{"id":61110,"date":"2023-12-04T11:16:10","date_gmt":"2023-12-04T02:16:10","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61110"},"modified":"2024-03-15T22:17:04","modified_gmt":"2024-03-15T13:17:04","slug":"financing-mechanism-j-kiss","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/financing-mechanism-j-kiss","title":{"rendered":"J-KISS taraf\u0131ndan yap\u0131lan tohum yat\u0131r\u0131m\u0131yla yeni hisse senedi opsiyonlar\u0131 ile fon toplama nedir?"},"content":{"rendered":"\n<p>Sistem geli\u015ftirme gibi b\u00fcy\u00fck ba\u015flang\u0131\u00e7 maliyetlerine ihtiya\u00e7 duyan start-up&#8217;lar i\u00e7in fon sa\u011flama yetene\u011fi, \u015firketin sonraki b\u00fcy\u00fcmesini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde etkiler. \u00d6zellikle kurulu\u015f a\u015famas\u0131ndaki, yani s\u00f6zde tohum a\u015famas\u0131ndaki start-up&#8217;lar\u0131n h\u0131zl\u0131 ve kolay bir \u015fekilde fon sa\u011flamak i\u00e7in bir mekanizma olarak, Amerika&#8217;daki yat\u0131r\u0131m \u00f6rneklerine dayanarak Japonya&#8217;da tasarlanm\u0131\u015f olan Japon KISS (J-KISS) bulunmaktad\u0131r. J-KISS&#8217;te yat\u0131r\u0131mc\u0131lar\u0131n elde etti\u011fi \u015fey, sonu\u00e7ta yeni hisse senedi opsiyonlar\u0131d\u0131r, hisse senetleri de\u011fil. Hisse senetleri \u00e7\u0131karmaktan daha az, yat\u0131r\u0131m a\u015famas\u0131nda karar verilmesi gereken konular ve prosed\u00fcrler oldu\u011fu i\u00e7in h\u0131zl\u0131 bir \u015fekilde fon sa\u011flama m\u00fcmk\u00fcn olmaktad\u0131r. Bu t\u00fcr avantajlardan dolay\u0131, J-KISS&#8217;in gelecekte daha da yayg\u0131nla\u015fmas\u0131 beklenmektedir. Bu nedenle, J-KISS&#8217;in ne oldu\u011funu ve J-KISS ile fon sa\u011flama mekanizmas\u0131n\u0131 a\u00e7\u0131kl\u0131yoruz.<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#J-KISS_Nedir\" title=\"J-KISS Nedir?\">J-KISS Nedir?<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#J-KISS%E2%80%99in_Dogus_Sureci\" title=\"J-KISS&#8217;in Do\u011fu\u015f S\u00fcreci\">J-KISS&#8217;in Do\u011fu\u015f S\u00fcreci<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#J-KISS_ile_Fon_Toplama_Mekanizmasi\" title=\"J-KISS ile Fon Toplama Mekanizmas\u0131\">J-KISS ile Fon Toplama Mekanizmas\u0131<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#Yatirim_Hedefi_Yeni_Hisse_Senedi_Opsiyonlari\" title=\"Yat\u0131r\u0131m Hedefi Yeni Hisse Senedi Opsiyonlar\u0131\">Yat\u0131r\u0131m Hedefi Yeni Hisse Senedi Opsiyonlar\u0131<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#Yeni_Hisse_Senedi_Opsiyonlarinin_Donusum_Fiyatinin_Hesaplama_Yontemi\" title=\"Yeni Hisse Senedi Opsiyonlar\u0131n\u0131n D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131n Hesaplama Y\u00f6ntemi\">Yeni Hisse Senedi Opsiyonlar\u0131n\u0131n D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131n Hesaplama Y\u00f6ntemi<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#J-KISS_ile_Fon_Toplama_Sonrasi_Yatirim_Senaryolari\" title=\"J-KISS ile Fon Toplama Sonras\u0131 Yat\u0131r\u0131m Senaryolar\u0131\">J-KISS ile Fon Toplama Sonras\u0131 Yat\u0131r\u0131m Senaryolar\u0131<\/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\/tr\/general-corporate\/financing-mechanism-j-kiss\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"J-KISS_Nedir\"><\/span>J-KISS Nedir?<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\">J-KISS&#8217;te, \u00f6nceden yay\u0131nlanm\u0131\u015f bir \u015fablonu kullanarak, sadece birka\u00e7 maddede karar vererek yat\u0131r\u0131m anla\u015fmas\u0131 yapabilirsiniz.<\/figcaption><\/figure>\n\n\n\n<p>J-KISS, Keep It Simple Security&#8217;nin ba\u015f harflerinden olu\u015fan bir isimdir. \u00d6zellikle tohum a\u015famas\u0131 olarak adland\u0131r\u0131lan erken a\u015fama start-up&#8217;lar\u0131n h\u0131zl\u0131 ve kolay bir \u015fekilde fon toplamas\u0131n\u0131 ama\u00e7layan bir fon toplama y\u00f6ntemidir. Coral Capital (eski ad\u0131yla 500 Startups Japan) bu \u015fablonu avukatlar ve di\u011fer uzmanlarla i\u015fbirli\u011fi i\u00e7inde olu\u015fturmu\u015f ve \u00fccretsiz olarak yay\u0131nlam\u0131\u015ft\u0131r. Normalde, fon toplama s\u00fcrecinde yat\u0131r\u0131m anla\u015fmas\u0131 genellikle \u00e7ok uzun olur ve anla\u015fma m\u00fczakereleri ve hukuki kontrol i\u00e7in avukat \u00fccretleri dahil olmak \u00fczere yat\u0131r\u0131m almak i\u00e7in b\u00fcy\u00fck miktarda para ve zaman gerektirir. J-KISS&#8217;te, \u00f6nceden yay\u0131nlanm\u0131\u015f bir \u015fablonu kullanarak, sadece birka\u00e7 maddede karar vererek yat\u0131r\u0131m anla\u015fmas\u0131 yapabilirsiniz. Bu nedenle, zaman ve para harcamak istemeyen tohum a\u015famas\u0131ndaki start-up&#8217;lar\u0131n ihtiya\u00e7lar\u0131na uygun bir fon toplama y\u00f6ntemi oldu\u011funu s\u00f6yleyebiliriz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"J-KISS%E2%80%99in_Dogus_Sureci\"><\/span>J-KISS&#8217;in Do\u011fu\u015f S\u00fcreci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Start-up&#8217;lar\u0131n giri\u015fim sermayesi gibi kaynaklardan yat\u0131r\u0131m almas\u0131 durumunda, geleneksel olarak yat\u0131r\u0131mc\u0131n\u0131n hisse sat\u0131n almas\u0131 y\u00f6ntemi yayg\u0131nd\u0131. Ancak, kurulu\u015fun hemen ard\u0131ndan bir start-up i\u00e7in \u015firket de\u011ferlemesi zor olabilir ve uygun hisse fiyat\u0131n\u0131n hesaplanmas\u0131 zor olabilir. Yat\u0131r\u0131m zaman\u0131nda \u015firket de\u011feri muhafazakar bir \u015fekilde de\u011ferlendirilir, bu da hisseleri asl\u0131nda olduk\u00e7a d\u00fc\u015f\u00fck bir fiyata verme riski olabilir. Hisse vermek hukuki olarak y\u00f6netim hakk\u0131n\u0131n bir k\u0131sm\u0131n\u0131 devretmek anlam\u0131na gelir, bu nedenle \u015firketin tohum a\u015famas\u0131n\u0131 ge\u00e7ip b\u00fcy\u00fcme a\u015famas\u0131na girdi\u011fi noktada, yat\u0131r\u0131mc\u0131n\u0131n hisseleri asl\u0131nda d\u00fc\u015f\u00fck bir fiyata tutmas\u0131 \u015firketin b\u00fcy\u00fcmesini engelleyen bir fakt\u00f6r olabilir. Bu t\u00fcr bir start-up&#8217;\u0131n fon toplama sorunlar\u0131n\u0131 \u00e7\u00f6zmek amac\u0131yla J-KISS ortaya \u00e7\u0131kt\u0131. Hisse oran\u0131 ve y\u00f6netim hakk\u0131 hakk\u0131nda ayr\u0131nt\u0131l\u0131 a\u00e7\u0131klamalar a\u015fa\u011f\u0131daki makalede bulunabilir.<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=\"J-KISS_ile_Fon_Toplama_Mekanizmasi\"><\/span>J-KISS ile Fon Toplama Mekanizmas\u0131<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\"> J-KISS ile fon toplama mekanizmas\u0131n\u0131 a\u00e7\u0131klamaya devam edece\u011fiz.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yatirim_Hedefi_Yeni_Hisse_Senedi_Opsiyonlari\"><\/span>Yat\u0131r\u0131m Hedefi Yeni Hisse Senedi Opsiyonlar\u0131<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>J-KISS ile fon toplaman\u0131n en b\u00fcy\u00fck \u00f6zelli\u011fi, yat\u0131r\u0131mc\u0131n\u0131n elde etti\u011fi \u015feyin, s\u00f6zde canl\u0131 hisse denilen hisse senetleri de\u011fil, yeni hisse senedi opsiyonlar\u0131 olmas\u0131d\u0131r. Asl\u0131nda, Amerika&#8217;da, tohum a\u015famas\u0131ndaki startup yat\u0131r\u0131mlar\u0131nda d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin kullan\u0131lmas\u0131 y\u00f6ntemi kullan\u0131l\u0131yordu. Ancak, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller, bor\u00e7lanma ile ayn\u0131 olan \u00f6l\u00fc finansmand\u0131r. Bu nedenle, yat\u0131r\u0131m alan startup&#8217;\u0131n bilan\u00e7osunda, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahviller bor\u00e7 olarak kaydedilir. Tohum a\u015famas\u0131ndaki startup&#8217;lar\u0131n \u00e7o\u011funda \u00f6z sermaye az oldu\u011fu i\u00e7in, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir tahvillerin bor\u00e7 olarak kaydedilmesi kolayca bor\u00e7 a\u015f\u0131m\u0131na yol a\u00e7ar. Bor\u00e7 a\u015f\u0131m\u0131 durumunda, finans kurumlar\u0131ndan bor\u00e7 almak bir yana, di\u011fer i\u015fletmelerle i\u015f yapmak da genellikle zorla\u015f\u0131r, bu nedenle bu durum genellikle arzu edilmez. Bu noktada, yeni hisse senedi opsiyonlar\u0131 s\u00f6z konusu oldu\u011funda, bilan\u00e7oda bor\u00e7 olarak kaydedilmez, bu nedenle bor\u00e7 a\u015f\u0131m\u0131 sorunu ortaya \u00e7\u0131kmaz.<br> Giri\u015fim \u015firketlerinin \u00f6l\u00fc finansman\u0131 i\u00e7eren fon toplama y\u00f6ntemleri hakk\u0131nda ayr\u0131nt\u0131l\u0131 bir a\u00e7\u0131klama a\u015fa\u011f\u0131daki makalede bulunabilir.<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>Di\u011fer yandan, tohum a\u015famas\u0131ndaki bir startup s\u00f6z konusu oldu\u011funda, hisse senetlerini yat\u0131r\u0131mc\u0131lara sahip olmak da bir sorundur. Daha \u00f6nce belirtildi\u011fi gibi, tohum a\u015famas\u0131nda, \u015firket de\u011ferlendirmesi zordur ve \u00f6zellikle startup&#8217;lar i\u00e7in, bu a\u015famada de\u011ferlendirme yapmaktan ka\u00e7\u0131nmak istenir. Hisse senetleri s\u00f6z konusu oldu\u011funda, hisse senetlerinin de\u011ferini yat\u0131r\u0131m zaman\u0131nda belirlemek gereklidir, ancak yeni hisse senedi opsiyonlar\u0131 durumunda, yat\u0131r\u0131m zaman\u0131nda, yat\u0131r\u0131m miktar\u0131n\u0131 yeni hisse senedi opsiyonlar\u0131n\u0131n de\u011feri olarak belirlemek yeterlidir.<\/p>\n\n\n\n<p>Bu nedenle, yat\u0131r\u0131m zaman\u0131nda, yat\u0131r\u0131mc\u0131n\u0131n elde edece\u011fi hisse say\u0131s\u0131n\u0131 belirlemek gerekmedi\u011fi i\u00e7in de\u011ferlendirme de gerekli de\u011fildir.<br> J-KISS, bu \u015fekilde yeni hisse senedi opsiyonlar\u0131na yat\u0131r\u0131m ald\u0131ktan sonra, startup&#8217;\u0131n tohum a\u015famas\u0131n\u0131 ge\u00e7ip b\u00fcy\u00fcme a\u015famas\u0131na girdi\u011fi Seri A&#8217;da, hisse senedi opsiyonlar\u0131na sahip olan yat\u0131r\u0131mc\u0131lar\u0131n belirli bir indirimle hisse senetlerini alacaklar\u0131 bir hisse senedi ihra\u00e7 etme yoluyla fon toplar. Bu \u015fekilde, J-KISS, yat\u0131r\u0131m hedefinin hisse senetleri de\u011fil yeni hisse senedi opsiyonlar\u0131 oldu\u011fu i\u00e7in de\u011ferlemeyi Seri A&#8217;ya kadar erteleyebilir. Bunun yan\u0131 s\u0131ra, yat\u0131r\u0131m hedefini yeni hisse senedi opsiyonlar\u0131 olarak belirledi\u011finizde, kay\u0131t vergisi sabit oldu\u011fu i\u00e7in fon toplama maliyetini azaltabilir ve yeni hisse senedi opsiyonlar\u0131n\u0131n ihra\u00e7 edilmesi i\u00e7in anayasa de\u011fi\u015fikli\u011fi gerekmedi\u011fi i\u00e7in idari i\u015flemler gerektirmez, bu da J-KISS&#8217;in avantajlar\u0131ndan biri olarak kabul edilebilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeni_Hisse_Senedi_Opsiyonlarinin_Donusum_Fiyatinin_Hesaplama_Yontemi\"><\/span>Yeni Hisse Senedi Opsiyonlar\u0131n\u0131n D\u00f6n\u00fc\u015f\u00fcm Fiyat\u0131n\u0131n Hesaplama Y\u00f6ntemi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Seed a\u015famas\u0131nda yat\u0131r\u0131lan yeni hisse senedi opsiyonlar\u0131n\u0131n ka\u00e7 hisseye denk geldi\u011fi yat\u0131r\u0131m an\u0131nda belirlenmemi\u015ftir. Seed a\u015famas\u0131ndaki yat\u0131r\u0131mc\u0131lar\u0131n hisse say\u0131s\u0131, Seri A&#8217;da yeni hisse senedi ihra\u00e7 edildi\u011finde, yat\u0131r\u0131mc\u0131n\u0131n yeni hisse senedi opsiyonlar\u0131n\u0131 kullanmas\u0131yla belirlenir. Ayr\u0131ca, J-KISS \u015fablonunda, Seri A, 100 milyon yen (yakla\u015f\u0131k 900.000 dolar) veya daha fazla hisse senedi ile finansman sa\u011flama olarak tan\u0131mlanm\u0131\u015ft\u0131r ve genellikle seed a\u015famas\u0131ndaki yat\u0131r\u0131mdan yakla\u015f\u0131k 1 ila 1,5 y\u0131l sonra beklenmektedir. Yat\u0131r\u0131mc\u0131n\u0131n yeni hisse senedi opsiyonlar\u0131n\u0131 kullanarak hisse senedi ald\u0131\u011f\u0131 fiyat, d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 olarak adland\u0131r\u0131l\u0131r. Bu d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131n\u0131n hesaplama y\u00f6ntemi, J-KISS yat\u0131r\u0131m s\u00f6zle\u015fmesinde \u00f6nceden belirlenmi\u015f oldu\u011fundan, Seri A&#8217;n\u0131n hisse senedi fiyat\u0131 belirlendi\u011finde d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 otomatik olarak belirlenir.<\/p>\n\n\n\n<p>J-KISS yat\u0131r\u0131mc\u0131lar\u0131, seed a\u015famas\u0131nda, yani olduk\u00e7a erken bir a\u015famada risk alarak yat\u0131r\u0131m yapt\u0131klar\u0131 i\u00e7in, Seri A&#8217;da ortaya \u00e7\u0131kan yat\u0131r\u0131mc\u0131lardan daha avantajl\u0131 bir fiyata hisse senedi alabilmeleri gerekmektedir. Bu nedenle, J-KISS&#8217;in d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131, Seri A&#8217;n\u0131n hisse senedi fiyat\u0131n\u0131n %20 indirimli olacak \u015fekilde yat\u0131r\u0131m s\u00f6zle\u015fmesinde belirlenmi\u015ftir. Ancak, sadece indirim uygulamak, yat\u0131r\u0131lan startup&#8217;\u0131n i\u015finin ba\u015far\u0131l\u0131 olmas\u0131 ve Seri A&#8217;daki hisse senedi fiyat\u0131n\u0131n artmas\u0131 durumunda, J-KISS yat\u0131r\u0131mc\u0131s\u0131n\u0131n alabilece\u011fi hisse senedi say\u0131s\u0131 ve dolay\u0131s\u0131yla hisse oran\u0131n\u0131n d\u00fc\u015fmesi anlam\u0131na gelir. Bu durumda, J-KISS yat\u0131r\u0131mc\u0131lar\u0131, startup&#8217;\u0131n i\u015f geli\u015fimini destekleme te\u015fvikini kaybeder.<\/p>\n\n\n\n<p>\u0130\u015fte bu y\u00fczden, indirimin yan\u0131 s\u0131ra, d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 i\u00e7in de\u011ferleme tavan\u0131n\u0131 kullanarak hesaplama y\u00f6ntemi de uygulanabilir. Yani, de\u011ferleme tavan\u0131 olarak maksimum de\u011ferlendirme miktar\u0131n\u0131 belirleyerek, bu maksimum miktar\u0131 Seri A&#8217;dan hemen \u00f6nceki ihra\u00e7 edilmi\u015f hisse senedi say\u0131s\u0131na b\u00f6len miktar\u0131 d\u00f6n\u00fc\u015f\u00fcm fiyat\u0131 olarak belirleyen bir se\u00e7ene\u011fi J-KISS yat\u0131r\u0131mc\u0131lar\u0131na sunar. \u0130ndirim ve de\u011ferleme tavan\u0131n\u0131 bir arada kullanarak, J-KISS yat\u0131r\u0131mc\u0131lar\u0131 hangi se\u00e7ene\u011fin daha avantajl\u0131 oldu\u011funu se\u00e7ebilirler.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"J-KISS_ile_Fon_Toplama_Sonrasi_Yatirim_Senaryolari\"><\/span>J-KISS ile Fon Toplama Sonras\u0131 Yat\u0131r\u0131m Senaryolar\u0131<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, yat\u0131r\u0131mc\u0131n\u0131n yat\u0131r\u0131m miktar\u0131n\u0131 geri kazanabilece\u011fi \u00fc\u00e7 farkl\u0131 senaryo \u00f6ng\u00f6rmektedir.<\/figcaption><\/figure>\n\n\n\n<p>Yat\u0131r\u0131mc\u0131 taraf\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, J-KISS ile yap\u0131lan yat\u0131r\u0131m sonras\u0131 hangi senaryolar\u0131n planland\u0131\u011f\u0131 \u00f6nemli bir konudur. \u00d6zellikle tohum a\u015famas\u0131ndaki yat\u0131r\u0131mlar genellikle y\u00fcksek risk ta\u015f\u0131r ve yat\u0131r\u0131m sonras\u0131 \u015firketin i\u015f geli\u015ftirme senaryosu geni\u015f bir yelpazeye sahiptir. J-KISS, a\u015fa\u011f\u0131daki \u00fc\u00e7 senaryoyu \u00f6ng\u00f6r\u00fcr ve her biri i\u00e7in yat\u0131r\u0131mc\u0131n\u0131n yat\u0131r\u0131m miktar\u0131n\u0131 geri kazanabilece\u011fi bir yol sunar.<\/p>\n\n\n\n<ol>\n<li>Seri A&#8217;da ba\u015far\u0131l\u0131 bir \u015fekilde fon toplama durumu<\/li>\n\n\n\n<li>Seri A fon toplama \u00f6ncesinde sat\u0131n al\u0131nma durumu<\/li>\n\n\n\n<li>Tohum yat\u0131r\u0131m\u0131ndan belirli bir s\u00fcre sonra 1. veya 2. durumun hi\u00e7biri ger\u00e7ekle\u015fmezse<\/li>\n<\/ol>\n\n\n\n<p>1. durum, planland\u0131\u011f\u0131 gibi ilerleyen bir senaryodur ve daha \u00f6nce belirtildi\u011fi gibi Seri A fon toplama a\u015famas\u0131nda yeni hisse senedi opsiyonlar\u0131 hisse senedine d\u00f6n\u00fc\u015ft\u00fcr\u00fcl\u00fcr.<br>2. durum, Seri A&#8217;ya ula\u015fmadan \u00f6nce ba\u015fka bir \u015firket taraf\u0131ndan sat\u0131n al\u0131nma senaryosudur. Bu durumda, J-KISS, yat\u0131r\u0131mc\u0131n\u0131n yat\u0131r\u0131m miktar\u0131n\u0131n iki kat\u0131n\u0131n geri \u00f6denmesini \u00f6ng\u00f6r\u00fcr. Sat\u0131n alma an\u0131nda, startup, J-KISS yat\u0131r\u0131mc\u0131lar\u0131ndan sa\u011flanan fonlar\u0131 kullanarak \u015firket de\u011ferini art\u0131rm\u0131\u015f olaca\u011f\u0131ndan, startup&#8217;\u0131n kurucular\u0131 sat\u0131n alma ile kendi yat\u0131r\u0131m miktarlar\u0131n\u0131 a\u015fan bir kar elde eder. Bu nedenle, bu durumla dengelenmesi gereken bir durumda, J-KISS yat\u0131r\u0131mc\u0131s\u0131n\u0131n da artan \u015firket de\u011ferine uygun bir kar elde etmesi gerekti\u011fi s\u00f6ylenebilir. Bu nedenle, J-KISS yat\u0131r\u0131m s\u00f6zle\u015fmesi \u015fablonunda, bir sat\u0131n alma durumunda, yat\u0131r\u0131mc\u0131n\u0131n yat\u0131r\u0131m miktar\u0131n\u0131n iki kat\u0131n\u0131n geri \u00f6denmesi gerekti\u011fi belirtilmi\u015ftir.<\/p>\n\n\n\n<p>Ayr\u0131ca, 3. durumda oldu\u011fu gibi, belirli bir s\u00fcre ge\u00e7mesine ra\u011fmen i\u015f geli\u015ftirmenin iyi gitmedi\u011fi ve b\u00fcy\u00fcme yoluna giremedi\u011fi durumlar da tabii ki \u00f6ng\u00f6r\u00fclmektedir. Bu durumda, normalde Seri A&#8217;ya girmesi gereken belirli bir s\u00fcre (J-KISS, 18 ay veya daha fazla s\u00fcreyi \u00f6ng\u00f6r\u00fcr) ge\u00e7tikten sonra 1. veya 2. durum ger\u00e7ekle\u015fmezse, hisse senedine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir. Bu d\u00f6n\u00fc\u015f\u00fcm\u00fcn de\u011feri, daha \u00f6nce a\u00e7\u0131klanan de\u011ferleme tavan\u0131 ile hesaplan\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS&#8217;in yap\u0131s\u0131n\u0131 anlamak i\u00e7in, Japon \u015eirketler Kanunu&#8217;nda belirlenen hisse yap\u0131s\u0131 ve i\u015fletmelerin genel finanslar\u0131 hakk\u0131nda bilgi edinmek gereklidir. Kurulu\u015f a\u015famas\u0131nda bu t\u00fcr bir \u00e7al\u0131\u015fma genellikle ertelenir, ancak finans, bir start-up&#8217;\u0131n d\u00fczg\u00fcn bir \u015fekilde b\u00fcy\u00fcmesi i\u00e7in vazge\u00e7ilmez bir bilgidir. Bu nedenle, fon toplamay\u0131 d\u00fc\u015f\u00fcn\u00fcyorsan\u0131z, bir avukat gibi uzmanlara dan\u0131\u015farak anlay\u0131\u015f\u0131n\u0131z\u0131 derinle\u015ftirmenizi \u00f6neririz.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sistem geli\u015ftirme gibi b\u00fcy\u00fck ba\u015flang\u0131\u00e7 maliyetlerine ihtiya\u00e7 duyan start-up&#8217;lar i\u00e7in fon sa\u011flama yetene\u011fi, \u015firketin sonraki b\u00fcy\u00fcmesini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde etkiler. \u00d6zellikle kurulu\u015f a\u015famas\u0131ndaki, yani  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63769,"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\/tr\/wp-json\/wp\/v2\/posts\/61110"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61110"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61110\/revisions"}],"predecessor-version":[{"id":63770,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61110\/revisions\/63770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/63769"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}