期权池

期权池简述

期权池是在融资前为将来引进高级人才而预留的一部分股份，假使不预留，会致使将来进来的高级人才假使要求股份，则会稀释原来创世团队的股份，这会产生一部分困难。

假使融资前估值是600万，而VC投资400万，那么创业团队就有60%的股权，VC有40%。

依照上面这个例子里的报告，假使VC要求Option pool是20%的股份，而VC拥有投资后的公司的40%，那么创世团队就只能拥有40%。也就是说，当下的创世团队把自己的20%预留给了将来的要引进的人才。

Option pools

Option pools are common shares that are set aside to compensate and incentivize future employees of the company. The most sophisticated entrepneurs create option pools before seeking investment from VCs. However whether or not you have created an option pool before seeking investment, the cap table proposed by a VC will include an option pool.

Option pools are created at or before the time of investment for a few reasons:

First, option pools ensure that the company has sufficient shares to compensate new hires, avoiding any future politicking of stakeholders to protect their investments at the expense of the company’s growth. Second, creating new shares in the future can be costly (legal and accounting fees) and time consuming (as the board is required to meet and approve the creation of new shares). Third, by allocating the option pool up front, it is easier for the VC to evaluate the dilutive effect that these shares might have on stakeholders, enabling VCs to ensure that the cap table is appropriately balanced for the near future.

Depending on how many employees the company needs to hire in the future, their seniority in the company and the value of the company, the size of the option pool may vary. However, at the series A round the option pool is typically sized as 10% to 20% of the cap table.

Options pools are a standard component of the cap table – something that entrepneurs should be aware of when considering the future structuring of the company.