨﺪ‪.‬‬ ‫ﺩﺭ ﺣﻘﻴﻘﺖ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﻭ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ‬

‫ﺧﺼﻮﺻﻲ)‪equity firms‬‬

‫‪ (Private‬ﻣﺠﻤﻮﻋﻪ ﺍﻱ ﺍﺯ‬

‫ﺳﺮﻣﺎﻳﻪ ﻫﺴﺘﻨﺪ ‪ ،‬ﻫﺮ ﺩﻭ ﺁﻧﻬﺎ ﺩﺭ ﻓﺮﺻﺖ ﻫﺎﻳﻲ ﻛﻪ ﺩﺍﺭﺍﻱ ﻧﺮﺥ ﺑﺎﻻﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺑﺮﺍﻱ ﭼﻨﺪﻳﻦ ﺳﺎﻝ ﺍﺳﺖ‬ ‫‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻛﻨﻨﺪ‪ (mosser designinc,1998) .‬ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺷﺮﻛﺖ‬ ‫ﻫﺎﻳﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﺩﺍﺭﺍﻱ ﻣﺎﻟﻜﻴﺖ ﺧﺼﻮﺻﻲ ﻫﺴﺘﻨﺪ ﻭ ﻣﻌﻤﻮ ﹰﻻ ﺳﺮﻣﺎﻳﻪ ﺧﻮﺩ ﺭﺍ ﺍﺯ ﺻﻨﺪﻭﻕ ﻫﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ‪،‬‬ ‫ﺻﻨﺪﻭﻕ ﻫﺎﻱ ﻭﻗﻔﻲ )‪ ، (endowment funds‬ﺑﻨﻴﺎﺩﻫﺎ )‪ ، (foundotion‬ﺷﺮﻛﺖ ﻫﺎﻱ ﻣﺨﺘﻠﻒ )‪،(corporation‬‬ ‫ﺛﺮﻭﺗﻤﻨﺪﺍﻥ )‪ ،(woathly indivials‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﺎﺭﺟﻲ ﻭ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬ ‫ﻣﻲ ﺷﻮﻧﺪ‪.‬‬ ‫ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻋﻤﻮﻣﹰﺎ‬ ‫‪-‬‬

‫ﺷﺮﻛﺘﻬﺎﻱ ﺟﺪﻳﺪ ﻭ ﺩﺭ ﺣﺎﻝ ﺭﺷﺪ ﺭﺍ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬

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‫ﺳﻬﻢ ﺷﺮﻛﺖ ﻫﺎﻱ ﺑﻴﻤﻪ ﺭﺍ ﺧﺮﻳﺪﺍﺭﻱ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬

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‫ﺑﻪ ﺗﻮﺳﻌﻪ ﻣﺤﺼﻮﻻﺕ ﻭ ﺧﺪﻣﺎﺕ ﺟﺪﻳﺪ ﻛﻤﻚ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬

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‫ﺑﻪ ﺷﺮﻛﺖ ﻫﺎ ﻧﻮﭘﺎ ﺑﺎ ﻣﺸﺎﺭﻛﺖ ﻓﻌﺎﻝ ﻛﻤﻚ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬

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‫ﺭﻳﺴﻚ ﺑﻴﺸﺘﺮﻱ ﺭﺍ ﺑﺎ ﭘﺬﻳﺮﺵ ﺑﺎﺯﻳﺎﻓﺖ )ﺑﺎﺯ ﭘﺮﺩﺍﺧﺖ( ﺑﻴﺸﺘﺮ ﻣﻲ ﭘﺬﻳﺮﻧﺪ‪.‬‬

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‫ﺟﻬﺖ ﮔﻴﺮﻳﻬﺎﻱ ﺑﻠﻨﺪ ﻣﺪﺕ ﺩﺍﺭﻧﺪ‪ ،‬ﻳﻌﻨﻲ ﺩﺍﺭﺍﻱ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺑﻠﻨﺪ ﻣﺪﺕ ﻣﻲ ﺑﺎﺷﻨﺪ‪.‬‬

‫‪ -٣‬ﻋﻤﻠﻜﺮﺩ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻣﻤﻜﻦ ﺍﺳﺖ ﻋﻤﻮﻣﻲ ﻳﺎ ﺗﺨﺼﺼﻲ ﺑﺎﺷﻨﺪ ‪ ،‬ﻛﻪ ﺍﻳﻦ ﺑﺴﺘﻪ ﺑﻪ ﻧﻮﻉ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺳﺮﻣﺎﻳﻪ‬ ‫ﮔﺬﺍﺭﻱ ﺁﻧﻬﺎ ﺩﺍﺭﺩ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﻣﻲ ﺗﻮﺍﻧﻨﺪ ﺑﺼﻮﺭﺕ ﻋﻤﻮﻣﻲ ﻓﻌﺎﻟﻴﺖ ﻧﻤﺎﻳﻨﺪ ﻛﻪ ﺍﻳﻦ ﺑﻮﺳﻴﻠﻪ‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺩﺭ ﺑﺨﺸﻬﺎﻱ ﻣﺨﺘﻠﻒ ﺻﻨﻌﺖ ﻳﺎ ﻣﻜﺎﻧﻬﺎﻱ ﻣﺨﺘﻠﻒ ﺟﻐﺮﺍﻓﻴﺎﻳﻲ ‪ ،‬ﻳﺎ ﻣﺮﺍﺣﻞ ﻣﺨﺘﻠﻒ ﺯﻧﺪﮔﻲ‬ ‫ﺷﺮﻛﺖ ﺑﻮﺟﻮﺩ ﻣﻲ ﺁﻳﺪ‪ .‬ﻫﻤﭽﻨﻴﻦ ﻣﻲ ﺗﻮﺍﻧﻨﺪ ﺗﺨﺼﺼﻲ ﺑﺎﺷﻨﺪ ‪ ،‬ﻛﻪ ﺩﺭ ﻳﻚ ﻳﺎ ﺩﻭ ﺑﺨﺶ ﺻﻨﻌﺖ ﻳﺎ ﺩﺭ ﻳﻚ‬ ‫ﻧﺎﺣﻴﻪ ﺟﻐﺮﺍﻓﻴﺎﻳﻲ ﺧﺎﺹ ﻓﻌﺎﻟﻴﺖ ﻧﻤﺎﻳﻨﺪ ‪ ،‬ﺍﻳﻦ ﭼﻨﻴﻦ ﻧﻴﺴﺖ ﻛﻪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﻃﺮﻓﹰﺎ ﺩﺭ ‪START‬‬ ‫‪ – UP‬ﻫﺎ ﻭ ﺷﺮﻛﺖ ﻫﺎﻱ ﻧﻮﭘﺎ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺩﺭ ﺣﺎﻟﻲ ﻛﻪ ﺷﺮﻛﺘﻬﺎﻱ ﻣﺨﺎﻃﺮﻩ ﺟﻮ ﺩﺭ ﺷﺮﻛﺘﻬﺎﻳﻲ‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻛﻨﻨﺪ ﻛﻪ ﺣﺎﻟﺘﻬﺎﻱ ﺍﻭﻟﻴﻪ ‪ START – UP‬ﻫﺎ ﺭﺍ ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ‬ ‫ﻫﻤﭽﻨﻴﻦ ﺩﺭ ﺷﺮﻛﺘﻬﺎﻳﻲ ﺩﺭ ﻣﺮﺍﺣﻞ ﻣﺨﺘﻠﻒ ﭼﺮﺧﻪ ﺯﻧﺪﮔﻲ ﺷﺮﻛﺘﻲ ﺁﻧﻬﺎ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻛﻨﻨﺪ ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ‬ ‫ﺧﻄﺮ ﭘﺬﻳﺮ ﻣﻤﻜﻦ ﺍﺳﺖ ﺩﺭ ﺷﺮﻛﺖ ﻗﺒﻞ ﺍﺯ ﺍﻳﻨﻜﻪ ﻣﺤﺼﻮﻝ ﻭﺍﻗﻌﻲ ﻳﺎ ﺳﺎﺯﻣﺎﻥ ﺷﺮﻛﺖ ﺑﻮﺟﻮﺩ ﺁﻣﺪﻩ ﺑﺎﺷﺪ‪ .‬ﻛﻪ ﺑﻪ‬ ‫ﺁﻥ ‪seed investing‬‬

‫ﻣﻲ ﮔﻮﻳﻨﺪ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻧﻤﺎﻳﺪ‪ .‬ﻳﺎ ﻣﻤﻜﻦ ﺍﺳﺖ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺑﺮﺍﻱ ﺷﺮﻛﺘﻬﺎﻱ‬

‫ﻧﻮﭘﺎﻳﻲ ﻛﻪ ﺩﺭ ﻣﺮﺣﻠﻪ ﺍﻭﻝ ﻳﺎ ﺩﻭﻡ ﺗﻮﺳﻌﻪ ﻛﻪ ﺑﻪ ﺁﻧﻬﺎ‪early stage investing‬‬

‫ﮔﻔﺘﻪ ﻣﻲ ﺷﻮﺩ ‪ ،‬ﺳﺮﻣﺎﻳﻪ‬

‫ﮔﺬﺍﺭﻱ ﻧﻤﺎﻳﻨﺪ‪ .‬ﻫﻤﭽﻨﻴﻦ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﻣﻤﻜﻦ ﺍﺳﺖ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺑﺮﺍﻱ ﻛﻤﻚ ﺑﻪ ﺷﺮﻛﺘﻬﺎﻳﻲ ﻛﻪ ﺩﺭ‬ ‫ﺣﺎﻝ ﺭﺷﺪ ﺗﺤﺖ ﻧﻮﺳﺎﻧﺎﺕ )ﻳﺎ ﺗﻼﻃﻢ ﻫﺎﻱ( ﺯﻳﺎﺩ ﺟﻬﺖ ﻣﻮﻓﻖ ﺷﺪﻥ ﻛﻪ ﺑﻪ ﺁﻧﻬﺎ‬ ‫‪ expansion stage financing‬ﮔﻔﺘﻪ ﻣﻲ ﺷﻮﺩ ﻓﺮﺍﻫﻢ ﻧﻤﺎﻳﻨﺪ ‪.‬‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﻣﻤﻜﻦ ﺍﺳﺖ ﺩﺭ ﻃﻮﻝ ﭼﺮﺧﻪ ﺯﻧﺪﮔﻲ ﺷﺮﻛﺖ ﺩﺭ ﻣﺮﺍﺣﻞ ﭘﺎﻳﺎﻧﻲ ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪ‬ ‫ﮔﺬﺍﺭﻱ ﻧﻤﺎﻳﻨﺪ ﻛﻪ ﺑﻪ ﺁﻥ “ ‪ ” Later stage investing‬ﻣﻲ ﮔﻮﻳﻨﺪ ﺁﻧﻬﺎ ﺑﻮﺳﻴﻠﻪ ﻓﺮﺍﻫﻢ ﻧﻤﻮﺩﻥ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬ ‫ﺑﺮﺍﻱ ﺭﺷﺪ ﺷﺮﻛﺘﻬﺎ ﺩﺭ ﺷﺮﺍﻳﻂ ﺑﺤﺮﺍﻧﻲ ﻛﻪ ﺁﻧﻬﺎ ﺑﺘﻮﺍﻧﻨﺪ ﻣﻨﺎﺑﻊ ﻋﻤﻮﻣﻲ ﻣﺎﻟﻲ ﺭﺍ ﺍﺯ ﻃﺮﻳﻖ ﻋﺮﺿﻪ ﺳﻬﺎﻡ ﺟﺬﺏ‬ ‫ﻧﻤﺎﻳﻨﺪ‪ .‬ﺑﻪ ﺁﻧﻬﺎ ﻛﻤﻚ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬ ‫ﺩﺭ ﺳﺎﻳﺮ ﻣﻮﺍﺭﺩ ‪ ،‬ﺑﻌﻀﻲ ﺍﺯ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺩﺭ ﺟﺬﺏ ﻭ ﮔﺮﺩﺵ ﻳﺎ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺠﺪﺩ ﺷﺮﻛﺘﻬﺎﻱ‬ ‫ﻋﻤﻮﻣﻲ ﻭ ﺧﺼﻮﺻﻲ ﻛﻪ ﻓﺮﺻﺘﻬﺎﻱ ﻣﺴﺎﻋﺪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺧﻮﺩ ﺭﺍ ﻋﺮﺿﻪ ﻣﻲ ﻛﻨﻨﺪ ‪ ،‬ﻣﺘﺨﺼﺺ ﻫﺴﺘﻨﺪ‪.‬‬ ‫ﺻﻨﺪﻭﻕ ﻫﺎﻱ ﻣﺨﺎﻃﺮﻩ ﺟﻮﻳﻲ ﻭﺟﻮﺩ ﺩﺍﺭﻧﺪ ﻛﻪ ﺑﻄﻮﺭ ﻭﺳﻴﻊ ﮔﺴﺘﺮﺩﻩ ﻫﺴﺘﻨﺪ ﻭ ﺩﺭ ﺷﺮﻛﺘﻬﺎﻳﻲ ﺩﺭ ﺑﺨﺸﻬﺎﻱ‬ ‫ﮔﻮﻧﺎﮔﻮﻥ ﺑﻪ ﮔﺴﺘﺮﺩﮔﻲ ‪ ،‬ﻧﻴﻤﻪ ﺭﺳﺎﻧﺎﻫﺎ ‪ ،‬ﻧﺮﻡ ﺍﻓﺰﺍﺭ ﻭ ﻓﻨﺎﻭﺭﻱ ﺍﻃﻼﻋﺎﺕ ﻭ ﺳﺎﻳﺮ ﻛﻪ ﻣﻤﻜﻦ ﺍﺳﺖ ﺩﺭ ﻳﻚ‬ ‫ﺗﻜﻨﻮﻟﻮﮊﻱ ﺩﺍﺭﺍﻱ ﺗﺨﺼﺺ ﻫﺴﺘﻨﺪ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻧﻤﺎﻳﻨﺪ‪(Mosserdesing inc -1998 ) .‬‬ ‫‪ -٤‬ﻣﻨﺎﻓﻊ ﻭ ﻣﺰﺍﻳﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺧﻄﺮ ﭘﺬﻳﺮ‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺭﻳﺴﻚ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺧﻄﺮ ﭘﺬﻳﺮ ﺭﺍ ﺑﻮﺳﻴﻠﻪ ﺍﻳﺠﺎﺩ ﻳﻚ ﭘﺮﺗﻔﻮﻟﻴﻮﻱ ﺍﺯ ﺷﺮﻛﺖ ﻫﺎﻱ‬ ‫ﺟﻮﺍﻥ ﺩﺭ ﻳﻚ ﺻﻨﺪﻭﻕ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻛﺎﻫﺶ ﻣﻲ ﺩﻫﻨﺪ‪ .‬ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺣﺎﻻﺕ ﺁﻧﻬﺎ ﺑﺎ ﺳﺎﻳﺮ ﺷﺮﻛﺖ ﻫﺎﻱ‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺣﺮﻓﻪ ﺍﻱ ﺑﺎ ﻣﺸﺎﺭﻛﺖ ﻫﻢ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ‪،‬‬ ‫ﺭﺷﺪ ﺷﺮﻛﺘﻬﺎ ﺭﺍ ﺍﺯ ﻃﺮﻳﻖ ﻣﺸﺎﺭﻛﺖ ﺩﺭ ﻣﺪﻳﺮﻳﺖ ‪ ،‬ﺑﺎﺯﺍﺭﻳﺎﺑﻲ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﻭ ﺑﺮﻧﺎﻣﻪ ﺭﻳﺰﻱ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ‬ ‫ﮔﺬﺍﺭﻱ ﺷﺪﻩ ﺩﺭ ﺁﻧﻬﺎ ﺗﺸﺪﻳﺪ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺑﺮﺍﻱ ﺩﻫﻪ ﻫﺎﻳﻲ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﺎﻋﺚ ﺭﺷﺪ ﻭ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻫﺎﻱ ﺑﺮﺗﺮ ﻭ ﻣﺠﺎﻣﻊ ﻛﺎﺭ ﺁﻓﺮﻳﻨﻲ ﺑﻮﺩﻩ ﺍﻧﺪ‬ ‫‪ ،‬ﻛﻪ ﻧﺘﻴﺠﻪ ﺁﻥ ﺍﻳﺠﺎﺩ ﻓﺮﺻﺖ ﻫﺎﻳﻲ ﺷﻐﻠﻲ ﻣﻔﻴﺪ ‪ ،‬ﺭﺷﺪ ﺍﻗﺘﺼﺎﺩﻱ ﻭ ﺭﻗﺎﺑﺖ ﺑﻴﻦ ﺍﻟﻤﻠﻠﻲ ) ﺷﺮﻛﺖ ﻫﺎﻱ ﺁﻣﺮﻳﻜﺎﻳﻲ‬ ‫( ﺑﻮﺩﻩ ﺍﺳﺖ ‪.‬‬ ‫ﺑﻄﻮﺭ ﻣﺜﺎﻝ ﺷﺮﻛﺖ ﻫﺎﻳﻲ ﺍﺯ ﻗﺒﻴﻞ ‪microsoft , intel , sunmiclosystem , compag , fedral‬‬ ‫‪ digital equipment express , aplle ,‬ﻭ ﻫﺰﺍﺭﺍﻥ ﺷﺮﻛﺖ ﻣﺸﻬﻮﺭﻱ ﻛﻪ ﺍﺯ “ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬ ‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺪﻩ ﺍﻧﺪ‪.‬‬ ‫)‪(mosserdesign inc , 1998‬‬ ‫‪ -٥‬ﻣﻜﺎﻧﻴﺰﻡ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ‬ ‫ﺑﻄﻮﺭ ﻛﻠﻲ ﺳﺎﺧﺘﺎﺭ ﻳﻚ ﺻﻨﺪﻭﻕ ‪ vc‬ﻳﻚ ﺷﺮﻛﺖ ﺑﺎ ﻣﺴﺌﻮﻟﻴﺖ ﻣﺤﺪﻭﺩ ﻣﻲ ﺑﺎﺷﻨﺪ‪ .‬ﻛﻪ ﺍﻓﺮﺍﺩﻱ ﻛﻪ ﭘﻮﻝ ﺭﺍ ﺩﺭ‬ ‫ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻛﻨﻨﺪ ﺑﻪ ﻋﻨﻮﺍﻥ ﺷﺮﻛﺎﻱ ﻣﺤﺪﻭﺩ )‪ ،(LPS) (Limited partner‬ﺩﺭ ﺣﺎﻟﻲ ﻛﻪ‬ ‫ﺍﻓﺮﺍﺩﻱ ﻛﻪ ﭘﻮﻝ ﺻﻨﺪﻭﻕ ﺭﺍ ﺩﺭ ﮔﺴﺘﺮﺵ ﺷﺮﻛﺘﻬﺎ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻧﻤﺎﻳﺪ ‪ ،‬ﺑﻪ ﻋﻨﻮﺍﻥ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ‬ ‫ﻭ ﺑﻪ ﻋﻨﻮﺍﻥ ﺷﺮﻛﺎﻱ ﻋﻤﻮﻣﻲ )‪ (General partner‬ﺷﻨﺎﺧﺘﻪ ﻣﻲ ﺷﻮﻧﺪ ‪.‬‬ ‫ﻣﻌﻤﻮ ﹰﻻ ‪ LPs‬ﺩﺭ ﺣﺪﻭﺩ ‪ ٩٩‬ﺩﺭ ﺻﺪ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﺗﻌﻬﺪ ﺷﺪﻩ ‪ ،‬ﻣﺸﺎﺭﻛﺖ ﻣﻲ ﻧﻤﺎﻳﻨﺪ ‪ ،‬ﺩﺭ ﺣﺎﻟﻲ ﻛﻪ ﺗﻘﺮﻳﺒﹰﺎ ‪GPs‬‬ ‫ﺩﺭ ﻳﻚ ﺩﺭﺻﺪ ﻣﺸﺎﺭﻛﺖ ﻣﻲ ﻧﻤﺎﻳﻨﺪ ‪.‬‬ ‫ﻳﻚ ﺻﻨﺪﻭﻕ ﻣﺨﺎﻃﺮﻩ ﺟﻮ ﭼﻬﺎﺭ ﻣﺮﺍﺣﻞ ﺗﻮﺳﻌﻪ ﺯﻳﺮ ﺭﺍ ﻃﻲ ﻧﻤﻮﺩﻩ ﺍﺳﺖ ‪:‬‬ ‫ﻣﺮﺣﻠﻪ ﺍﻭﻝ ﺍﻓﺰﺍﻳﺶ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ )‪ (Fundraising‬ﺍﺳﺖ ‪ ،‬ﻣﺮﺣﻠﻪ ﺩﻭﻡ ﺷﺎﻣﻞ ﺗﺄﻣﻴﻦ ﻣﻨﺎﺑﻊ )ﺟﺴﺘﺠﻮﻱ ﻳﻚ ﺷﺮﻛﺖ‬ ‫ﻣﻨﺎﺳﺐ( ﺍﻳﺠﺎﺩ ﺗﻌﻬﺪ ﻭ )ﺟﺴﺘﺠﻮ ﻣﺠﺪﺩ ﺷﺮﻛﺖ ﻭ ﺑﺎﺯﺍﺭ( ﻭ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﺑﺎﺷﺪ‪ .‬ﻣﺮﺣﻠﻪ ﺳﻮﻡ ‪ ،‬ﻛﻤﻚ ﺑﻪ‬ ‫ﺭﺷﺪ ﭘﻮﺭﺗﻔﻮ ﻟﻴﻮﻱ ﺷﺮﻛﺖ ﻭ ﺩﺭ ﻣﺮﺣﻠﻪ ﭼﻬﺎﺭﻡ ﻭ ﻧﻬﺎﻳﻲ ﺻﻨﺪﻭﻕ ﻣﺨﺎﻃﺮﻩ ﺟﻮ ﺍﺯ ﻃﺮﻳﻖ ﻋﺮﺿﻪ ﺳﻬﺎﻡ ﺑﻪ ﻋﻤﻮﻡ‬ ‫)‪ ، (IPO‬ﻓﺮﻭﺵ ﺷﺮﻛﺖ ﻳﺎ ﺍﺯ ﻃﺮﻕ ﺩﻳﮕﺮ ﺑﻪ ﭘﺎﻳﺎﻥ ﻣﻲ ﺭﺳﺪ‪..‬‬ ‫ﺍﻏﻠﺐ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻟﺰﺍﻣﹰﺎ ﻣﺪﻳﺮﺍﻧﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﺍﻧﺘﻈﺎﺭ ﺑﺎﺯﮔﺸﺖ ﺳﻮﺩ ﺯﻳﺎﺩ ﺍﺯ ﻣﺸﺘﺮﻳﺎﻥ ﺧﺼﻮﺻﻲ ﻭ‬ ‫ﺍﻓﺮﺍﺩ ﺩﺭ ﺍﺯﺍﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻴﺸﺎﻥ ﺭﺍ ﻧﺪﺍﺭﺩ‪.‬‬ ‫ﺗﻘﺮﻳﺒﹰﺎ ‪ ١٠٠٠‬ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ )‪ (Venture capital frim‬ﺩﺭ ﺍﻳﺎﻟﺖ ﻣﺘﺤﺪﻩ ﻭﺟﻮﺩ ﺩﺍﺭﺩ ﻛﻪ ﻫﺮ ﻛﺪﺍﻡ‬ ‫ﺩﺭ ﺟﺴﺘﺠﻮﻱ ﻳﻚ ﻣﺘﻮﺳﻄﻲ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺍﻧﺘﺨﺎﺏ ﻣﻲ ﺑﺎﺷﻨﺪ‪ .‬ﻛﻪ ﺍﻳﻦ ﺍﻣﺮ ﺑﺪﺍﻥ ﻣﻌﻨﻲ ﺍﺳﺖ ﻛﻪ ﺗﻨﻬﺎ ﻳﻚ‬ ‫ﻋﺪﻩ ﺍﺯ ﺷﺮﻛﺘﻬﺎ ﻣﻲ ﺗﻮﺍﻧﻨﺪ ﺑﻮﺳﻴﻠﻪ ﻫﺮ ﺷﺨﺼﻲ ﺩﺭ ﻫﺮ ﺯﻣﺎﻧﻲ ﻣﻮﺭﺩ ﻧﻈﺎﺭﺕ ﻗﺮﺍﺭ ﮔﻴﺮﺩ ﺑﺮ ﻃﺒﻖ ﻧﻈﺮ‬

‫& ‪cooper‬‬

‫‪ ، lybromb‬ﻣﺘﻮﺳﻂ ﺍﻧﺪﺍﺯﻩ ﻫﺮ ﻣﺆﺳﺴﻪ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺩﺭ ﺳﺎﻝ ‪ ٤/٧ ، ١٩٩٦‬ﻣﻴﻠﻴﻮﻥ ﺩﻻﺭ ﭘﻮﻝ‬ ‫ﺍﺳﺖ‪.‬‬ ‫‪ -٦‬ﻣﺎﻫﻴﺖ ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ‬ ‫ﺑﻄﻮﺭ ﻛﻠﻲ ‪ ،‬ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻏﻠﺐ ﺩﺭ ﺗﻜﻨﻮﻟﻮﮊﻳﻬﺎﻱ ﺟﺪﻳﺪ ﻭ ﺩﺭ ﻳﻚ ﺑﺎﺯﺍﺭ ﺑﺰﺭﮒ ﺍﺷﺒﺎﻉ ﻧﺸﺪﻩ ﻭ‬ ‫ﻏﻴﺮ ﺭﻭﺷﻦ ﻓﻌﺎﻟﻴﺖ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺁﻧﻬﺎ ﻛﻪ ﻳﻚ ﺷﺮﻛﺖ ﺑﺎ ﻳﻚ ﺗﻴﻢ ﻣﺪﻳﺮﻳﺖ ﻣﺘﻤﺮﻛﺰ ﻭ ﻗﻮﻱ ﻛﻪ ﻣﺤﺼﻮﻝ ﻣﻨﺤﺼﺮ‬ ‫ﺑﻔﺮﺩ ﺍﺭﺍﺋﻪ ﻣﻲ ﻛﻨﺪ ﻭ ﻣﻲ ﺗﻮﺍﻧﺪ ﺑﻄﻮﺭ ﻣﻮﺛﺮﻱ ﺩﺭ ﺑﺎﺯﺍﺭ ﺣﺮﻛﺖ ﻧﻤﺎﻳﺪ ﺭﺍ ﺗﺮﺟﻴﺢ ﻣﻲ ﺩﻫﻨﺪ‪.‬‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺷﺮﻛﺘﻬﺎﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺍﻏﻠﺐ ﺩﺭ ﺟﺴﺘﺠﻮ ﻳﻚ ﻃﺮﺡ ﺷﻐﻠﻲ ﺭﻭﺷﻨﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﺑﻮﺳﻴﻠﻪ ﻛﺎﺭ ﺁﻓﺮﻳﻨﺎﻥ ﺗﻬﻴﻪ ﺷﺪﻩ‬ ‫ﺍﺳﺖ‪ .‬ﻛﻪ ﺩﺭ ﺁﻥ ﻃﺮﺡ ﺷﻐﻠﻲ ﮔﺰﺍﺭﺷﻲ ﺍﺯ ﺁﻧﭽﻪ ﻣﻲ ﺧﻮﺍﻫﻨﺪ ﺍﻧﺠﺎﻡ ﺑﺪﻫﻨﺪ ﻭ ﻫﻤﭽﻨﻴﻦ ﻣﺎﻫﻴﺖ ﻭ ﻣﺸﻜﻼﺕ ﻛﺴﺐ‬ ‫ﻭ ﻛﺎﺭﺷﺎﻥ ﻭﺟﻮﺩ ﺩﺍﺷﺘﻪ ﺑﺎﺷﺪ‪.‬‬ ‫ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺗﻬﺎﺟﻤﻲ )ﻭ ﻓﻌﺎﻝ (ﻫﺴﺘﻨﺪ ‪ ،‬ﺁﻧﻬﺎ ﻳﻚ ﻧﻘﺶ ﻓﻌﺎﻝ ﺩﺭ ﻣﺮﺣﻠﻪ‬ ‫ﺑﺮﻧﺎﻣﻪ ﺭﻳﺰﻱ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﺑﺎﺯﻱ ﻣﻲ ﻛﻨﻨﺪ ﻭ ﺑﻄﻮﺭ ﭘﻴﻮﺳﺘﻪ ﺩﺭ ﺟﺴﺘﺠﻮﻱ ﺳﺮﻣﺎﻳﻪ ﻣﻲ ﺑﺎﺷﻨﺪ‪ .‬ﺑﻌﺒﺎﺭﺗﻲ ‪ ،‬ﺍﮔﺮ‬ ‫ﺷﺮﻛﺖ ﺍﻧﺘﻈﺎﺭﺍﺕ ﺁﻧﻬﺎ ﺭﺍ ﺑﺮﺁﻭﺭﺩﻩ ﻧﻤﺎﻳﺪ‪ ،‬ﺍﺣﺘﻤﺎﻟﻲ ﺑﺮﺍﻱ ﻳﻚ ﺷﺮﻛﺖ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ‬ ‫ﻼ ﺍﺯ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬ ‫ﻧﺪﺍﺭﺩ‪ .‬ﺩﺭ ﺑﺮﺭﺳﻲ ﻫﺎﻱ ﺍﺧﻴﺮ ‪ ،‬ﻛﻪ ﺗﻮﺳﻂ ﻣﺠﻠﻪ ‪ ٤٠٠ ،Upside‬ﺷﺮﻛﺖ ﻛﻪ ﻗﺒ ﹰ‬ ‫ﺷﺪﻩ ﺍﻧﺪ ‪ ،‬ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻪ ﺍﻧﺪ ‪.‬‬ ‫ﺑﻌﺪ ﺍﺯ ‪ ٥‬ﺳﺎﻝ ‪ ،‬ﺗﻨﻬﺎ ﻳﻚ ﺣﺪﺍﻗﻠﻲ ﺍﺯ ﻣﺪﻳﺮﺍﻥ ﺍﺟﺮﺍﻳﻲ )‪(CEO‬ﺁﻧﻬﺎ ﺩﺭ ﺷﺮﻛﺖ ﺷﺎﻥ ﺑﺎﻗﻲ ﻣﺎﻧﺪﻩ ﺍﻧﺪ ‪ .‬ﺑﻌﻀﻲ ﺍﺯ‬ ‫‪CEO‬‬

‫ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺪﻩ ﺑﺎ ﺷﺮﻛﺘﺸﺎﻥ ﺑﺎﻗﻲ ﻣﺎﻧﺪﻩ ﺍﻧﺪ ﺍﻣﺎ ﺩﺭ ﻇﺮﻓﻴﺘﻲ ﺩﻳﮕﺮ ﻭ ﺩﺭ ﺣﺪﻱ ﺑﻪ ﻏﻴﺮ ﺍﺯ ﺣﺪ ﻓﻌﻠﻲ‬

‫ﺷﺮﻛﺖ‪.‬‬ ‫‪ ٥‬ﺧﺼﻮﺻﻴﺖ ﻋﻤﻮﻣﻲ ﻛﻪ ﺷﺮﻛﺘﻬﺎ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﺯ ﻛﺎﺭ ﺁﻓﺮﻳﻨﺎﻥ ﺩﺭ ﺧﻮﺍﺳﺖ ﻣﻲ ﻧﻤﺎﻳﻨﺪ ﺑﺸﺮﺡ ﺯﻳﺮ ﻣﻲ ﺑﺎﺷﺪ ‪:‬‬ ‫‪-‬‬

‫ﺭﻫﺒﺮﻱ‬

‫‪-‬‬

‫ﺑﻴﻨﺶ ﻭ ﺑﺼﻴﺮﺕ‬

‫‪-‬‬

‫ﺍﻧﺠﺎﻡ ﻭ ﻳﻜﭙﺎﺭﭼﮕﻲ‬

‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﻨﺪﺭﺕ ﺑﻪ ﭘﻴﺸﺮﻓﺖ ﻫﺎﻱ ﺗﻔﻜﻴﻚ ﻧﺸﺪﻩ ﭘﺎﺳﺦ ﻣﻲ ﺩﻫﻨﺪ‪.‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ‪،‬‬ ‫ﻼ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺪﻩ ﺍﻧﺪ ﻣﻲ ﺑﺎﺷﻨﺪ ﻛﻪ ﺑﺘﻮﺍﻧﻨﺪ‬ ‫ﻣﺘﻜﻲ ﺑﺮ ﺍﺭﺗﺒﺎﻃﺎﺕ )ﺗﻤﺎﺱ ﻫﺎﻳﻲ ( ﺻﻨﺎﻳﻊ ﻭ ﻛﺎﺭ ﺁﻓﺮﻳﻨﺎﻧﻲ ﻛﻪ ﻗﺒ ﹰ‬ ‫ﺧﻮﺩ ﺭﺍ ﺑﻪ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﻣﻌﺮﻓﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺑﺎﺯﺩﻫﻲ ﺑﻴﺸﺘﺮﻱ ﺭﺍ ﺩﺭ ﺑﺨﺶ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺑﺎ‬ ‫ﺍﺗﺨﺎﺫ ﺍﺳﺘﺮﺍﺗﮋﻳﻬﺎﻱ ﻣﺨﺘﻠﻒ ﻭ ﻣﺘﻨﻮﻉ ﺩﺍﺷﺘﻪ ﺍﻧﺪ ‪ .‬ﺑﻪ ﻫﺮ ﺣﺎﻝ ‪ ،‬ﺑﺮﺧﻲ ﺍﺯ ﻣﺪﻟﻬﺎ ﺑﻪ ﺍﻳﻦ ﻣﻨﻈﻮﺭ ﺍﻳﺠﺎﺩ ﺗﻮﺳﻌﻪ ﻳﺎﻓﺘﻪ‬ ‫ﺍﻧﺪ ﻛﻪ ﻛﻮﺷﺶ ﻧﻤﺎﻳﻨﺪ‪ ،‬ﻣﻌﻴﺎﺭﻫﺎﻱ ﺍﺭﺯﻳﺎﺑﻲ ﻣﻬﻢ ﺗﺮﻱ ﺭﺍ ﻛﻪ ﺑﻮﺳﻴﻠﻪ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺑﺮﺍﻱ‬ ‫ﺍﺭﺯﻳﺎﺑﻲ ﺷﺮﻛﺘﻬﺎ ﺑﻜﺎﺭ ﺑﺮﺩﻩ ﻣﻲ ﺷﻮﻧﺪ ﺭﺍ ﭘﻴﺪﺍ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺍﻳﻦ ﻣﻌﻴﺎﺭﻫﺎ ﺷﺎﻣﻞ ﻣﺪﻳﺮﻳﺖ ﻗﻮﻱ ‪ ،‬ﺷﺎﺧﺼﻬﺎﻱ ﻛﺎﺭ ﺁﻓﺮﻳﻨﻲ‬ ‫ﻭ ﺍﻫﻤﻴﺖ ﺑﺎﺯﺍﺭ ﻣﻲ ﮔﺮﺩﺩ‪.‬‬ ‫‪ -٧‬ﻣﺮﺍﺣﻞ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ‬ ‫ﺑﻄﻮﺭ ﻛﻠﻲ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ‪ ،‬ﻫﺮ ﻛﺪﺍﻡ ﻣﺪﻝ ﺧﻮﺩﺷﺎﻥ ﺭﺍ ﺑﺮﺍﻱ ﺩﺳﺘﻪ ﺑﻨﺪﻱ ‪ ٦‬ﻣﺮﺣﻠﻪ ﺭﺷﺪ ﻭ ﺗﺄﻣﻴﻦ‬ ‫ﻣﺎﻟﻲ ﺍﻳﺠﺎﺩ‬

‫ﻛﺮﺩﻩ ﺍﻧﺪ‪ .‬ﺑﺮ ﻃﺒﻖ ﺍﻳﻨﻜﻪ ﭼﻪ ﺯﻣﺎﻧﻲ ﺭﺍ ﺁﻧﻬﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺍﻧﺘﺨﺎﺏ ﻧﻤﻮﺩﻩ ﺍﻧﺪ ‪،‬ﺳﺮﻣﺎﻳﻪ‬

‫ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺭﻧﺪ ﻛﻪ ﺑﺮﺍﻱ ﻳﻚ ﻣﺪﺕ ﺯﻣﺎﻥ‪ ١‬ﺍﻟﻲ ‪ ١٠‬ﺳﺎﻝ ﺩﺭ ﻛﻨﺎﺭ ﺁﻥ ﺑﻤﺎﻧﺪ ﻣﺮﺍﺣﻞ ﺑﻪ ﺷﺮﺡ ﺯﻳﺮ‬ ‫ﻣﻲ ﺑﺎﺷﺪ‪:‬‬ ‫‪-‬‬

‫ﻣﺮﺣﻠﻪ ‪ : seed‬ﺑﺮﻧﺎﻣﻪ‬

‫ﻛﺎﺭ ﺁﻓﺮﻳﻨﺎﻥ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻣﺨﺎﻃﺮﻩ ﺁﻣﻴﺰ ﺭﺍ ﺑﺮﺍﻱ ﺗﻮﺳﻌﻪ ﻭ ﺭﺍﻩ ﺍﻧﺪﺍﺯﻱ ﻳﻚ ﺑﺮﻧﺎﻣﻪ ﻛﺴﺐ ﻭ ﻛﺎﺭ ﻛﻪ ﻣﺸﺨﺺ‬ ‫ﻛﻨﻨﺪﻩ ﻣﺤﺼﻮﻻﺕ ‪ ،‬ﺍﻫﺪﺍﻑ ﻭ ﺍﺳﺘﺮﺍﺗﮋﻱ ﺷﺮﻛﺖ ﺍﺳﺖ‪ ،‬ﺩﺭﻳﺎﻓﺖ ﻣﻲ ﺩﺍﺭﻧﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺩﺭ ﺷﺮﻛﺖ ﺗﻘﺮﻳﺒﹰﺎ‬ ‫ﺑﺎ ﻳﻚ ﺑﺎﺯﺩﻫﻲ ﺑﺎﻻ ﻭ ﺭﻳﺴﻚ ﺑﺎﻻﻳﻲ ﻫﻤﺮﺍﻩ ﻣﻲ ﺑﺎﺷﻨﺪ ‪.‬‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﻣﺮﺣﻠﻪ ﺍﻭﻝ – ﺗﻮﻟﻴﺪ ﺁﺯﻣﺎﻳﺸﻲ‬ ‫ﻣﺪﻳﺮﺍﻥ ﺍﺻﻠﻲ ﻭ ﺗﻜﻨﺴﻴﻦ ﻫﺎ ‪ ،‬ﺑﻤﻨﻈﻮﺭ ﺗﻮﻟﻴﺪ ﺁﺯﻣﺎﻳﺸﻲ ﻣﺤﺼﻮﻝ ‪ ،‬ﻗﻄﻌﺎﺕ ﺭﺍ ﻣﻮﻧﺘﺎﮊ ﻭ ﻣﺤﺼﻮﻻﺕ ﺟﺪﻳﺪﻱ‬ ‫ﺭﺍ ﺗﻮﻟﻴﺪ‬

‫ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﺁﻣﻴﺰ ‪ ،‬ﺣﻘﻮﻕ ﻭ ﻫﺰﻳﻨﻪ ﻫﺎﻱ ﺗﻮﺳﻌﻪ ﺭﺍ ﭘﺮﺩﺍﺧﺖ ﻣﻲ‬

‫ﻧﻤﺎﻳﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺭﻧﺪ ﺩﺭ ﺍﻳﻦ ﻣﺮﺣﻠﻪ ﭼﻬﺎﺭ ﺍﻟﻲ ﻫﻔﺖ ﺳﺎﻝ ﺑﺎ ﺷﺮﻛﺖ ﺑﻤﺎﻧﺪ‪.‬‬ ‫ﻣﺮﺣﻠﻪ ﺩﻭﻡ – ﻣﺤﺼﻮﻝ‬ ‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺗﺴﺖ ﻭ ﺁﺯﻣﺎﻳﺶ ﻭ ﺗﻮﻟﻴﺪ ﻣﺠﺪﺩ ﻣﺤﺼﻮﻝ ﺁﺯﻣﺎﻳﺸﻲ ﺭﺍ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬ ‫ﺁﻧﺎﻥ ﻫﻤﭽﻨﻴﻦ ﺗﻮﻟﻴﺪ ﺍﻭﻟﻴﻪ ﻭ ﺣﻘﻮﻕ ﺩﺳﺘﻤﺰﺩ ﭘﺮﺩﺍﺧﺖ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺭﻧﺪ‬ ‫ﺑﺎ ﺷﺮﻛﺖ ﺩﺭ ﺍﻳﻦ ﻣﺮﺣﻠﻪ ﺑﺮﺍﻱ ﺳﻪ ﺍﻟﻲ ‪ ٥‬ﺳﺎﻝ ﺑﺎﺷﺪ‪.‬‬ ‫ﻣﺮﺣﻠﻪ ﺳﻮﻡ – ﺟﺮﻳﺎﻥ ﻧﻘﺪﻱ ﻣﺜﺒﺖ‬ ‫ﺑﺎ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻛﻪ ﺍﺯ ﻃﺮﻑ ﺻﻨﺪﻭﻕ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺻﻮﺭﺕ ﮔﺮﻓﺘﻪ ‪ ،‬ﺗﻼﺷﻬﺎﻱ ﺑﺎﺯﺍﺭﻳﺎﺑﻲ ﺑﻪ ﻧﺘﺎﻳﺞ‬ ‫ﻣﺜﺒﺘﻲ ﺩﺭ ﺩﺳﺘﻴﺎﺑﻲ ﺑﻪ ﺟﺮﻳﺎﻥ ﻧﻘﺪﻱ ﻣﺜﺒﺖ ﻣﻲ ﺍﻧﺠﺎﻣﺪ ‪ .‬ﺗﻮﻟﻴﺪ ﻭ ﺗﻮﺳﻌﻪ ﻣﺤﺼﻮﻝ ﺑﺼﻮﺭﺕ ﺟﺎﻣﻊ ﺩﺭ ﺍﻳﻦ‬ ‫ﻣﺮﺣﻠﻪ ﺍﺗﻔﺎﻕ ﻣﻲ ﺍﻓﺘﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺭﻧﺪ ﺑﺎ ﺷﺮﻛﺖ ﺩﺭ ﺍﻳﻦ ﻣﺮﺣﻠﻪ ﺑﺮﺍﻱ ﺩﻭ ﺍﻟﻲ ﺳﻪ‬ ‫ﺳﺎﻝ ﺑﺎﺷﺪ‪.‬‬ ‫ﻣﺮﺣﻠﻪ )‪ : (mezzanine‬ﺳﻮﺩﺁﻭﺭﻱ‪ .‬ﻫﺪﻑ ﺩﺭ ﺍﻳﻦ ﻣﺮﺣﻠﻪ ﺭﺳﻴﺪﻥ ﺑﻪ ﺳﻮﺩ ﻭ ﺣﻔﻆ ﺁﻥ ﺍﺳﺖ ‪ .‬ﺗﻴﻢ ﻣﺪﻳﺮﻳﺖ ‪،‬‬ ‫ﺑﻪ ﺁﻧﭽﻪ ﻛﻪ ﺩﺭ ﮔﺬﺷﺘﻪ ﭘﻴﺶ ﺑﻴﻨﻲ ﻧﻤﻮﺩﻩ ‪ ،‬ﺩﺳﺖ ﻳﺎﻓﺘﻪ ﻭ ﺩﺭ ﺻﺪﺩ ﻣﻬﻴﺎ ﻧﻤﻮﺩﻥ ﺷﺮﻛﺖ ﺩﺭ ﻋﺮﺿﻪ ﺳﻬﺎﻡ ﺑﻪ‬ ‫ﻋﻤﻮﻡ ﻳﺎ ﻓﺮﻭﺵ ﺁﻥ ﺑﻪ ﺷﺮﻛﺖ ﺩﻳﮕﺮ ﻣﻲ ﺑﺎﺷﺪ ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺍﻧﺘﻈﺎﺭ ﺩﺍﺭﺩ ﺑﺎ ﺷﺮﻛﺖ ﻳﻚ ﻳﺎ ‪٢‬‬ ‫ﺳﺎﻝ ﺩﺭ ﺍﻳﻦ ﺭﺍﺑﻄﻪ ﻣﺮﺣﻠﻪ ﺑﻤﺎﻧﺪ‪.‬‬ ‫ﻣﺮﺣﻠﻪ ﺧﺮﻭﺝ ‪ :‬ﺑﺎﺯﺍﺭ ﻋﻤﻮﻣﻲ‬ ‫ﺷﺮﻛﺖ ﺑﻪ ﺣﺪ ﻛﺎﻓﻲ ﺗﺎﻛﻨﻮﻥ ﺭﺷﺪ ﻛﺮﺩﻩ ﺍﺳﺖ ﻭ ﺩﺭﺻﺪﺩ ﺍﺳﺖ ﻛﻪ ﺳﻬﺎﻡ ﺭﺍ ﺑﺼﻮﺭﺕ ﻋﻤﻮﻣﻲ ﻳﺎ ﺍﺯ ﻃﺮﻳﻖ‬ ‫ﻓﺮﻭﺵ ﺑﻪ ﺷﺮﻛﺖ ﺩﻳﮕﺮ ﺑﻔﺮﻭﺷﺪ‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﻮﺳﻴﻠﻪ ﻓﺮﻭﺵ ﺳﻬﺎﻣﺸﺎﻥ ﻛﺴﺐ ﺳﻮﺩ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪.‬‬ ‫ﺑﺮﺧﻲ ﺍﺯ ﺷﺮﻛﺖ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮ ﭘﺬﻳﺮ ﺩﺭ ﻫﺮ ﺷﺮﻭﻉ ‪ ،‬ﺩﺭ ﻣﺮﺣﻠﻪ ‪ ،seed‬ﻗﺒﻞ ﺍﺯ ﺍﻳﻨﻜﻪ ﻳﻚ ﻃﺮﺡ ﻛﺐ ﻭ‬ ‫ﻛﺎﺭ ﺍﻳﺠﺎﺩ ﺷﻮﺩ ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‪ .‬ﺳﺎﻳﺮﻳﻦ ﺗﺮﺟﻴﺢ ﻣﻲ ﺩﻫﻨﺪ ﻛﻪ ﺑﺎ ﻳﻚ ﺷﺮﻛﺖ ﻛﻪ ﭘﻴﺮ ﺗﺮ ﻭ‬ ‫ﺯﻭﺍﻳﺎﻱ ﺑﺎﺯﺍﺭ ﺭﺍ ﺑﻮﺟﻮﺩ ﺁﻭﺭﺩﻩ ﺍﺳﺖ ‪ ،‬ﺑﺎ ﺁﻥ ﺑﻤﺎﻧﻨﺪ ‪.‬‬ ‫)‪(DIEFNDORF ,2002‬‬ ‫‪ -٨‬ﭼﮕﻮﻧﮕﻲ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺭﻳﺴﻚ ﭘﺬﻳﺮ‬ ‫ﻼ ﻋﻨﻮﺍﻥ ﮔﺮﺩﻳﺪ ‪ ،‬ﺍﻏﻠﺐ ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚ ﭘﺬﻳﺮ ﺗﺄﻣﻴﻦ ﻛﻨﻨﺪﻩ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﺷﺮﻛﺘﻬﺎﻱ‬ ‫ﻫﻤﺎﻧﮕﻮﻧﻪ ﻛﻪ ﻗﺒ ﹰ‬ ‫ﻧﻮﭘﺎ )‪ (Start ups‬ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺷﺮﻛﺖ ﻣﻲ ﺑﺎﺷﻨﺪ‪.‬‬ ‫ﻫﺮ ﺷﺮﻛﺘﻲ ﺩﺭ ﻣﺮﺍﺣﻞ ﺷﺮﻭﻉ ‪ ،‬ﺑﻮﺳﻴﻠﻪ ﺧﻮﻳﺶ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻲ ﺷﻮﺩ ﺍﻣﺎ ﺳﻮﺍﻝ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﭼﮕﻮﻧﻪ ﺳﺮﻣﺎﻳﻪ‬ ‫ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻭﺍﺭﺩﻓﻌﺎﻟﻴﺖ ﺷﺮﻛﺖ ﻣﻲ ﺷﻮﺩ؟‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪٢٨ ،‬ﻭ‪ ٢٩‬ﻣﺮﺩﺍﺩ ‪١٣٨٣‬‬ ‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺷﺮﻛﺘﻲ ﻛﻪ ﺩﺭ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺑﻪ ﺩﻧﺒﺎﻝ ﺟﺬﺏ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺭﻳﺴﻚ ﭘﺬﻳﺮ ﺍﺳﺖ ﺑﺮﺍﻱ ﭘﺬﻳﺮﺵ ﻓﺮﻫﻨﮓ ﻣﺘﻨﺎﺳﺐ ﺑﺎ‬ ‫ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺁﻣﺎﺩﻩ ﺗﺮ ﺍﺳﺖ ﻣﺜﺎﻟﻬﺎﻱ ﻧﻮﻋﻲ ﺍﺯ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺪﻩ ﺑﻮﺳﻴﻠﻪ ﺳﺮﻣﺎﻳﻪ‬ ‫ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﻧﻮﻉ ﻛﻼﺳﻴﻜﻲ ‪ B2C‬ﻭ ‪ B2B‬ﺍﺯ ﻗﺒﻴﻞ ‪ e- bey, pest .com‬ﻭ ‪ ehemdex. Com‬ﻣﻲ ﺑﺎﺷﺪ‪.‬‬ ‫ﺗﻮﺟﻪ ﻛﻠﻴﺪﻱ ﺍﻭﻟﻴﻪ ﺳﺮﻣﺎﻳﻪ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺩﺭ ﺟﻬﺖ ﺣﺮﻛﺖ ﺍﺯ “ ﻓﺮﻭﺵ ” ﺑﻪ ﺗﻤﺮﻛﺰ ﺑﺮ “ ﺍﺭﺯﺵ‬

‫‪valuation‬‬

‫” ﻣﻲ ﺑﺎﺷﺪ‪.‬‬ ‫ﻣﺸﻜﻞ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﺍﺭﺯﺷﻬﺎﻱ ﺷﺮﻛﺖ ﻧﻮﭘﺎ ﺑﻮﺳﻴﻠﻪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺧﻄﺮ ﭘﺬﻳﺮ ﺑﻴﺸﺘﺮ ﺗﻤﺎﻳﻠﻲ ﺑﻪ ﺍﻳﻦ ﺩﺍﺭﺩ ﻛﻪ‬ ‫ﺗﺎ ﺣﺪﻱ ﻣﻔﻬﻮﻣﻲ ﺑﺎﺷﺪ‪.‬‬ ‫ﻣﻌﻴﺎﺭﻫﺎ ﺷﺎﻣﻞ ﻛﻴﻔﻴﺖ ﺗﻴﻢ ﻣﺪﻳﺮﻳﺖ “‬

‫‪mangement team quality‬‬

‫” ﻛﻪ ﺍﻏﻠﺐ ﺑﺪﻳﻦ ﻣﻔﻬﻮﻡ ﺍﺳﺖ ﻛﻪ ﺁﻳﺎ‬

‫ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ﺍﻋﻀﺎﻱ ﺗﻴﻢ ﺭﺍ ﻣﻲ ﺷﻨﺎﺳﺪ؟ ﺑﻪ ﻋﻼﻭﻩ ﺍﻳﻨﻜﻪ ﻣﺪﻝ ﺷﺮﻛﺖ ) ﻣﺪﻝ ﻋﻤﻠﻜﺮﺩ‬ ‫ﺷﺮﻛﺖ ( ﺑﺎ ﻭﺿﻌﻴﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺷﺮﻛﺖ ﺗﻨﺎﺳﺐ ﺩﺍﺭﺩ ﻭ ﻣﻬﻢ ﺍﻳﻦ ﺍﺳﺖ ﻛﻪ ﺑﻪ ﺳﺎﺩﮔﻲ ﭘﻴﺎﻡ ﺷﺮﻛﺖ ﺑﻪ‬ ‫ﺳﺎﻳﺮ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﻗﺎﺑﻞ ﺍﺭﺳﺎﻝ ﺑﺎﺷﺪ‪.‬‬ ‫ﺑﻄﻮﺭ ﻭﻳﮋﻩ ‪ ،‬ﻣﻴﺘﻮﺍﻥ ﮔﻔﺖ ﻛﻪ ﺷﺮﻛﺖ ﻫﺎﻱ ﻧﻮﭘﺎ ﺑﺮ ﺭﻭﻱ ﺑﺪﺳﺖ ﺁﻭﺭﺩﻥ ﻳﻚ ﻧﺎﻡ ﻭﻳﮋﻩ ﺑﻌﻨﻮﺍﻥ ﺟﺰﺋﻲ ﺍﺯ ﺗﻴﻢ‬ ‫ﻣﺪﻳﺮﻳﺖ )ﺑﻬﻤﺮﺍﻩ ﺍﻓﺮﺍﺩ ﺩﺍﺭﺍﻱ ﻣﻬﺎﺭﺕ ﺑﺎﻻ ﻭ ﺷﺨﺼﻴﺖ ﻛﺎﻣﻞ ( ﻭ ﺑﺮ ﺗﻨﻈﻴﻢ ﻣﺪﻝ ﺗﺠﺎﺭﺏ )ﺷﺮﻛﺖ(‬ ‫‪ bussiness model‬ﺑﻌﻨﻮﺍﻥ ﻣﺜﺎﻟﻲ ﺍﺯ ﻋﻤﻠﻜﺮﺩ ﺟﺎﺭﻱ ﺷﺮﻛﺖ ) ﻛﻪ ﻣﻤﻜﻦ ﺑﻨﺪﺭﺕ ﺍﻧﺠﺎﻡ ﮔﻴﺮﺩ( ‪ .‬ﻭ ﺑﺮ ﺗﻨﻈﻴﻢ ﺑﺎ‬ ‫ﻣﻬﺎﺭﺕ ﻭ ﺯﺑﺮ ﺩﺳﺘﻲ ﻳﻚ ﭘﻴﻐﺎﻡ ﺍﺭﺗﺒﺎﻃﻲ ﺁﺭﺍﺳﺘﻪ ﺷﺪﻩ ﺑﻪ ﺟﺎﻱ ﻓﺮﻭﺵ ﻣﺤﺼﻮﻝ ﺗﻤﺮﻛﺰ ﺩﺍﺭﻧﺪ‪.‬‬ ‫‪ .‬ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺑﻴﺸﺘﺮ ﺗﻮﺟﻪ ﺑﻪ ﺧﻮﺩ ﺭﺍ ﺑﺮ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻭ ﻣﺪﻝ ﺷﺮﻛﺖ )‪ (Bussines model‬ﻛﻪ ﻋﺮﺿﻪ ﻣﻲ‬ ‫ﻛﻨﺪ ﻭ ﻫﻤﭽﻨﻴﻦ ﺷﺨﺼﻴﺖ ﻛﺎﺭ ﺁﻓﺮﻳﻨﺎﻥ ﻣﺘﻤﺮﻛﺰ ﻣﻲ ﻧﻤﺎﻳﻨﺪ‬

‫ﻣﻨﺎﺑﻊ ‪:‬‬ ‫“ ‪kamilton , R.X. “ E-comerce new venture performance : How Funding impacts culture‬‬

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