{"id":58291,"date":"2023-09-22T15:56:22","date_gmt":"2023-09-22T06:56:22","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=58291"},"modified":"2023-10-20T13:28:16","modified_gmt":"2023-10-20T04:28:16","slug":"jkiss-investment-contract","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/jkiss-investment-contract","title":{"rendered":"\u0110i\u1ec1u g\u00ec l\u00e0 T\u1edd \u0111i\u1ec1u kho\u1ea3n khi nh\u1eadn \u0111\u1ea7u t\u01b0 th\u00f4ng qua J-KISS"},"content":{"rendered":"\n<p>J-KISS l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf cho ph\u00e9p th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 nhanh ch\u00f3ng v\u00e0 d\u1ec5 d\u00e0ng ch\u1ee7 y\u1ebfu \u0111\u1ed1i v\u1edbi c\u00e1c startup \u1edf giai \u0111o\u1ea1n seed. \u0110\u00e3 c\u00f3 m\u1eabu h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 do lu\u1eadt s\u01b0 v\u00e0 c\u00e1c chuy\u00ean gia kh\u00e1c gi\u00e1m s\u00e1t. Do \u0111\u00f3, khi th\u1ef1c s\u1ef1 nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb J-KISS, s\u1ed1 l\u01b0\u1ee3ng c\u00e1c m\u1ee5c c\u1ea7n th\u01b0\u01a1ng l\u01b0\u1ee3ng v\u00e0 quy\u1ebft \u0111\u1ecbnh gi\u1eefa nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 startup kh\u00f4ng nhi\u1ec1u. V\u00ec v\u1eady, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch v\u1ec1 nh\u1eefng \u0111i\u1ec1u c\u1ea7n quy\u1ebft \u0111\u1ecbnh tr\u00ean b\u1ea3ng \u0111i\u1ec1u kho\u1ea3n (term sheet) trong c\u00e1c d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng J-KISS, c\u0169ng nh\u01b0 nh\u1eefng \u0111i\u1ec3m c\u1ea7n l\u01b0u \u00fd trong qu\u00e1 tr\u00ecnh th\u01b0\u01a1ng l\u01b0\u1ee3ng.<\/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\/vi\/general-corporate\/jkiss-investment-contract\/#Hop_dong_dau_tu_va_Bang_dieu_khoan_trong_J-KISS\" title=\"H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n trong J-KISS\">H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n trong 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\/vi\/general-corporate\/jkiss-investment-contract\/#Cac_van_de_can_quyet_dinh_tren_Bieu_do_thuat_ngu_dau_tu_J-KISS\" title=\"C\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh tr\u00ean Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef \u0111\u1ea7u t\u01b0 J-KISS\">C\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh tr\u00ean Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef \u0111\u1ea7u t\u01b0 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-3\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/jkiss-investment-contract\/#So_tien_goi_von_cho_Series_A_lam_kich_hoat_cho_viec_chuyen_doi_quyen_chon_co_phieu_moi\" title=\"S\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n cho Series A, l\u00e0m k\u00edch ho\u1ea1t cho vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi\">S\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n cho Series A, l\u00e0m k\u00edch ho\u1ea1t cho vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/jkiss-investment-contract\/#Gioi_han_dinh_gia_toi_da_trong_viec_chuyen_doi_gia_tri_duoc_goi_la_Valuation_Cap\" title=\"Gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 t\u1ed1i \u0111a trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i gi\u00e1 tr\u1ecb, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Valuation Cap\">Gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 t\u1ed1i \u0111a trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i gi\u00e1 tr\u1ecb, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Valuation Cap<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/jkiss-investment-contract\/#Phuong_phap_tinh_gia_tri_chuyen_doi_su_dung_Valuation_Cap\" title=\"Ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i s\u1eed d\u1ee5ng Valuation Cap\">Ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i s\u1eed d\u1ee5ng Valuation Cap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/jkiss-investment-contract\/#Cach_quyet_dinh_Valuation_Cap\" title=\"C\u00e1ch quy\u1ebft \u0111\u1ecbnh Valuation Cap\">C\u00e1ch quy\u1ebft \u0111\u1ecbnh Valuation Cap<\/a><\/li><\/ul><\/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\/vi\/general-corporate\/jkiss-investment-contract\/#Tom_tat\" title=\"T\u00f3m t\u1eaft\">T\u00f3m t\u1eaft<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hop_dong_dau_tu_va_Bang_dieu_khoan_trong_J-KISS\"><\/span>H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n trong J-KISS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>J-KISS l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf g\u1ecdi v\u1ed1n \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 gi\u00fap c\u00e1c startup \u1edf giai \u0111o\u1ea1n seed c\u00f3 th\u1ec3 nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n v\u00e0 nhanh ch\u00f3ng. \u0110\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt nh\u1ea5t c\u1ee7a n\u00f3 l\u00e0 vi\u1ec7c ch\u1ecdn quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi thay v\u00ec c\u1ed5 phi\u1ebfu l\u00e0m \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0. Coral Capital (tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 500 Startups Japan) cung c\u1ea5p m\u1eabu h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 mi\u1ec5n ph\u00ed.<\/p>\n\n\n\n<p>Vi\u1ec7c ch\u1ecdn quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi gi\u00fap lo\u1ea1i b\u1ecf c\u00e1c th\u1ee7 t\u1ee5c ph\u1ee9c t\u1ea1p c\u1ea7n thi\u1ebft khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, \u0111\u1ed3ng th\u1eddi cho ph\u00e9p tr\u00ec ho\u00e3n vi\u1ec7c \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p (valuation) \u1edf giai \u0111o\u1ea1n seed cho t\u01b0\u01a1ng lai. Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p \u1edf giai \u0111o\u1ea1n seed th\u01b0\u1eddng kh\u00f3 kh\u0103n, v\u00ec v\u1eady vi\u1ec7c c\u00f3 th\u1ec3 tr\u00ec ho\u00e3n n\u00f3 kh\u00f4ng ch\u1ec9 c\u00f3 l\u1ee3i cho startup nh\u1eadn \u0111\u1ea7u t\u01b0 m\u00e0 c\u00f2n c\u00f3 l\u1ee3i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Vi\u1ec7c J-KISS ch\u1ecdn quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi l\u00e0m \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0 c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn n\u1ed9i dung h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0. Th\u00f4ng th\u01b0\u1eddng, vi\u1ec7c g\u1ecdi v\u1ed1n c\u1ee7a startup \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, v\u00e0 h\u1ee3p \u0111\u1ed3ng li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu nh\u01b0 v\u1eady th\u01b0\u1eddng l\u00e0 H\u1ee3p \u0111\u1ed3ng tham gia c\u1ed5 phi\u1ebfu v\u00e0 H\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>H\u1ee3p \u0111\u1ed3ng tham gia c\u1ed5 phi\u1ebfu l\u00e0 h\u1ee3p \u0111\u1ed3ng x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7u t\u01b0 v\u00e0o startup v\u00e0 s\u1ed1 c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c nh\u01b0 m\u1ed9t ph\u1ea7n th\u01b0\u1edfng, v\u1edbi c\u00e1c b\u00ean tham gia h\u1ee3p \u0111\u1ed3ng l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 startup. H\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c k\u00fd k\u1ebft gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng, v\u1edbi m\u1ee5c \u0111\u00edch cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ec3m so\u00e1t m\u1ed9t s\u1ed1 v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng li\u00ean quan \u0111\u1ebfn qu\u1ea3n l\u00fd startup m\u00e0 h\u1ecd \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p, ng\u01b0\u1eddi s\u00e1ng l\u1eadp startup s\u1ebd tr\u1edf th\u00e0nh c\u1ed5 \u0111\u00f4ng chi\u1ebfm h\u01a1n 50% c\u1ed5 ph\u1ea7n. Theo lu\u1eadt c\u00f4ng ty Nh\u1eadt B\u1ea3n, c\u1ed5 \u0111\u00f4ng chi\u1ebfm h\u01a1n 50% c\u1ed5 ph\u1ea7n c\u00f3 th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh v\u1ec1 vi\u1ec7c qu\u1ea3n l\u00fd c\u00f4ng ty m\u00e0 kh\u00f4ng c\u1ea7n s\u1ef1 \u0111\u1ed3ng \u00fd c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng kh\u00e1c, tr\u1eeb m\u1ed9t s\u1ed1 v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng mu\u1ed1n tham gia v\u00e0o vi\u1ec7c qu\u1ea3n l\u00fd startup m\u00e0 h\u1ecd \u0111\u1ea7u t\u01b0, b\u1ea5t k\u1ec3 t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n h\u1ecd n\u1eafm gi\u1eef. \u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau n\u00e0y, h\u1ecd c\u1ea7n k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng v\u1edbi c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n t\u1ea1i, bao g\u1ed3m ng\u01b0\u1eddi s\u00e1ng l\u1eadp, v\u00e0 x\u00e1c \u0111\u1ecbnh r\u1eb1ng h\u1ecd c\u1ea7n s\u1ef1 ch\u1ea5p thu\u1eadn tr\u01b0\u1edbc cho m\u1ed9t s\u1ed1 v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 th\u00f4ng th\u01b0\u1eddng, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong c\u00e1c b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p><a href=\"https:\/\/Monolith.law\/corporate\/investment-contract-and-shareholder-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/Monolith.law\/corporate\/investment-contract-and-shareholder-agreement[ja]<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/Monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/Monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/p>\n\n\n\n<p>Do \u0111\u00f3, khi startup mu\u1ed1n g\u1ecdi v\u1ed1n th\u00f4ng qua c\u1ed5 phi\u1ebfu, h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft th\u01b0\u1eddng tr\u1edf n\u00ean d\u00e0i d\u00f2ng. Ng\u01b0\u1ee3c l\u1ea1i, v\u00ec \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0 c\u1ee7a J-KISS kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu m\u00e0 l\u00e0 quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu m\u1edbi, kh\u00f4ng c\u1ea7n ph\u1ea3i x\u00e1c \u0111\u1ecbnh nhi\u1ec1u \u0111i\u1ec1u kho\u1ea3n nh\u01b0 c\u1ed5 phi\u1ebfu. Do \u0111\u00f3, khi nh\u1eadn \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng J-KISS, vi\u1ec7c \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng ch\u1ec9 c\u1ea7n t\u1ed1i thi\u1ec3u c\u00e1c \u0111i\u1ec1u kho\u1ea3n v\u00e0 s\u1ed1 l\u01b0\u1ee3ng c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ea7n quy\u1ebft \u0111\u1ecbnh tr\u00ean B\u1ea3ng \u0111i\u1ec1u kho\u1ea3n r\u1ea5t \u00edt.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi t\u1ed5ng quan v\u1ec1 J-KISS, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch chi ti\u1ebft trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p><a href=\"https:\/\/Monolith.law\/corporate\/financing-mechanism-j-kiss\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/Monolith.law\/corporate\/financing-mechanism-j-kiss[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_van_de_can_quyet_dinh_tren_Bieu_do_thuat_ngu_dau_tu_J-KISS\"><\/span>C\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh tr\u00ean Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef \u0111\u1ea7u t\u01b0 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\/05\/shutterstock_1466352383-1024x683.jpg\" alt=\"\" class=\"wp-image-9554\" \/><\/figure>\n\n\n\n<p>Trong vi\u1ec7c \u0111\u1ea7u t\u01b0 theo J-KISS, c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh tr\u00ean Bi\u1ec3u \u0111\u1ed3 thu\u1eadt ng\u1eef th\u00f4ng qua \u0111\u00e0m ph\u00e1n gi\u1eefa nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 startup ch\u1ee7 y\u1ebfu bao g\u1ed3m c\u00e1c \u0111i\u1ec3m sau:<\/p>\n\n\n\n<ul>\n<li> S\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n cho Series A, l\u00e0m k\u00edch ho\u1ea1t cho vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi <\/li>\n\n\n\n<li> Gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 t\u1ed1i \u0111a trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i gi\u00e1 tr\u1ecb, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Valuation Cap <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"So_tien_goi_von_cho_Series_A_lam_kich_hoat_cho_viec_chuyen_doi_quyen_chon_co_phieu_moi\"><\/span>S\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n cho Series A, l\u00e0m k\u00edch ho\u1ea1t cho vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Trong J-KISS, quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu khi c\u00f3 s\u1ef1 g\u1ecdi v\u1ed1n trong Series A. Ngh\u0129a l\u00e0, vi\u1ec7c g\u1ecdi v\u1ed1n Series A s\u1ebd l\u00e0m k\u00edch ho\u1ea1t cho vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi.<\/p>\n\n\n\n<p>V\u1ea5n \u0111\u1ec1 l\u00e0 s\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n cho Series A, l\u00e0m k\u00edch ho\u1ea1t cho vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi. Trong m\u1eabu J-KISS, s\u1ed1 ti\u1ec1n n\u00e0y \u0111\u01b0\u1ee3c \u0111\u1eb7t l\u00e0 100 tri\u1ec7u Y\u00ean, tuy nhi\u00ean, s\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n c\u1ea7n thi\u1ebft \u0111\u1ec3 k\u00edch ho\u1ea1t vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u00f9y theo n\u1ed9i dung kinh doanh. M\u1ed9t trong nh\u1eefng l\u00fd do m\u00e0 J-KISS ch\u1ecdn \u0111\u1ea7u t\u01b0 v\u00e0o quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi l\u00e0 \u0111\u1ec3 tr\u00ec ho\u00e3n vi\u1ec7c \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p cho \u0111\u1ebfn Series A. V\u00ec v\u1eady, khi quy\u1ebft \u0111\u1ecbnh s\u1ed1 ti\u1ec1n g\u1ecdi v\u1ed1n cho Series A, c\u1ea7n xem x\u00e9t vi\u1ec7c startup \u0111\u00e3 ph\u00e1t tri\u1ec3n \u0111\u1ebfn m\u1ee9c c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gioi_han_dinh_gia_toi_da_trong_viec_chuyen_doi_gia_tri_duoc_goi_la_Valuation_Cap\"><\/span>Gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 t\u1ed1i \u0111a trong vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i gi\u00e1 tr\u1ecb, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Valuation Cap<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phuong_phap_tinh_gia_tri_chuyen_doi_su_dung_Valuation_Cap\"><\/span>Ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i s\u1eed d\u1ee5ng Valuation Cap<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi trong J-KISS, m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e3 \u0111\u01b0\u1ee3c chu\u1ea9n b\u1ecb l\u00e0 gi\u1ea3m m\u1ed9t s\u1ed1 ti\u1ec1n nh\u1ea5t \u0111\u1ecbnh t\u1eeb gi\u00e1 tr\u1ecb mua c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh trong vi\u1ec7c g\u1ecdi v\u1ed1n Series A. Tuy nhi\u00ean, ch\u1ec9 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p gi\u1ea3m gi\u00e1 n\u00e0y, s\u1ed1 c\u1ed5 phi\u1ebfu m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 J-KISS c\u00f3 th\u1ec3 mua s\u1ebd gi\u1ea3m n\u1ebfu gi\u00e1 tr\u1ecb doanh nghi\u1ec7p t\u1ea1i th\u1eddi \u0111i\u1ec3m chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu m\u1edbi cao. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 t\u1ea1o ra m\u00e2u thu\u1eabn gi\u1eefa l\u1ee3i \u00edch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 J-KISS v\u00e0 mong mu\u1ed1n t\u0103ng gi\u00e1 tr\u1ecb doanh nghi\u1ec7p c\u1ee7a startup. V\u00ec v\u1eady, trong J-KISS, kh\u00f4ng ch\u1ec9 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p gi\u1ea3m gi\u00e1, m\u00e0 c\u00f2n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng Valuation Cap (gi\u1edbi h\u1ea1n \u0111\u1ecbnh gi\u00e1 t\u1ed1i \u0111a).<\/p>\n\n\n\n<p>C\u1ee5 th\u1ec3, Valuation Cap s\u1ebd \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0, v\u00e0 gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i s\u1ebd \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch chia Valuation Cap cho t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh ngay tr\u01b0\u1edbc vi\u1ec7c g\u1ecdi v\u1ed1n Series A.<\/p>\n\n\n\n<p>V\u00ec t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh ngay tr\u01b0\u1edbc vi\u1ec7c g\u1ecdi v\u1ed1n Series A \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, n\u1ebfu s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb chuy\u1ec3n \u0111\u1ed5i b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng Valuation Cap, v\u1ea5n \u0111\u1ec1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh trong vi\u1ec7c \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 theo J-KISS s\u1ebd l\u00e0 s\u1ed1 ti\u1ec1n c\u1ee7a Valuation Cap.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cach_quyet_dinh_Valuation_Cap\"><\/span>C\u00e1ch quy\u1ebft \u0111\u1ecbnh Valuation Cap<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>S\u1ed1 c\u1ed5 phi\u1ebfu m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 J-KISS c\u00f3 th\u1ec3 s\u1edf h\u1eefu s\u1ebd \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean s\u1ed1 ti\u1ec1n c\u1ee7a Valuation Cap. Do \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 startup c\u1ea7n xem x\u00e9t s\u1ed1 c\u1ed5 phi\u1ebfu t\u1ed1i thi\u1ec3u m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean s\u1edf h\u1eefu l\u00e0 bao nhi\u00eau \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh Valuation Cap.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, s\u1ed1 ti\u1ec1n c\u1ee7a Valuation Cap s\u1ebd \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh th\u00f4ng qua \u0111\u00e0m ph\u00e1n gi\u1eefa nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 startup, do \u0111\u00f3, s\u1ed1 ti\u1ec1n n\u00e0y c\u0169ng c\u00f3 th\u1ec3 thay \u0111\u1ed5i t\u00f9y theo vi\u1ec7c ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f3 n\u1ed5i ti\u1ebfng hay kh\u00f4ng, ho\u1eb7c startup c\u00f3 ph\u1ed5 bi\u1ebfn v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng. Tuy nhi\u00ean, kh\u00f4ng ph\u1ea3i Valuation Cap c\u00e0ng cao c\u00e0ng t\u1ed1t. N\u1ebfu Valuation Cap ban \u0111\u1ea7u qu\u00e1 cao, vi\u1ec7c g\u1ecdi v\u1ed1n trong c\u00e1c v\u00f2ng sau c\u00f3 th\u1ec3 tr\u1edf n\u00ean kh\u00f3 kh\u0103n, do \u0111\u00f3 c\u1ea7n ch\u00fa \u00fd. Vi\u1ec7c \u0111\u00e0m ph\u00e1n v\u1ec1 Valuation Cap n\u00e0y l\u00e0 \u0111i\u1ec3m nh\u1ea5n l\u1edbn nh\u1ea5t trong vi\u1ec7c \u0111\u1ea7u t\u01b0 J-KISS.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tom_tat\"><\/span>T\u00f3m t\u1eaft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Nh\u01b0 v\u1eady, J-KISS (Japanese KISS &#8211; Keep It Simple Security) c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m l\u00e0 s\u1ed1 l\u01b0\u1ee3ng c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n quy\u1ebft \u0111\u1ecbnh tr\u00ean t\u1edd Term Sheet khi \u0111\u1ea7u t\u01b0 r\u1ea5t \u00edt, v\u00e0 ch\u1ec9 c\u1ea7n t\u1ed1i thi\u1ec3u c\u00e1c m\u1ee5c ti\u00eau \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n<p>Quy\u1ec1n mua c\u1ed5 phi\u1ebfu m\u1edbi m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c \u0111\u1ea7u t\u01b0 J-KISS sau \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u00f4ng th\u01b0\u1eddng trong Series A. Do \u0111\u00f3, \u0111i\u1ec1u ki\u1ec7n chuy\u1ec3n \u0111\u1ed5i v\u00e0 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd s\u1edf h\u1eefu sau khi chuy\u1ec3n \u0111\u1ed5i l\u00e0 \u0111i\u1ec3m quan tr\u1ecdng trong cu\u1ed9c \u0111\u00e0m ph\u00e1n. \u0110\u1eb7c bi\u1ec7t, t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ph\u1ea3i l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ch\u00ednh s\u00e1ch v\u1ed1n sau n\u00e0y, do \u0111\u00f3, c\u00e1c startup c\u1ea7n c\u00e2n nh\u1eafc k\u1ef9. Vi\u1ec7c \u0111\u00e0m ph\u00e1n nh\u01b0 th\u1ebf n\u00e0o ph\u1ee5 thu\u1ed9c v\u00e0o thu\u1ed9c t\u00ednh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 n\u1ed9i dung kinh doanh c\u1ee7a startup, v\u00ec v\u1eady, khi nh\u1eadn \u0111\u1ea7u t\u01b0 t\u1eeb J-KISS, ch\u00fang t\u00f4i khuy\u00ean b\u1ea1n n\u00ean th\u1ea3o lu\u1eadn v\u1edbi c\u00e1c chuy\u00ean gia nh\u01b0 lu\u1eadt s\u01b0.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>J-KISS l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf cho ph\u00e9p th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 nhanh ch\u00f3ng v\u00e0 d\u1ec5 d\u00e0ng ch\u1ee7 y\u1ebfu \u0111\u1ed1i v\u1edbi c\u00e1c startup \u1edf giai \u0111o\u1ea1n seed. \u0110\u00e3 c\u00f3 m\u1eabu h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 do lu\u1eadt s\u01b0 v\u00e0 c\u00e1c chuy\u00ean gia kh\u00e1c gi\u00e1m s\u00e1t. Do \u0111\u00f3, khi th\u1ef1 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":59106,"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\/vi\/wp-json\/wp\/v2\/posts\/58291"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=58291"}],"version-history":[{"count":1,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/58291\/revisions"}],"predecessor-version":[{"id":59107,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/58291\/revisions\/59107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/59106"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=58291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=58291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=58291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}