{"id":60950,"date":"2023-12-08T20:23:35","date_gmt":"2023-12-08T11:23:35","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=60950"},"modified":"2024-02-01T00:32:53","modified_gmt":"2024-01-31T15:32:53","slug":"financing-mechanism-j-kiss","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss","title":{"rendered":"Co je financov\u00e1n\u00ed prost\u0159ednictv\u00edm nov\u00fdch akci\u00ed d\u00edky seed investic\u00edm od J-KISS"},"content":{"rendered":"\n<p>Pro startupy, kter\u00e9 vy\u017eaduj\u00ed vysok\u00e9 po\u010d\u00e1te\u010dn\u00ed n\u00e1klady, jako je v\u00fdvoj syst\u00e9m\u016f, m\u00e1 z\u00edsk\u00e1n\u00ed financ\u00ed velk\u00fd vliv na dal\u0161\u00ed r\u016fst spole\u010dnosti. Zejm\u00e9na pro startupy v takzvan\u00e9 f\u00e1zi seed, kter\u00e9 jsou na po\u010d\u00e1tku sv\u00e9ho vzniku, byl v Japonsku navr\u017een J-KISS (Japonsk\u00fd ~), mechanismus pro rychl\u00e9 a snadn\u00e9 z\u00edsk\u00e1n\u00ed financ\u00ed, inspirovan\u00fd investi\u010dn\u00edmi p\u0159\u00edpady v USA. V r\u00e1mci J-KISS z\u00edsk\u00e1vaj\u00ed investo\u0159i pouze pr\u00e1vo na p\u0159edkup nov\u00fdch akci\u00ed, nikoli samotn\u00e9 akcie. Proto\u017ee je m\u00e9n\u011b v\u011bc\u00ed, kter\u00e9 je t\u0159eba rozhodnout a prov\u00e9st v investi\u010dn\u00ed f\u00e1zi ne\u017e p\u0159i vyd\u00e1v\u00e1n\u00ed akci\u00ed, je mo\u017en\u00e9 rychle z\u00edskat finance. D\u00edky t\u011bmto v\u00fdhod\u00e1m se o\u010dek\u00e1v\u00e1, \u017ee J-KISS se v budoucnu je\u0161t\u011b v\u00edce roz\u0161\u00ed\u0159\u00ed. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, co je J-KISS a jak funguje z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm J-KISS.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Co_je_J-KISS\" title=\"Co je J-KISS\">Co je J-KISS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Pozadi_vzniku_J-KISS\" title=\"Pozad\u00ed vzniku J-KISS\">Pozad\u00ed vzniku J-KISS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Mechanismus_financovani_prostrednictvim_J-KISS\" title=\"Mechanismus financov\u00e1n\u00ed prost\u0159ednictv\u00edm J-KISS\">Mechanismus financov\u00e1n\u00ed prost\u0159ednictv\u00edm J-KISS<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Investicni_cil_je_nove_akcie_na_predkupni_pravo\" title=\"Investi\u010dn\u00ed c\u00edl je nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo\">Investi\u010dn\u00ed c\u00edl je nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Metoda_vypoctu_konverzni_hodnoty_novych_akcii_na_predplatne\" title=\"Metoda v\u00fdpo\u010dtu konverzn\u00ed hodnoty nov\u00fdch akci\u00ed na p\u0159edplatn\u00e9\">Metoda v\u00fdpo\u010dtu konverzn\u00ed hodnoty nov\u00fdch akci\u00ed na p\u0159edplatn\u00e9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Investicni_scenare_po_ziskani_financi_prostrednictvim_J-KISS_Japanese_KISS\" title=\"Investi\u010dn\u00ed sc\u00e9n\u00e1\u0159e po z\u00edsk\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm J-KISS (Japanese KISS)\">Investi\u010dn\u00ed sc\u00e9n\u00e1\u0159e po z\u00edsk\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm J-KISS (Japanese KISS)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/financing-mechanism-j-kiss\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_J-KISS\"><\/span>Co je J-KISS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/04\/shutterstock_474872434-1024x683.jpg\" alt=\"\" class=\"wp-image-9047\" \/><figcaption class=\"wp-element-caption\">S J-KISS m\u016f\u017eete uzav\u0159\u00edt investi\u010dn\u00ed smlouvu pouze t\u00edm, \u017ee rozhodnete o dvou polo\u017ek\u00e1ch pomoc\u00ed p\u0159edem zve\u0159ejn\u011bn\u00e9 \u0161ablony.<\/figcaption><\/figure>\n\n\n\n<p>J-KISS je akronym pro Keep It Simple Security. Jedn\u00e1 se o metodu z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed, kter\u00e1 byla navr\u017eena s c\u00edlem umo\u017enit startup\u016fm, zejm\u00e9na v takzvan\u00e9 seed f\u00e1zi, jednodu\u0161e a rychle z\u00edskat financov\u00e1n\u00ed. \u0160ablonu, kterou vytvo\u0159ili odborn\u00edci v\u010detn\u011b pr\u00e1vn\u00edk\u016f spole\u010dnosti Coral Capital (d\u0159\u00edve 500 Startups Japan), je k dispozici zdarma. B\u011b\u017en\u00e9 financov\u00e1n\u00ed obvykle vy\u017eaduje dlouh\u00e9 investi\u010dn\u00ed smlouvy a v\u010detn\u011b pr\u00e1vn\u00edch n\u00e1klad\u016f na vyjedn\u00e1v\u00e1n\u00ed smluv a pr\u00e1vn\u00ed kontroly bylo pro z\u00edsk\u00e1n\u00ed investic nutn\u00e9 vynalo\u017eit zna\u010dn\u00e9 n\u00e1klady a \u010das. S J-KISS m\u016f\u017eete uzav\u0159\u00edt investi\u010dn\u00ed smlouvu pouze t\u00edm, \u017ee rozhodnete o dvou polo\u017ek\u00e1ch pomoc\u00ed p\u0159edem zve\u0159ejn\u011bn\u00e9 \u0161ablony. Tento p\u0159\u00edstup je tedy vhodn\u00fd pro startupy v seed f\u00e1zi, kter\u00e9 necht\u011bj\u00ed vynakl\u00e1dat \u010das a pen\u00edze na z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pozadi_vzniku_J-KISS\"><\/span>Pozad\u00ed vzniku J-KISS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Kdy\u017e start-upy p\u0159ij\u00edmaj\u00ed investice od venture kapit\u00e1lu a podobn\u011b, bylo obvykl\u00e9 nechat investory z\u00edskat akcie. Nicm\u00e9n\u011b, u start-up\u016f kr\u00e1tce po zalo\u017een\u00ed bylo obt\u00ed\u017en\u00e9 stanovit hodnotu firmy a spr\u00e1vn\u011b vypo\u010d\u00edtat cenu akci\u00ed. V d\u016fsledku konzervativn\u00edho hodnocen\u00ed hodnoty firmy v dob\u011b investice existuje riziko, \u017ee akcie budou p\u0159ed\u00e1ny za v\u00fdrazn\u011b ni\u017e\u0161\u00ed cenu ne\u017e je jejich skute\u010dn\u00e1 hodnota. P\u0159ed\u00e1n\u00ed akci\u00ed je pr\u00e1vn\u011b ekvivalentn\u00ed k p\u0159ed\u00e1n\u00ed \u010d\u00e1sti \u0159\u00edd\u00edc\u00edch pr\u00e1v, a tak skute\u010dnost, \u017ee investo\u0159i dr\u017e\u00ed akcie za ni\u017e\u0161\u00ed cenu, ne\u017e by m\u011bli, kdy\u017e firma p\u0159ekon\u00e1 po\u010d\u00e1te\u010dn\u00ed f\u00e1zi a vstoup\u00ed do f\u00e1ze r\u016fstu, m\u016f\u017ee skute\u010dn\u011b br\u00e1nit r\u016fstu firmy. J-KISS byl vytvo\u0159en s c\u00edlem \u0159e\u0161it tyto probl\u00e9my p\u0159i z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu pro start-upy. Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed o pom\u011bru vlastnictv\u00ed akci\u00ed a \u0159\u00edd\u00edc\u00edch pr\u00e1v naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<br><\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/the-importance-of-maintaining-shareholding-ratio\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/the-importance-of-maintaining-shareholding-ratio[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mechanismus_financovani_prostrednictvim_J-KISS\"><\/span>Mechanismus financov\u00e1n\u00ed prost\u0159ednictv\u00edm J-KISS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/04\/shutterstock_453578554-1024x621.jpg\" alt=\"\" class=\"wp-image-9050\" \/><figcaption class=\"wp-element-caption\"> Vysv\u011btl\u00edme mechanismus financov\u00e1n\u00ed prost\u0159ednictv\u00edm J-KISS (Japonsk\u00fd ~).<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investicni_cil_je_nove_akcie_na_predkupni_pravo\"><\/span>Investi\u010dn\u00ed c\u00edl je nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Nejv\u011bt\u0161\u00ed v\u00fdhodou z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm J-KISS je, \u017ee investo\u0159i nez\u00edsk\u00e1vaj\u00ed takzvan\u00e9 akcie, ale nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo. P\u016fvodn\u011b se v USA p\u0159i investic\u00edch do startup\u016f v po\u010d\u00e1te\u010dn\u00ed f\u00e1zi \u010dasto vyu\u017e\u00edvaly konvertibiln\u00ed dluhopisy. Nicm\u00e9n\u011b, konvertibiln\u00ed dluhopisy jsou stejn\u011b jako p\u016fj\u010dky formou dluhov\u00e9ho financov\u00e1n\u00ed. Proto se na rozvaze startupu, kter\u00fd p\u0159ij\u00edm\u00e1 investice, konvertibiln\u00ed dluhopisy po\u010d\u00edtaj\u00ed jako dluh. Startupy v po\u010d\u00e1te\u010dn\u00ed f\u00e1zi \u010dasto maj\u00ed m\u00e1lo kapit\u00e1lu, tak\u017ee konvertibiln\u00ed dluhopisy se po\u010d\u00edtaj\u00ed jako dluh, co\u017e m\u016f\u017ee snadno v\u00e9st k p\u0159evisu dluhu. P\u0159evis dluhu m\u016f\u017ee zt\u00ed\u017eit nejen p\u016fj\u010dky od finan\u010dn\u00edch instituc\u00ed, ale tak\u00e9 obchodov\u00e1n\u00ed s jin\u00fdmi podniky, co\u017e obecn\u011b nen\u00ed \u017e\u00e1douc\u00ed. Na druhou stranu, pokud jde o nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo, nejsou na rozvaze po\u010d\u00edt\u00e1ny jako dluh, tak\u017ee probl\u00e9m s p\u0159evisem dluhu nenastane.<br>Podrobn\u011bji o zp\u016fsobech z\u00edsk\u00e1v\u00e1n\u00ed financ\u00ed pro startupy, v\u010detn\u011b dluhov\u00e9ho financov\u00e1n\u00ed, se dozv\u00edte v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<br><\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/method-of-raising-funds-for-stock-company\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/method-of-raising-funds-for-stock-company[ja]<\/a><\/p>\n\n\n\n<p>Na druhou stranu, u startup\u016f v po\u010d\u00e1te\u010dn\u00ed f\u00e1zi m\u016f\u017ee b\u00fdt probl\u00e9mem tak\u00e9 to, \u017ee akcie jsou dr\u017eeny investory. Jak bylo uvedeno v\u00fd\u0161e, v po\u010d\u00e1te\u010dn\u00ed f\u00e1zi je obt\u00ed\u017en\u00e9 hodnotit hodnotu firmy a startupy obecn\u011b cht\u011bj\u00ed vyhnout hodnocen\u00ed v t\u00e9to f\u00e1zi. Pokud jde o akcie, je t\u0159eba stanovit jejich hodnotu v dob\u011b investice, ale v p\u0159\u00edpad\u011b nov\u00fdch akci\u00ed na p\u0159edkupn\u00ed pr\u00e1vo sta\u010d\u00ed nastavit hodnotu investice jako hodnotu nov\u00fdch akci\u00ed na p\u0159edkupn\u00ed pr\u00e1vo.<\/p>\n\n\n\n<p>Proto nen\u00ed t\u0159eba ur\u010dovat po\u010det akci\u00ed, kter\u00e9 investor z\u00edsk\u00e1 v dob\u011b investice, a hodnocen\u00ed nen\u00ed nutn\u00e9.<br> V J-KISS, po p\u0159ijet\u00ed investice do nov\u00fdch akci\u00ed na p\u0159edkupn\u00ed pr\u00e1vo, kdy\u017e startup p\u0159ekon\u00e1 po\u010d\u00e1te\u010dn\u00ed f\u00e1zi a vstoup\u00ed do f\u00e1ze r\u016fstu v s\u00e9rii A, investor, kter\u00fd z\u00edskal nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo, z\u00edsk\u00e1 akcie za ur\u010ditou slevu. Takto m\u016f\u017ee J-KISS odsunout hodnocen\u00ed a\u017e do s\u00e9rie A t\u00edm, \u017ee investi\u010dn\u00ed c\u00edl nen\u00ed akcie, ale nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo. Krom\u011b toho, pokud je investi\u010dn\u00ed c\u00edl nov\u00e9 akcie na p\u0159edkupn\u00ed pr\u00e1vo, registra\u010dn\u00ed a licen\u010dn\u00ed poplatky jsou jednotn\u00e9, co\u017e \u0161et\u0159\u00ed n\u00e1klady na z\u00edsk\u00e1n\u00ed financ\u00ed, a vyd\u00e1n\u00ed nov\u00fdch akci\u00ed na p\u0159edkupn\u00ed pr\u00e1vo nevy\u017eaduje zm\u011bnu stanov, tak\u017ee nevy\u017eaduje administrativn\u00ed \u00fasil\u00ed, co\u017e je tak\u00e9 v\u00fdhodou J-KISS.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Metoda_vypoctu_konverzni_hodnoty_novych_akcii_na_predplatne\"><\/span>Metoda v\u00fdpo\u010dtu konverzn\u00ed hodnoty nov\u00fdch akci\u00ed na p\u0159edplatn\u00e9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Po\u010det akci\u00ed, kter\u00e9 odpov\u00eddaj\u00ed nov\u00fdm akci\u00edm na p\u0159edplatn\u00e9, do kter\u00fdch bylo investov\u00e1no v seed f\u00e1zi, nen\u00ed v dob\u011b investice stanoven. Po\u010det akci\u00ed dr\u017een\u00fdch investorem v seed f\u00e1zi se stanov\u00ed, kdy\u017e je vyd\u00e1no nov\u00e9 akcie v s\u00e9rii A a investor uplatn\u00ed sv\u00e9 pr\u00e1vo na nov\u00e9 akcie na p\u0159edplatn\u00e9. V modelu J-KISS (Japanese KISS) je s\u00e9rie A definov\u00e1na jako z\u00edsk\u00e1n\u00ed akci\u00ed v hodnot\u011b v\u00edce ne\u017e 100 milion\u016f jen\u016f a p\u0159edpokl\u00e1d\u00e1 se, \u017ee to bude asi rok a\u017e rok a p\u016fl po investici v seed f\u00e1zi. N\u00e1kupn\u00ed cena akci\u00ed, kdy\u017e investor uplatn\u00ed sv\u00e9 pr\u00e1vo na nov\u00e9 akcie na p\u0159edplatn\u00e9, se naz\u00fdv\u00e1 konverzn\u00ed hodnota. Metoda v\u00fdpo\u010dtu t\u00e9to konverzn\u00ed hodnoty je p\u0159edem stanovena v investi\u010dn\u00ed smlouv\u011b J-KISS, tak\u017ee jakmile je stanovena cena akci\u00ed p\u0159i z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu v s\u00e9rii A, konverzn\u00ed hodnota je jednozna\u010dn\u011b stanovena.<\/p>\n\n\n\n<p>Investo\u0159i J-KISS p\u0159ij\u00edmaj\u00ed zna\u010dn\u00e9 riziko investov\u00e1n\u00edm v relativn\u011b ran\u00e9 f\u00e1zi, jako je seed f\u00e1ze, a proto je t\u0159eba, aby mohli z\u00edskat akcie za v\u00fdhodn\u011bj\u0161\u00ed cenu ne\u017e investo\u0159i, kte\u0159\u00ed se objev\u00ed v s\u00e9rii A. Proto je konverzn\u00ed hodnota J-KISS stanovena v investi\u010dn\u00ed smlouv\u011b s ur\u010ditou slevou, nap\u0159\u00edklad 20% slevou na cenu akci\u00ed p\u0159i z\u00edsk\u00e1v\u00e1n\u00ed kapit\u00e1lu v s\u00e9rii A. Nicm\u00e9n\u011b, pokud je pou\u017eita pouze sleva, po\u010det akci\u00ed, kter\u00e9 mohou investo\u0159i J-KISS z\u00edskat, a tedy i jejich pod\u00edl na vlastnictv\u00ed, se sni\u017euje, \u010d\u00edm v\u00edce roste cena akci\u00ed v s\u00e9rii A, pokud je podnik\u00e1n\u00ed startupu \u00fasp\u011b\u0161n\u00e9. To by znamenalo, \u017ee investo\u0159i J-KISS by ztratili motivaci podporovat rozvoj podnik\u00e1n\u00ed startupu.<\/p>\n\n\n\n<p>Proto je mo\u017en\u00e9 pou\u017e\u00edt tak\u00e9 metodu v\u00fdpo\u010dtu konverzn\u00ed hodnoty pomoc\u00ed valuace capu, kter\u00e1 je pou\u017eita spolu se slevou. Jin\u00fdmi slovy, stanov\u00ed se horn\u00ed limit hodnoty jako valuace cap a tato maxim\u00e1ln\u00ed \u010d\u00e1stka je d\u011blena po\u010dtem akci\u00ed vyd\u00e1van\u00fdch p\u0159ed s\u00e9ri\u00ed A, co\u017e d\u00e1v\u00e1 konverzn\u00ed hodnotu, kterou mohou investo\u0159i J-KISS zvolit. Pou\u017eit\u00edm slevy a valuace capu mohou investo\u0159i J-KISS zvolit, kter\u00e1 mo\u017enost je pro n\u011b v\u00fdhodn\u011bj\u0161\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investicni_scenare_po_ziskani_financi_prostrednictvim_J-KISS_Japanese_KISS\"><\/span>Investi\u010dn\u00ed sc\u00e9n\u00e1\u0159e po z\u00edsk\u00e1n\u00ed financ\u00ed prost\u0159ednictv\u00edm J-KISS (Japanese KISS)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2020\/04\/shutterstock_319567298-1024x614.jpg\" alt=\"\" class=\"wp-image-9051\" \/><figcaption class=\"wp-element-caption\">J-KISS p\u0159edpokl\u00e1d\u00e1 t\u0159i sc\u00e9n\u00e1\u0159e, jak investo\u0159i mohou z\u00edskat zp\u011bt sv\u00e9 investice.<\/figcaption><\/figure>\n\n\n\n<p>Pro investory je d\u016fle\u017eit\u00e9 v\u011bd\u011bt, jak\u00fd sc\u00e9n\u00e1\u0159 je p\u0159edpokl\u00e1d\u00e1n po investici prost\u0159ednictv\u00edm J-KISS. Zejm\u00e9na investice v seed f\u00e1zi jsou obecn\u011b rizikov\u00e9 a existuje \u0161irok\u00e1 \u0161k\u00e1la sc\u00e9n\u00e1\u0159\u016f pro rozvoj podnik\u00e1n\u00ed po investici. J-KISS p\u0159edpokl\u00e1d\u00e1 n\u00e1sleduj\u00edc\u00ed t\u0159i sc\u00e9n\u00e1\u0159e a p\u0159ipravuje zp\u016fsoby, jak investo\u0159i mohou z\u00edskat zp\u011bt sv\u00e9 investice.<\/p>\n\n\n\n<ol>\n<li>\u00dasp\u011b\u0161n\u00e9 z\u00edsk\u00e1n\u00ed financ\u00ed v s\u00e9rii A<\/li>\n\n\n\n<li>Akvizice p\u0159ed z\u00edsk\u00e1n\u00edm financ\u00ed v s\u00e9rii A<\/li>\n\n\n\n<li>\u017d\u00e1dn\u00fd z v\u00fd\u0161e uveden\u00fdch sc\u00e9n\u00e1\u0159\u016f se neuskute\u010dn\u00ed b\u011bhem ur\u010dit\u00e9 doby po seed investici<\/li>\n<\/ol>\n\n\n\n<p>1. je sc\u00e9n\u00e1\u0159, kter\u00fd se odehr\u00e1v\u00e1 podle pl\u00e1nu, kdy se p\u0159edkupn\u00ed pr\u00e1vo na nov\u00e9 akcie p\u0159em\u011bn\u00ed na akcie v r\u00e1mci financov\u00e1n\u00ed s\u00e9rie A.<br>2. je sc\u00e9n\u00e1\u0159, kdy dojde k akvizici jinou spole\u010dnost\u00ed p\u0159ed dosa\u017een\u00edm s\u00e9rie A. V tomto p\u0159\u00edpad\u011b J-KISS stanovuje, \u017ee investorovi bude vr\u00e1cena dvojn\u00e1sobn\u00e1 \u010d\u00e1stka jeho investice. V dob\u011b akvizice startup vyu\u017e\u00edv\u00e1 kapit\u00e1l poskytnut\u00fd investory J-KISS k zv\u00fd\u0161en\u00ed hodnoty spole\u010dnosti, tak\u017ee zakladatel\u00e9 startupu z\u00edskaj\u00ed z akvizice zisk p\u0159esahuj\u00edc\u00ed jejich investici. Proto by m\u011bli investo\u0159i J-KISS tak\u00e9 z\u00edskat zisk odpov\u00eddaj\u00edc\u00ed zv\u00fd\u0161en\u00e9 hodnot\u011b spole\u010dnosti. Z tohoto d\u016fvodu je v smlouv\u011b o investici J-KISS stanoveno, \u017ee v p\u0159\u00edpad\u011b akvizice bude investorovi vr\u00e1cena dvojn\u00e1sobn\u00e1 \u010d\u00e1stka jeho investice.<\/p>\n\n\n\n<p>Samoz\u0159ejm\u011b je tak\u00e9 p\u0159edpokl\u00e1d\u00e1n sc\u00e9n\u00e1\u0159 3., kdy i po ur\u010dit\u00e9 dob\u011b nedojde k \u00fasp\u011b\u0161n\u00e9mu rozvoji podnik\u00e1n\u00ed a spole\u010dnost se nedostane na r\u016fstovou dr\u00e1hu. V takov\u00e9m p\u0159\u00edpad\u011b se p\u0159edpokl\u00e1d\u00e1, \u017ee pokud do ur\u010dit\u00e9 doby (J-KISS p\u0159edpokl\u00e1d\u00e1 v\u00edce ne\u017e 18 m\u011bs\u00edc\u016f) nenastane sc\u00e9n\u00e1\u0159 1. nebo 2., bude mo\u017en\u00e9 p\u0159em\u011bnit na b\u011b\u017en\u00e9 akcie. Cena p\u0159em\u011bny je vypo\u010d\u00edt\u00e1na na z\u00e1klad\u011b v\u00fd\u0161e uveden\u00e9ho valuace cap.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pro pochopen\u00ed mechanismu J-KISS (Japonsk\u00fd ~) je nutn\u00e9 studovat strukturu akci\u00ed stanovenou v japonsk\u00e9m obchodn\u00edm z\u00e1kon\u011b (Japonsk\u00fd ~) a obecn\u011b financov\u00e1n\u00ed podnik\u016f. V po\u010d\u00e1te\u010dn\u00ed f\u00e1zi zalo\u017een\u00ed firmy se takov\u00e9 studium \u010dasto odkl\u00e1d\u00e1, ale finance jsou nezbytnou znalost\u00ed pro hladk\u00fd r\u016fst startupu. Proto doporu\u010dujeme, pokud zva\u017eujete z\u00edsk\u00e1n\u00ed financ\u00ed, poradit se p\u0159edem s odborn\u00edky, jako jsou pr\u00e1vn\u00edci, a prohloubit sv\u00e9 porozum\u011bn\u00ed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pro startupy, kter\u00e9 vy\u017eaduj\u00ed vysok\u00e9 po\u010d\u00e1te\u010dn\u00ed n\u00e1klady, jako je v\u00fdvoj syst\u00e9m\u016f, m\u00e1 z\u00edsk\u00e1n\u00ed financ\u00ed velk\u00fd vliv na dal\u0161\u00ed r\u016fst spole\u010dnosti. Zejm\u00e9na pro startupy v takzvan\u00e9 f\u00e1zi seed, kter\u00e9 jsou na po\u010d\u00e1tku  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":62595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60950"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=60950"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60950\/revisions"}],"predecessor-version":[{"id":62596,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60950\/revisions\/62596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/62595"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=60950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=60950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=60950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}