{"id":57028,"date":"2019-06-27T13:19:26","date_gmt":"2019-06-27T11:19:26","guid":{"rendered":"https:\/\/blog.salesflare.com\/term-sheet-guide"},"modified":"2026-01-12T16:31:00","modified_gmt":"2026-01-12T15:31:00","slug":"term-sheet-guide","status":"publish","type":"post","link":"https:\/\/blog.salesflare.com\/ja\/\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u30fb\u30ac\u30a4\u30c9","title":{"rendered":"\u7a76\u6975\u306e\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u30fb\u30ac\u30a4\u30c9 - \u3059\u3079\u3066\u306e\u6761\u4ef6\u3068\u6761\u9805\u3092\u89e3\u8aac"},"content":{"rendered":"<h1>\u7a76\u6975\u306e\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u30fb\u30ac\u30a4\u30c9 - \u3059\u3079\u3066\u306e\u6761\u4ef6\u3068\u6761\u9805\u3092\u89e3\u8aac<\/h1>\n<h2 class=\"h2-subheader\">\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u8cc7\u91d1\u8abf\u9054\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u30d1\u30fc\u30c89<\/h2>\n<figure class=\"image regular\"><img decoding=\"async\" src=\"https:\/\/images.storychief.com\/account_481\/unsplash-image_fca12b397fc35bc770347673555f8b18_800.jpg\" alt=\"\u30b5\u30a4\u30f3\u30fb\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\"><figcaption>\u30ab\u30e1\u30e9\u30de\u30f3 <a href=\"https:\/\/unsplash.com\/@adeolueletu\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"translation-block\">\u30a2\u30c7\u30aa\u30eb\u30fb\u30a8\u30ec\u30c8\u30a5<\/a><\/figcaption><\/figure>\n<p class=\"translation-block\">\u3042\u306a\u305f\u306f<u><a href=\"https:\/\/blog.salesflare.com\/ja\/\u6295\u8cc7\u5bb6\u3078\u306e\u58f2\u308a\u8fbc\u307f\u65b9\">\u6295\u8cc7\u5bb6<\/a><\/u>\u306b\u58f2\u308a\u8fbc\u307f\u3001\u305d\u306e\u3046\u3061\u306e\u4f55\u4eba\u304b\u306f\u8208\u5473\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u3055\u3066\u3001\u5177\u4f53\u7684\u306a\u4ea4\u6e09\u306b\u5165\u308b\u524d\u306b\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u3068\u3088\u304f\u4f7f\u308f\u308c\u308b\u6761\u9805\u306b\u3064\u3044\u3066\u77e5\u3063\u3066\u304a\u304f\u3079\u304d\u3053\u3068\u3092\u3059\u3079\u3066\u5b66\u3093\u3067\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<p class=\"translation-block\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306f\u3001<strong>\u3042\u306a\u305f\u304c\u3053\u308c\u307e\u3067\u306b\u7f72\u540d\u3057\u305f\u4e2d\u3067\u6700\u3082\u91cd\u8981\u306a\u6587\u66f8\u306e\u4e00\u3064<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u66f8\u985e\u306f\u3001\u6295\u8cc7\u5bb6\u3068\u306e\u53d6\u5f15\u306e\u91cd\u8981\u306a\u6761\u4ef6\u3092\u6982\u8aac\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u6210\u9577\u3059\u308b\u306e\u3092\u3069\u308c\u3060\u3051\u697d\u3057\u3080\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3092\u6c7a\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\ud83d\udc48<\/p>\n<p class=\"translation-block\">\u554f\u984c\u306a\u306e\u306f\u3001\u3042\u306a\u305f\u304c\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u3092\u53d7\u3051\u53d6\u308b\u3068\u304d\u3001\u304a\u305d\u3089\u304f\u305d\u308c\u304c\u521d\u3081\u3066\u3060\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u30c6\u30fc\u30d6\u30eb\u306e\u5411\u3053\u3046\u5074\u306b\u3044\u308b\u5f53\u4e8b\u8005\u306f\u3001\u3059\u3067\u306b\u4f55\u767e\u4ef6\u3082\u898b\u3066\u3044\u308b\u306f\u305a\u3060\u3002<\/p>\n<p class=\"translation-block\">\u3060\u304b\u3089\u3053\u305d\u3001\u3067\u304d\u308b\u9650\u308a\u306e\u6e96\u5099\u3092\u3057\u3001<strong>\u305d\u306e\u57fa\u672c\u7684\u306a\u69cb\u6210\u8981\u7d20<\/strong>\u3092\u3059\u3079\u3066\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u5148\u3092\u8aad\u3080\u3079\u304d\u306a\u306e\u3060\u3002<\/p>\n<blockquote><p><em class=\"translation-block\">\u3053\u306e\u6295\u7a3f\u306f\u3001\u65b0\u3057\u3044<a href=\"https:\/\/blog.salesflare.com\/ja\/\u8d77\u696d\u8cc7\u91d1\">\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u8cc7\u91d1\u8abf\u9054\u306b\u95a2\u3059\u308b\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u30b7\u30ea\u30fc\u30ba<\/a>\u306e\u30d1\u30fc\u30c89\u3067\u3059\u3002\u8cc7\u91d1\u8abf\u9054\u306f\u3001\u3059\u3079\u3066\u306e\u30d3\u30b8\u30cd\u30b9\u3092\u52d5\u304b\u3059\u71c3\u6599\u3067\u3042\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3092\u6210\u529f\u3055\u305b\u305f\u3044\u306e\u3067\u3042\u308c\u3070\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u88cf\u3068\u8868\u3092\u77e5\u308b\u3053\u3068\u306f\u4e0d\u53ef\u6b20\u3067\u3042\u308b\u3002\u79c1\u305f\u3061\u306f\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u95a2\u3059\u308b\u30b3\u30f3\u30d1\u30af\u30c8\u3067\u5305\u62ec\u7684\u306a\u30ac\u30a4\u30c9\u3092\u63a2\u3057\u307e\u3057\u305f\u304c\u3001\u3069\u3053\u306b\u3082\u898b\u3064\u304b\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u3053\u308c\u304c\u305d\u306e\u5fc5\u9808\u30ac\u30a4\u30c9\u3067\u3042\u308b\u3002<\/em><\/p>\n<p class=\"translation-block\">\u9769\u65b0\u7684\u306a\u30a2\u30a4\u30c7\u30a2\u3068\u30b9\u30b1\u30fc\u30e9\u30d6\u30eb\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u6301\u30641,000\u4eba\u4ee5\u4e0a\u306e\u8d77\u696d\u5bb6\u3092\u652f\u63f4\u30fb\u4fc3\u9032\u3059\u308b\u30d9\u30eb\u30ae\u30fc\u6700\u5927\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\uff06\u30b9\u30b1\u30fc\u30eb\u30a2\u30c3\u30d7\u30fb\u30a2\u30af\u30bb\u30e9\u30ec\u30fc\u30bf\u30fc<u><a href=\"https:\/\/www.startit.be\/\"> Start it @KBC<\/a><\/u>\u3068\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3067\u304a\u5c4a\u3051\u3057\u307e\u3059\u3002<\/p><\/blockquote>\n<p><em class=\"translation-block\">- \u5c0f\u898f\u6a21B2B\u4f01\u696d\u5411\u3051\u306e\u4f7f\u3044\u3084\u3059\u3044\u55b6\u696dCRM\u3001<u><a href=\"https:\/\/salesflare.com\/\">Salesflare<\/a><\/u>\u306e\u5171\u540c\u5275\u8a2d\u8005\u3001Jeroen Corthout\u6c0f\u3002<\/em><br>\n\n    <figure class=\"image strchf-type-image regular strchf-size-regular strchf-align-center\">\n      <a href=\"https:\/\/salesflare.com\">\n        <picture>\n          <source \n            srcset=\"https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-800.avif 1x,                     https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-1600.avif 2x\" \n            type=\"image\/avif\" \/>\n          <source \n            srcset=\"https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-800.png 1x,                     https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-1600.png 2x\" \n            type=\"image\/png\" \/>\n          <img decoding=\"async\" \n            src=\"https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-800.png\" \n            srcset=\"https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-800.png 1x,                     https:\/\/lib.salesflare.com\/images\/sf-blog-footer-transparent-1600.png 2x\" \n            alt=\"Salesflare\u306eCRM\u3092\u8a66\u3059\" \/>\n        <\/picture>\n      <\/a>\n    <\/figure><\/p>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<h2 id=\"56od5\">\u307e\u305a\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u3068\u306f\u4f55\u304b\u3002<\/h2>\n<p class=\"translation-block\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u3068\u306f\u3001\u91cd\u8981\u306a<strong>\u53d6\u5f15\u6761\u4ef6<\/strong>\u3092\u542b\u3080\u6587\u66f8\u3067\u3042\u308b\u3002\u3053\u306e\u6587\u66f8\u306f\u3001\u5b9f\u969b\u306b\u6cd5\u7684\u306a\u5951\u7d04\u3092\u7de0\u7d50\u3057\u3001\u6642\u9593\u306e\u304b\u304b\u308b\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306b\u7740\u624b\u3059\u308b\u524d\u306b\u3001\u4e21\u5f53\u4e8b\u8005\u304c\u8a2d\u5b9a\u3057\u305f\u5951\u7d04\u306e\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3092\u8981\u7d04\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3053\u306e\u6587\u66f8\u306f\u5f8c\u65e5\u3001<a href=\"https:\/\/www.legalontech.com\/contract-playbooks\"><strong>\u30c6\u30f3\u30d7\u30ec\u30fc\u30c8<\/strong>\u3068\u3057\u3066\u3001\u6cd5\u5f8b\u30c1\u30fc\u30e0<\/a>\u304c\u6700\u7d42\u5408\u610f\u66f8\u3092\u8d77\u8349\u3059\u308b\u969b\u306b\u4f7f\u7528\u3055\u308c\u308b\u3002\u305f\u3060\u3057\u3001<strong>\u6cd5\u7684\u62d8\u675f\u529b\u306f\u306a\u304f<\/strong>\u3001\u91cd\u8981\u304b\u3064\u5927\u307e\u304b\u306a\u30dd\u30a4\u30f3\u30c8\u306e\u307f\u304c\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<p class=\"translation-block\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306e\u30c6\u30f3\u30d7\u30ec\u30fc\u30c8\u306e\u4f8b\u3068\u3057\u3066\u306f\u3001<u><a href=\"https:\/\/blog.ycombinator.com\/a-standard-and-clean-series-a-term-sheet\/\">Y Combinator<\/a><\/u> \u3068 <u><a href=\"https:\/\/www.capitalwaters.nl\/downloads\/model-documents\/\">Capital Waters<\/a><\/u> \u304c\u5171\u6709\u3057\u3066\u3044\u308b\u3082\u306e\u3092\u898b\u3066\u307f\u3088\u3046\u3002<\/p>\n<p class=\"translation-block\">\u00a0<\/p>\n<h2 id=\"ec3fb\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u4ea4\u6e09\u3068\u306f\uff1f<\/h2>\n<p class=\"translation-block\">\u8d77\u696d\u5bb6\u3068\u3057\u3066\u3001\u3042\u306a\u305f\u306f\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3092\u7dad\u6301\u3057\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3092\u7dad\u6301\u3057\u3001\u30c0\u30a6\u30f3\u30b5\u30a4\u30c9\u30ea\u30b9\u30af\u3092\u5236\u9650\u3057\u306a\u304c\u3089\u3001\u5fc5\u8981\u306a\u8cc7\u672c\u3092\u8abf\u9054\u3057\u3088\u3046\u3068\u3059\u308b\u3002<\/p>\n<p class=\"translation-block\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306f\u3001\u5f53\u4e8b\u8005\u9593\u3067<strong>\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3068\u30ea\u30b9\u30af\u3092\u5206\u5272\u3059\u308b<\/strong>\u3053\u3068\u304c\u3059\u3079\u3066\u3067\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u306b\u3001\u6a19\u6e96\u7684\u306a\u6761\u9805\u304c\u3044\u304f\u3064\u304b\u3042\u308b\u3002\u3069\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3082\u7570\u306a\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u3053\u308c\u3089\u306e\u6761\u9805\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u306f\u3001\u6b63\u3057\u3044\u6c7a\u65ad\u3092\u3059\u308b\u305f\u3081\u306e\u826f\u3044\u7b2c\u4e00\u6b69\u3068\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3053\u306e\u66f8\u985e\u306f\u3001<strong>\u6295\u8cc7\u5bb6\u306e\u672c\u5f53\u306e\u59ff\u3092\u898b\u308b\u305f\u3081\u306e\u91cd\u8981\u306a\u77ac\u9593<\/strong>\u3067\u3082\u3042\u308b\u3053\u3068\u3092\u6c7a\u3057\u3066\u5fd8\u308c\u3066\u306f\u306a\u3089\u306a\u3044\u3002\u5f7c\u3089\u304c\u4f55\u3092\u6c42\u3081\u308b\u304b\u3001\u3042\u308b\u3044\u306f\u6c42\u3081\u306a\u3044\u304b\u306b\u3088\u3063\u3066\u3001\u5f7c\u3089\u306e\u7acb\u3061\u4f4d\u7f6e\u3092\u77e5\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<p class=\"translation-block\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306e\u91cd\u8981\u6027\u3092\u5f37\u8abf\u3057\u3001\u305d\u306e\u5b9a\u7fa9\u3092\u518d\u78ba\u8a8d\u3057\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u4ea4\u6e09\u306e\u76ee\u6a19\u306b\u30ba\u30fc\u30e0\u30a4\u30f3\u3057\u305f\u3002\u6b21\u306b\u3001\u69d8\u3005\u306a\u6982\u5ff5\u3001\u7528\u8a9e\u3001\u6761\u9805\u306b\u3064\u3044\u3066\u63a2\u3063\u3066\u307f\u3088\u3046\u3002\ud83e\uddd0<\/p>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<h2 id=\"7pkv1\">\u682a\u5f0f\u306e\u7a2e\u985e\u3092\u7406\u89e3\u3059\u308b<\/h2>\n<p class=\"translation-block\">\u6295\u8cc7\u5bb6\u3092\u4f1a\u793e\u306b\u5165\u308c\u308b\u6642\u70b9\u3067\u3001\u3042\u306a\u305f\u306f\u3059\u3067\u306b\u4f1a\u793e\u3092\u8a2d\u7acb\u3057\u3001\u666e\u901a\u682a\u3092\u4f5c\u3063\u3066\u3044\u308b\u3002<\/p>\n<p class=\"translation-block\">\u6295\u8cc7\u3092\u4fc3\u9032\u3059\u308b\u305f\u3081\u3001\u682a\u5f0f\u3092\u8ffd\u52a0\u767a\u884c\u3059\u308b\u3002\u305d\u306e\u969b\u3001\u65b0\u3057\u3044\u682a\u5f0f\u306e\u7a2e\u985e\u3092\u4f5c\u308b\u3053\u3068\u3092\u6b63\u5f53\u5316\u3067\u304d\u308b\u3088\u3046\u306a\u3001\u7279\u5b9a\u306e\u6761\u9805\u3092\u8ffd\u52a0\u3057\u305f\u3044\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n<p class=\"translation-block\">\u4f8b\u3048\u3070\u3001<strong>B\u7a2e\u682a\u5f0f<\/strong>\u304c\u5275\u8a2d\u3055\u308c\u3001\u305d\u306e\u4fdd\u6709\u8005\u306fA\u7a2e\u682a\u4e3b\uff08\u539f\u682a\uff09\u3088\u308a\u3082\u8b70\u6c7a\u6a29\u304c\u5c11\u306a\u304f\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3082\u3046\u4e00\u3064\u306e\u95a2\u9023\u5546\u54c1\u3068\u3057\u3066\u3001<strong>\u512a\u5148\u682a\u5f0f<\/strong>\u304c\u3042\u308b\u3002\u3053\u308c\u306f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u4e16\u754c\u3067\u3088\u304f\u4f7f\u308f\u308c\u308b\u3082\u306e\u3067\u3001\u3055\u307e\u3056\u307e\u306a\u7a2e\u985e\u306e\u30eb\u30fc\u30eb\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3089\u3060\u3002<\/p>\n<p class=\"translation-block\">\u5b9a\u7fa9\u4e0a\u3001\u901a\u5e38\u306e\u682a\u5f0f\u3088\u308a\u3082\u4e0a\u4f4d\u306b\u4f4d\u7f6e\u3059\u308b\u3002\u3064\u307e\u308a\u3001<a href=\"https:\/\/www.g2.com\/glossary\/marketable-securities-definition#examples-of-marketable-securities\">\u512a\u5148\u682a<\/a>\u306f\u3001\u901a\u5e38\u306e\u682a\u4e3b\u3088\u308a\u3082\u4f1a\u793e\u306e\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u8acb\u6c42\u6a29\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u6e05\u7b97\u306e\u969b\u306b\u306f\u3001\u3053\u308c\u306f\u975e\u5e38\u306b\u91cd\u8981\u306a\u610f\u5473\u3092\u6301\u3064\u3002\ud83d\ude05<\/p>\n<p class=\"translation-block\">\u30d9\u30f3\u30c1\u30e3\u30fc\u6295\u8cc7\u306f\u901a\u5e38\u3001\u512a\u5148\u682a\u5f0f\u3067\u767a\u884c\u3055\u308c\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u672c\u7a3f\u3067\u306f\u3001\u512a\u5148\u682a\u5f0f\u306e\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306b\u3064\u3044\u3066\u4ea4\u6e09\u3057\u3066\u3044\u308b\u3068\u4eee\u5b9a\u3057\u3066\u8a71\u3092\u9032\u3081\u308b\u3002<\/p>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<h2 id=\"ecttf\">\u5927\u6587\u5b57\u3068\u5c0f\u6587\u5b57\u3092\u7406\u89e3\u3059\u308b<\/h2>\n<p class=\"translation-block\"><a href=\"https:\/\/eqvista.com\/cap-table\/cap-table-complete-guide\/\">\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb<\/a>\u3068\u306f\u3001\u8981\u3059\u308b\u306b\u4f1a\u793e\u306e\u7dcf\u8cc7\u672c\u306e\u6982\u8981\u3067\u3042\u308b\u3002.<\/p>\n<p>\u901a\u5e38\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u3067\u4f5c\u6210\u30fb\u4fdd\u5b58\u3055\u308c\u308b\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\u306f\u3001\u4f1a\u793e\u306b\u3068\u3063\u3066\u6700\u3082\u91cd\u8981\u306a\u6587\u66f8\u306e\u3072\u3068\u3064\u3067\u3042\u308b\u3002 <a href=\"https:\/\/daytradingz.com\/how-to-find-undervalued-stocks\/\" class=\"translation-block\">\u3053\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u306b\u5272\u308a\u5f53\u3066\u3089\u308c\u305f\u5024\u3002<\/a><\/p>\n<p class=\"translation-block\">\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\u306f\u5305\u62ec\u7684\u3067\u6b63\u78ba\u3067\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u307e\u305f\u3001\u666e\u901a\u682a\u5f0f\u3084\u512a\u5148\u682a\u5f0f\u306b\u52a0\u3048\u3001\u8ee2\u63db\u793e\u50b5\u3001\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30ef\u30e9\u30f3\u30c8\u306a\u3069\u3001\u4f01\u696d\u306e\u5229\u5bb3\u95a2\u4fc2\u8005\u306e\u3059\u3079\u3066\u306e\u8981\u7d20\u3092\u542b\u3081\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u57fa\u672c\u7684\u306a\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\u304c\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u304b\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u4e0b\u3092\u53c2\u7167\u306e\u3053\u3068\u3002<\/p>\n<figure class=\"image regular\"><img decoding=\"async\" src=\"https:\/\/images.storychief.com\/account_481\/CapTable-termsheet_56b80d79f0006b4b5c4700c85aa2884e_800.jpg\" alt=\"\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\"><figcaption>\u30bd\u30fc\u30b9 <a href=\"https:\/\/seraf-investor.com\/compass\/article\/who-owns-what-understanding-early-stage-capitalization-tables-part-i\" class=\"translation-block\">\u30bb\u30e9\u30d5\u30fb\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc<\/a><\/figcaption><\/figure>\n<p class=\"translation-block\">\u3053\u306e\u8868\u306f\u3001\u5275\u696d\u8005\u3084\u4e3b\u8981\u6295\u8cc7\u5bb6\u306e\u6301\u3061\u682a\u6bd4\u7387\u306a\u3069\u3001\u6700\u3082\u57fa\u672c\u7684\u306a\u60c5\u5831\u3092\u30cf\u30a4\u30e9\u30a4\u30c8\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<h3 id=\"6fuqb\">\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\u306b\u95a2\u3059\u308b\u4e3b\u306a\u7528\u8a9e<\/h3>\n<p class=\"translation-block\">\u91d1\u878d\u306e\u4e16\u754c\u3067\u306f\u4f55\u3067\u3082\u305d\u3046\u3060\u304c\u3001\u5927\u6587\u5b57\u3068\u5c0f\u6587\u5b57\u306e\u8868\u306f\u7279\u5b9a\u306e\u8a00\u8a9e\u3092\u4f7f\u3063\u3066\u3044\u308b\u3002\ud83e\udd14<\/p>\n<h4 id=\"4beqg\">\u8a55\u4fa1<\/h4>\n<p class=\"translation-block\">\u8a55\u4fa1\u306b\u95a2\u3059\u308b\u4e3b\u8981\u306a\u7528\u8a9e\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\uff1a<\/p>\n<ul>\n<li><strong class=\"translation-block\">\u30d7\u30ec\u30fb\u30de\u30cd\u30fc\u30fb\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3<\/strong> - \u6295\u8cc7\u524d\u306e\u4f1a\u793e\u306e\u8a55\u4fa1\uff08\u3053\u308c\u306b\u3064\u3044\u3066\u306f\u5f8c\u8ff0\u3059\u308b\uff09<\/li>\n<li><strong class=\"translation-block\">\u4e8b\u5f8c\u8a55\u4fa1<\/strong> - \u6295\u8cc7\u5f8c\u306e\u4f1a\u793e\u306e\u8a55\u4fa1\uff08\u8a73\u7d30\u306f\u5f8c\u8ff0\uff09<\/li>\n<li><strong class=\"translation-block\">\u682a\u4fa1<\/strong> - \u3053\u308c\u306f\u3001\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u8a55\u4fa1\u984d\u3092\u5b8c\u5168\u5e0c\u8584\u5316\u5f8c\u306e\u682a\u5f0f\u6570\uff08\u4e0b\u8a18\u53c2\u7167\uff09\u3067\u5272\u3063\u3066\u7b97\u51fa\u3055\u308c\u308b\u3002<\/li>\n<\/ul>\n<h4 id=\"6l3iv\">\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30fb\u30bf\u30a4\u30d7<\/h4>\n<p class=\"translation-block\">\u524d\u7bc0\u3067\u5f37\u8abf\u3057\u305f\u3088\u3046\u306b\u3001\u6295\u8cc7\u5bfe\u8c61\u306b\u5bfe\u3057\u3066\u7570\u306a\u308b\u7a2e\u985e\u306e\u8a3c\u5238\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u306f\u73cd\u3057\u304f\u306a\u3044\u3002<\/p>\n<p class=\"translation-block\">\u3055\u3066\u3001\u8cc7\u672c\u91d1\u4e00\u89a7\u8868\u306f\u5305\u62ec\u7684\u304b\u3064\u5b8c\u5168\u3067\u3042\u308b\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3001\u6700\u3082\u4e00\u822c\u7684\u306a\u8a3c\u5238\u306e\u7a2e\u985e\u3092\u305d\u306e\u5b9a\u7fa9\u3078\u306e\u30ea\u30f3\u30af\u3068\u3068\u3082\u306b\u5217\u6319\u3059\u308b\u3002\u672c\u7a3f\u306e\u6b8b\u308a\u306e\u90e8\u5206\u306f\u3001\u666e\u901a\u682a\u5f0f\u3001\u512a\u5148\u682a\u5f0f\u3001\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u899a\u3048\u3066\u304a\u3051\u3070\u5341\u5206\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li class=\"translation-block\"><u><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/difference-between-preferred-stock-and-common-stock\/\">\u666e\u901a\u682a\u5f0f<\/a><\/u>\u3002<\/li>\n<li class=\"translation-block\"><u><a href=\"https:\/\/www.investopedia.com\/articles\/stocks\/06\/preferredstock.asp\">\u512a\u5148\u682a<\/a><\/u>&lt;\/p<\/li>\n<li class=\"translation-block\"><u><a href=\"https:\/\/www.investopedia.com\/terms\/s\/stockoption.asp\">\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3<\/a><\/u>&lt;\/p<\/li>\n<li class=\"translation-block\"><u><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/08\/stock-option-warrant.asp\">\u30ef\u30e9\u30f3\u30c8<\/a><\/u>\u3002<\/li>\n<li class=\"translation-block\"><u><a href=\"https:\/\/www.investopedia.com\/terms\/r\/restrictedstock.asp\">\u5236\u9650\u9298\u67c4<\/a><\/u>\u3002<\/li>\n<\/ul>\n<h4 id=\"3dtkq\">\u30b7\u30a7\u30a2\u6570<\/h4>\n<p class=\"translation-block\">\u30b7\u30a7\u30a2\u6570\u306f\u3001\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\u5206\u6790\u306e\u69d8\u3005\u306a\u5074\u9762\u306e\u5206\u6bcd\u3068\u306a\u308b\u305f\u3081\u91cd\u8981\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><strong class=\"translation-block\">\u767a\u884c\u53ef\u80fd\u682a\u5f0f\u7dcf\u6570<\/strong> - \u682a\u5f0f\u3092\u767a\u884c\u3059\u308b\u524d\u306b\u3001\u53d6\u7de0\u5f79\u4f1a\u306e\u627f\u8a8d\u3092\u5f97\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u767a\u884c\u53ef\u80fd\u682a\u5f0f\u7dcf\u6570\u3068\u306f\u3001\u73fe\u5728\u304a\u3088\u3073\u5c06\u6765\u306e\u767a\u884c\u304c\u8a31\u53ef\u3055\u308c\u3066\u3044\u308b\u682a\u5f0f\u7dcf\u6570\u306e\u3053\u3068\u3067\u3042\u308b\uff08\u3053\u306e\u767a\u884c\u53ef\u80fd\u682a\u5f0f\u7dcf\u6570\u306f\u3001\u4f8b\u3048\u3070\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u767a\u884c\u306a\u3069\u3001\u5c06\u6765\u306e\u767a\u884c\u306b\u5341\u5206\u306a\u3082\u306e\u3067\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\uff09\u3002<\/li>\n<li><strong class=\"translation-block\">\u767a\u884c\u6e08\u682a\u5f0f\u6570<\/strong> - \u767a\u884c\u6e08\u307f\u682a\u5f0f\u7dcf\u6570\uff08\u6388\u6a29\u682a\u5f0f\u306e\u4e00\u90e8\uff09\u3002\u6a29\u5229\u884c\u4f7f\u3055\u308c\u305f\u5834\u5408\u306b\u306e\u307f\u767a\u884c\u3055\u308c\u308b\u305f\u3081\u3001\u4ed8\u4e0e\u3055\u308c\u3066\u3044\u306a\u3044\u30aa\u30d7\u30b7\u30e7\u30f3\u3084\u6a29\u5229\u884c\u4f7f\u3055\u308c\u3066\u3044\u306a\u3044\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u542b\u307e\u308c\u306a\u3044\uff08\u3057\u305f\u304c\u3063\u3066\u3001\u5341\u5206\u306a\u6388\u6a29\u682a\u5f0f\u6570\u304c\u5fc5\u8981\u3067\u3042\u308b\uff09\u3002<\/li>\n<li><strong class=\"translation-block\">\u6f5c\u5728\u682a\u5f0f\u6570<\/strong> - \u3053\u308c\u306f\u3001\u4ed8\u4e0e\u3055\u308c\u305f\u3059\u3079\u3066\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u8b72\u6e21\u5236\u9650\u4ed8\u682a\u5f0f\u3001\u30ef\u30e9\u30f3\u30c8\u3001\u304a\u3088\u3073\u30aa\u30d7\u30b7\u30e7\u30f3\u30d7\u30fc\u30eb\u81ea\u4f53\u306e\u6b8b\u308a\u3092\u30e2\u30c7\u30eb\u5316\u3057\u3001\u3053\u308c\u3089\u306e\u672a\u767a\u884c\u9805\u76ee\u304c\u3059\u3079\u3066\u4ed8\u4e0e\u3055\u308c\u884c\u4f7f\u3055\u308c\u305f\u5834\u5408\u306e\u7406\u8ad6\u7684\u306a\u682a\u5f0f\u6570\u3092\u8868\u3059\u8a08\u7b97\u3067\u3042\u308b\u3002<\/li>\n<\/ul>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<figure class=\"image regular\"><img decoding=\"async\" src=\"https:\/\/images.storychief.com\/account_481\/unsplash-image_715139b78647c260e1cbc6716d860614_800.jpg\" alt=\"\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u3092\u8aad\u3080\"><figcaption>\u30ab\u30e1\u30e9\u30de\u30f3 <a href=\"https:\/\/unsplash.com\/@mari\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"translation-block\">\u30de\u30ea\u30fb\u30d8\u30ea\u30f3<\/a><\/figcaption><\/figure>\n<p class=\"translation-block\">\u00a0<\/p>\n<h2 id=\"84ara\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306e\u4e3b\u8981\u6761\u9805\u3092\u7406\u89e3\u3059\u308b<\/h2>\n<p class=\"translation-block\">\u307b\u3068\u3093\u3069\u306e\u4eba\u306f\u3001\u6295\u8cc7\u306f\u8a55\u4fa1\u3068\u6295\u8cc7\u3068\u3044\u30462\u3064\u306e\u30ad\u30fc\u30ef\u30fc\u30c9\u3067\u6c7a\u307e\u308b\u3068\u8a00\u3046\u3060\u308d\u3046\u3002<\/p>\n<p class=\"translation-block\">\u3057\u304b\u3057\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u306a\u304c\u3089\u6700\u9ad8\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3088\u3046\u3068\u3059\u308b\u305f\u3081\u3001\u591a\u304f\u306e\u6761\u9805\u304c\u8ffd\u52a0\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u308c\u3089\u306f\u53d6\u5f15\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3002<\/p>\n<p class=\"translation-block\">\u8a55\u4fa1\u304c\u4f4e\u304f\u3066\u3082\u6761\u4ef6\u306e\u826f\u3044\u53d6\u5f15\u306e\u65b9\u304c\u826f\u3044\u53d6\u5f15\u306b\u306a\u308b\u3053\u3068\u304c\u591a\u3044\u3002\ud83d\udc48<\/p>\n<p 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class=\"translation-block\">\u6b21\u306e\u9805\u76ee\u306f<strong>\u8a55\u4fa1<\/strong>\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u4ea4\u6e09\u306e\u30b9\u30bf\u30fc\u30c8\u306f\u3001\u304a\u4e92\u3044\u304c\u540c\u3058\u3053\u3068\u3092\u8a71\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3060\u3002\u91d1\u92ad\u306e\u524d\u5f8c\u306b\u95a2\u3057\u3066\u306f\u3001\u3053\u308c\u306f\u5fc5\u305a\u3057\u3082\u5358\u7d14\u3067\u306f\u306a\u3044\u3002<\/p>\n<p><strong class=\"translation-block\">\u30d7\u30ec\u30fb\u30de\u30cd\u30fc\u3068\u30dd\u30b9\u30c8\u30fb\u30de\u30cd\u30fc\u306e\u8a55\u4fa1<\/strong><\/p>\n<p class=\"translation-block\">\u30d7\u30ec\u3068\u30dd\u30b9\u30c8\u306e\u6c7a\u5b9a\u7684\u306a\u9055\u3044\u306f\u30bf\u30a4\u30df\u30f3\u30b0\u3060\u3002<\/p>\n<p><strong class=\"translation-block\">\u30d7\u30ec\u30fb\u30de\u30cd\u30fc<\/strong> 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class=\"translation-block\">\u3053\u3053\u3067\u3001\u3042\u306a\u305f\u306e\u4f1a\u793e\u306b\u5bfe\u3057\u3066$500,000\u5186\u306e\u6295\u8cc7\u3092\u8003\u3048\u3066\u304a\u308a\u3001\u3042\u306a\u305f\u306e\u4f1a\u793e\u306e\u4fa1\u5024\u304c$1,000,000\u5186\u3067\u3042\u308b\u3068\u5224\u65ad\u3057\u305f\u3068\u3057\u307e\u3059\u3002\u3053\u306e$1,000,000\u304c\u6295\u8cc7\u524d\u306e\u8a55\u4fa1\u984d\u3067\u3042\u308c\u3070\u3001\u3042\u306a\u305f\u306f\u6295\u8cc7\u5f8c\u306b3\u5206\u306e2\u306e\u682a\u5f0f\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e$1,000,000\u304c\u8cc7\u91d1\u8abf\u9054\u5f8c\u306e\u8a55\u4fa1\u984d\u3067\u3042\u308c\u3070\u3001\u3042\u306a\u305f\u306f\u6295\u8cc7\u5f8c\u3001\u682a\u5f0f\u306e\u534a\u5206\u3057\u304b\u4fdd\u6709\u3057\u306a\u3044\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p class=\"translation-block\">\u4e0b\u8868\u3067\u306f\u3001\u30d7\u30ec\u30de\u30cd\u30fc\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u592a\u5b57\u3067\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n<figure class=\"image regular\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/images.storychief.com\/account_481\/Pre-moneyvspost-money-termsheet_20e6b32cb63c8159ffc95e70038e5aa3_800.JPG\" alt=\"\u30d7\u30ea\u30fb\u30de\u30cd\u30fc\u30fb\u30dd\u30b9\u30c8\u30fb\u30de\u30cd\u30fc\u30fb\u30c1\u30e3\u30fc\u30c8\" width=\"800\" height=\"206\"><\/figure>\n<h4 id=\"fi2f7\">c.\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3<\/h4>\n<p class=\"translation-block\">\u512a\u5148\u682a\u5f0f\u306f\u3001\u4e00\u5b9a\u306e\u6a29\u5229\u3092\u4ed8\u4e0e\u3055\u308c\u308b\u305f\u3081\u3001\u666e\u901a\u682a\u5f0f\u3088\u308a\u3082\u4fa1\u5024\u304c\u9ad8\u3044\u3002\u305d\u306e\u4e00\u3064\u304c\u8ee2\u63db\u6a29\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\"><strong>\u8ee2\u63db\u6a29<\/strong>\u3068\u306f\u3001\u512a\u5148\u682a\u5f0f\u3092\u666e\u901a\u682a\u5f0f\u306b\u8ee2\u63db\u3059\u308b\u6a29\u5229\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3053\u308c\u304c\u8d77\u3053\u308b\u5272\u5408\u304c<strong>\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u7387<\/strong>\u3067\u3042\u308b\uff08\u4f8b\u3048\u30702:1\uff09\u3002<\/p>\n<p class=\"translation-block\">\u8ee2\u63db\u6a29\u306b\u306f\u4efb\u610f\u8ee2\u63db\u6a29\u3068\u5f37\u5236\u8ee2\u63db\u6a29\u306e2\u7a2e\u985e\u304c\u3042\u308b\u3002<\/p>\n<p><strong class=\"translation-block\">\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong><\/p>\n<p class=\"translation-block\">\u4efb\u610f\u8ee2\u63db\u6a29\u306b\u3088\u308a\u3001\u4fdd\u6709\u8005\u306f\u512a\u5148\u682a\u5f0f\u3092\u666e\u901a\u682a\u5f0f\u306b\u8ee2\u63db\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\uff08\u5f53\u521d\u306f1\u5bfe1\uff09\u3002<\/p>\n<p class=\"translation-block\">\u3042\u308b\u6295\u8cc7\u5bb6\u304c\u3001\u3042\u306a\u305f\u306e\u4f1a\u793e\u306e\u767a\u884c\u6e08\u307f\u682a\u5f0f\u306e 25% \u306b\u76f8\u5f53\u3059\u308b $1 \u767e\u4e07\u306e\u975e\u53c2\u52a0\u578b 2x \u6e05\u7b97\u512a\u5148\u6a29\u3092\u6301\u3063\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u4f1a\u793e\u304c$50\u767e\u4e07\u30c9\u30eb\u3067\u58f2\u5374\u3055\u308c\u305f\u5834\u5408\u3001\u6295\u8cc7\u5bb6\u306f\u6e05\u7b97\u512a\u5148\u6a29\u306b\u3088\u308a\u6700\u521d\u306e$2\u767e\u4e07\u30c9\u30eb\u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p 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href=\"https:\/\/blog.salesflare.com\/ja\/\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u682a\u5f0f\u5206\u5272\u65b9\u6cd5\">\u5f93\u696d\u54e1\u3068\u682a\u5f0f\u3092\u5171\u6709\u3059\u308b\u3053\u3068<\/a><\/u>\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u3053\u3068\u3092\u77e5\u3063\u3066\u304a\u308a\u3001\u6295\u8cc7\u306e\u524d\u306b\u304b\u306a\u308a\u5927\u304d\u306a\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30d7\u30fc\u30eb\u3092\u7d44\u7e54\u3059\u308b\u3088\u3046\u6c42\u3081\u308b\u3053\u3068\u304c\u3088\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p class=\"translation-block\">\u6295\u8cc7\u524d\u306b\u3053\u308c\u3092\u5f37\u5236\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306e\u5e0c\u8584\u5316\u3092\u9632\u3050\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<p class=\"translation-block\">\u5b9f\u969b\u3001\u6295\u8cc7\u524d\u306e\u30ad\u30e3\u30c3\u30d7\u30c6\u30fc\u30d6\u30eb\u304b\u3089\u51fa\u3066\u304f\u308b\u306e\u3067\u3001\u5275\u696d\u8005\u3067\u3042\u308b\u3042\u306a\u305f\u306e\u6301\u3061\u682a\u306b\u306f\u3001\u4fa1\u683c\u5909\u52d5\u3068\u540c\u69d8\u306e\u5e0c\u8584\u5316\u52b9\u679c\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n<p class=\"translation-block\">\u3053\u306e\u4f8b\u3067\u306f\u3001$1M \u306e\u6295\u8cc7\u3092 $3M \u306e\u30d7\u30ea\u30de\u30cd\u30fc\u3067\u8a55\u4fa1\u3057\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30d7\u30fc\u30eb\u3092\u8a2d\u3051\u306a\u3044\u5834\u5408\u3068\u3001\u540c\u3058\u6295\u8cc7\u3092 15% \u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30d7\u30fc\u30eb\u3067\u30d7\u30ea\u30de\u30cd\u30fc\u3092\u8a2d\u3051\u305f\u5834\u5408\u306e\u9055\u3044\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<figure class=\"image regular\"><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/images.storychief.com\/account_481\/Optionpoolvsnone-termsheet_5604e9c433acf481b76afc4033b68f11_800.JPG\" alt=\"\u30aa\u30d7\u30b7\u30e7\u30f3\u30d7\u30fc\u30eb\u306a\u3057 vs \u30aa\u30d7\u30b7\u30e7\u30f3\u30d7\u30fc\u30eb\u30c1\u30e3\u30fc\u30c8\" width=\"800\" height=\"250\"><\/figure>\n<p class=\"translation-block\">\u3054\u89a7\u306e\u3088\u3046\u306b\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30d7\u30fc\u30eb\u3092\u30d7\u30ec\u30fb\u30de\u30cd\u30fc\u3067\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3067\u3001\u5275\u696d\u8005\u306e\u53d6\u308a\u5206\u304b\u3089\u76f4\u63a5\u637b\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<h4 id=\"7ksic\">e.\u6e05\u7b97\u512a\u5148\u6a29<\/h4>\n<p class=\"translation-block\">\u6e05\u7b97\u512a\u5148\u9806\u4f4d\u306f\u3001\u6e05\u7b97\u3001\u7834\u7523\u3001\u58f2\u5374\u306e\u969b\u306b\u3001\u8ab0\u304c\u6700\u521d\u306b\u3044\u304f\u3089\u652f\u6255\u308f\u308c\u308b\u304b\u3092\u5b9a\u3081\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u6e05\u7b97\u512a\u5148\u6a29\u3092\u542b\u3081\u308b\u3053\u3068\u3067\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306f\u4ed6\u306e\u3069\u306e\u682a\u4e3b\u3088\u308a\u3082\u5148\u306b\u6295\u8cc7\u3092\u56de\u53ce\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3001\u30c0\u30a6\u30f3\u30b5\u30a4\u30c9\u30ea\u30b9\u30af\u304b\u3089\u6295\u8cc7\u3092\u4fdd\u8b77\u3057\u3088\u3046\u3068\u3059\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3053\u3053\u3067\u3001\u3042\u308b\u6295\u8cc7\u5bb6\u304c$500,000\u682a\u306e\u512a\u5148\u682a\u5f0f\uff08\u6e05\u7b97\u512a\u5148\u9806\u4f4d2\u500d\uff09\u306b\u6295\u8cc7\u3057\u305f\u3068\u3059\u308b\u3002<\/p>\n<p class=\"translation-block\">\u4eca\u3001\u4f1a\u793e\u304c$2,000,000\u3067\u58f2\u5374\u3055\u308c\u305f\u5834\u5408\u3001\u6295\u8cc7\u5bb6\u306f$1,000,000\uff082\u500d\u306e$500,000\uff09\u3092\u53d7\u3051\u53d6\u308a\u3001\u901a\u5e38\u306e\u682a\u4e3b\uff08\u666e\u901a\u682a\uff09\u306f\u6b8b\u308a\u306e$1,000,000\u3092\u81ea\u5206\u305f\u3061\u3067\u5206\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u4f8b\u3048\u3070\u3001\u6295\u8cc7\u5bb6\u304c $500,000 \u682a\u3092\u512a\u5148\u682a\u5f0f (2 \u500d) \u3068\u3057\u3066\u6295\u8cc7\u3057\u3001\u3055\u3089\u306b $500,000 \u682a\u3092\u666e\u901a\u682a\u5f0f 50% \u306b\u76f8\u5f53\u3059\u308b\u666e\u901a\u682a\u5f0f\u306b\u6295\u8cc7\u3057\u305f\u3068\u3059\u308b\u3002\u6295\u8cc7\u5bb6\u306f\u6e05\u7b97\u512a\u5148\u6a29\u306b\u3088\u308a$1,000,000\u3092\u53d7\u3051\u53d6\u308a\u3001\u666e\u901a\u682a\u5f0f\u306e\u6240\u6709\u306b\u3088\u308a\u6b8b\u308a\u306e$1,000,000\u306e\u3046\u306150%\u3092\u53d7\u3051\u53d6\u3063\u305f\u3053\u3068\u306b\u306a\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u3001$2,000,000 \u3067\u58f2\u5374\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u58f2\u5374\u6642\u306b\u306f\u4ed6\u306e\u682a\u4e3b\u306b\u306f $500,000 \u3057\u304b\u6b8b\u3089\u306a\u3044\u3002\ud83d\ude16<\/p>\n<p class=\"translation-block\">\u3053\u308c\u306f\u3001\u512a\u5148\u682a\u306b\u5bfe\u3059\u308b\u6e05\u7b97\u512a\u5148\u6a29\u306e\u5f71\u97ff\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n<h4 id=\"3g876\">f.\u512a\u5148\u53c2\u52a0<\/h4>\n<p class=\"translation-block\">\u901a\u5e38\u306e\u512a\u5148\u682a\u5f0f\u3067\u306f\u3001\u512a\u5148\u682a\u4e3b\u304c\u6700\u521d\u306b\u652f\u6255\u3044\u3092\u53d7\u3051\u308b\u3002\u305d\u306e\u5f8c\u3001\u58f2\u5374\u4fa1\u683c\u306e\u6b8b\u308a\u304c\u666e\u901a\u682a\u4e3b\u306b\u652f\u6255\u308f\u308c\u308b\u3002<\/p>\n<p class=\"translation-block\">\u512a\u5148\u682a\u304c\u300c\u53c2\u52a0\u578b\u300d\u3067\u3042\u308b\u5834\u5408\u3001\u53c2\u52a0\u578b\u512a\u5148\u682a\u306f\u3001\uff08\u4e0a\u8a18\u306e\u4f8b\u306e\u3088\u3046\u306b\uff09\u540c\u91cf\u306e\u666e\u901a\u682a\u3082\u4fdd\u6709\u3057\u3066\u3044\u308b\u304b\u306e\u3088\u3046\u306b\u3001\u6b8b\u308a\u306e\u53ce\u76ca\u91d1\u306e\u6bd4\u4f8b\u914d\u5206\u3082\u53d7\u3051\u53d6\u308b\u305f\u3081\u3001\u300c\u4e8c\u91cd\u53d6\u308a\u300d\u3068\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3042\u306a\u305f\u306e\u4f1a\u793e\u306e\u512a\u5148\u53c2\u52a0\u8cc7\u672c\u304c$1,000\u4e07\u682a\u3001\u666e\u901a\u8cc7\u672c\u304c$4,000\u4e07\u682a\u3067\u3042\u308b\u3068\u3059\u308b\u3002\u3053\u306e\u4f8b\u3067\u306f\u3001\u8cc7\u672c\u69cb\u6210\u306e20%\u304c\u512a\u5148\u682a\u5f0f\u3067\u300180%\u304c\u666e\u901a\u682a\u5f0f\u3067\u3042\u308b\u3002\u3042\u306a\u305f\u306e\u4f1a\u793e\u304c$6,000\u4e07\u30c9\u30eb\u3067\u58f2\u5374\u3055\u308c\u305f\u5834\u5408\u3001\u53c2\u52a0\u512a\u5148\u682a\u4e3b\u306f\u307e\u305a$1,000\u4e07\u30c9\u30eb\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u6b8b\u308a\u306e$5,000\u4e07\u682a\u306e\u3046\u306120%\u3082\u53d7\u3051\u53d6\u308b\u306e\u3067\u3001\u5408\u8a08\u3067$2,000\u4e07\u682a\u3068\u306a\u308b\u3002\u53c2\u52a0\u300d\u6761\u9805\u304c\u306a\u3044\u5834\u5408\u306f$1,000\u4e07\u5186\u3057\u304b\u53d7\u3051\u53d6\u308c\u306a\u3044\u306e\u306b\u5bfe\u3057\u3066\u3001\u3053\u308c\u306f$2,000\u4e07\u5186\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u666e\u901a\u914d\u5f53\u306e\u5834\u5408\u3001\u53c2\u52a0\u578b\u512a\u5148\u682a\u5f0f\u3082\u540c\u3058\u539f\u5247\u306b\u5f93\u3063\u3066\u6bd4\u7387\u3092\u53d7\u3051\u53d6\u308b\u3002<\/p>\n<h4 id=\"21bil\">g.\u914d\u5f53\u91d1<\/h4>\n<p class=\"translation-block\">\u4e00\u5b9a\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u4fdd\u8a3c\u3059\u308b\u4e00\u3064\u306e\u65b9\u6cd5\u306f\u3001\u914d\u5f53\uff08\u307e\u305f\u306f\u5229\u5b50\uff09\u3092\u6c42\u3081\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u65b0\u8208\u4f01\u696d\u306e\u5834\u5408\u3001\u3053\u306e\u914d\u5f53\u306f\u5b9a\u671f\u7684\u306b\u652f\u6255\u308f\u308c\u306a\u3044\u3053\u3068\u304c\u591a\u3044\u3002\u305d\u306e\u4ee3\u308f\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u3001\u512a\u5148\u682a\u5f0f\u3092\u6642\u9593\u3092\u304b\u3051\u3066\u5927\u304d\u304f\u3059\u308b\u3053\u3068\u3067\u3001\u914d\u5f53\u3092\u84c4\u7a4d\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u6295\u8cc7\uff08\u58f2\u5374\uff0fIPO\uff09\u306e\u7d42\u4e86\u6642\u306b\u306f\u3001\u512a\u5148\u682a\u5f0f\u306f\u6210\u9577\u3057\u3001\u6295\u8cc7\u5bb6\u306f\u56fa\u5b9a\u30ea\u30bf\u30fc\u30f3\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u57fa\u672c\u7684\u306b\u3001\u6e05\u7b97\u512a\u5148\u5ea6\u306f\u6642\u9593\u306e\u7d4c\u904e\u3068\u3068\u3082\u306b\u5927\u304d\u304f\u306a\u308b\u3002\ud83d\udcc8<\/p>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<figure class=\"image regular\"><img decoding=\"async\" src=\"https:\/\/images.storychief.com\/account_481\/unsplash-image_738dcb325635d379dadd08b841465a21_800.jpg\" alt=\"\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306b\u3088\u308b\u6295\u8cc7\u5bb6\u4fdd\u8b77\"><figcaption>\u30ab\u30e1\u30e9\u30de\u30f3 <a href=\"https:\/\/unsplash.com\/@sixbarrels\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"translation-block\">\u30b1\u30ca\u30f3\u30fb\u30b9\u30ec\u30a4\u30de\u30ce\u30a6\u30eb<\/a><\/figcaption><\/figure>\n<h3 id=\"43vm3\">2.\u6295\u8cc7\u5bb6\u306e\u6a29\u5229\u3068\u4fdd\u8b77\uff1a\u6295\u8cc7\u306e\u4fdd\u8b77<\/h3>\n<p class=\"translation-block\">\u30c7\u30a3\u30fc\u30eb\u30fb\u30a8\u30b3\u30ce\u30df\u30af\u30b9\u306b\u3064\u3044\u3066\u8b70\u8ad6\u3059\u308b\u969b\u3001\u6295\u8cc7\u5bb6\u304c\u30c7\u30a3\u30fc\u30eb\u306b\u304a\u3051\u308b\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3092\u3069\u306e\u3088\u3046\u306b\u6700\u9069\u5316\u3059\u308b\u304b\u306b\u3064\u3044\u3066\u306f\u65e2\u306b\u898b\u3066\u304d\u305f\u3002\u3053\u3053\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u6295\u8cc7\u3092\u4fdd\u8b77\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528\u3055\u308c\u308b\u6761\u9805\u306b\u3064\u3044\u3066\u898b\u3066\u3044\u3053\u3046\u3002<\/p>\n<p class=\"translation-block\">\u3053\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3067\u6700\u3082\u91cd\u8981\u306a\u6761\u9805\u306f\u5e0c\u8584\u5316\u9632\u6b62\u6761\u9805\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u5e0c\u8584\u5316\u306f\u3001\u4f01\u696d\u304c\u3088\u308a\u591a\u304f\u306e\u682a\u5f0f\u3092\u767a\u884c\u3057\u3001\u65e2\u5b58\u682a\u4e3b\u306e\u6240\u6709\u6a29\u304c\u6e1b\u5c11\u3059\u308b\u3053\u3068\u3067\u8d77\u3053\u308b\u3002<\/p>\n<h4 id=\"3639k\">a.\u5e0c\u8584\u5316\u9632\u6b62\u6a29<\/h4>\n<p class=\"translation-block\">\u5e0c\u8584\u5316\u9632\u6b62\u6761\u9805\u304c\u3042\u308c\u3070\u3001\u4f1a\u793e\u306f\u3001\u6700\u521d\u306e\u6295\u8cc7\u5bb6\u304c\u652f\u6255\u3063\u305f\u4fa1\u683c\u3088\u308a\u3082\u4f4e\u3044\u4fa1\u683c\u3067\u4ed6\u306e\u8ab0\u304b\u306b\u682a\u5f0f\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u6295\u8cc7\u5bb6\u306e\u5e0c\u8584\u5316\u3092\u9632\u3050\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<p class=\"translation-block\">\u52a0\u91cd\u5e73\u5747\u5e0c\u8584\u5316\u9632\u6b62\u65b9\u5f0f\u3068\u30e9\u30c1\u30a7\u30c3\u30c8\u65b9\u5f0f\u5e0c\u8584\u5316\u9632\u6b62\u65b9\u5f0f\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u30b7\u30ea\u30fc\u30baA\u30e9\u30a6\u30f3\u30c9\u306e\u4ea4\u6e09\u4e2d\u3060\u3068\u4eee\u5b9a\u3057\u3088\u3046\u3002<\/p>\n<p><strong class=\"translation-block\">\u30d5\u30eb\u30e9\u30c1\u30a7\u30c3\u30c8\u30fb\u30a2\u30f3\u30c1\u30fb\u30c0\u30a4\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3<\/strong><\/p>\n<p class=\"translation-block\">\u30d5\u30eb\u30fb\u30e9\u30c1\u30a7\u30c3\u30c8\u3068\u306f\u3001\u4f01\u696d\u304c\u5c06\u6765\u3001\u30b7\u30ea\u30fc\u30baA\u306e\u4fa1\u683c\u3092\u4e0b\u56de\u308b\u4fa1\u683c\u3067\u65b0\u682a\u3092\u767a\u884c\u3057\u305f\u5834\u5408\u3001\u30b7\u30ea\u30fc\u30baA\u306e\u4fa1\u683c\u304c\u4f4e\u3044\u65b9\u306e\u4fa1\u683c\u306b\u5f15\u304d\u4e0b\u3052\u3089\u308c\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3053\u308c\u306f\u4e8b\u5b9f\u4e0a\uff08\u30d5\u30eb\u30e9\u30c1\u30a7\u30c3\u30c8\u306e\u5834\u5408\uff09\u3001\u4f01\u696d\u304c\u30b7\u30ea\u30fc\u30baA\u306e\u4fa1\u683c\u3092\u4e0b\u56de\u308b\u4fa1\u683c\u30671\u682a\u3092\u767a\u884c\u3057\u305f\u5834\u5408\u3001\u30b7\u30ea\u30fc\u30baA\u306e\u3059\u3079\u3066\u304c\u518d\u8abf\u9054\u3055\u308c\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3069\u3046\u3044\u3046\u610f\u5473\uff1f\ud83e\udd14<\/p>\n<p class=\"translation-block\">\u30b7\u30ea\u30fc\u30baA\u306e\u4fa1\u683c\u304c\u5909\u66f4\u3055\u308c\u308c\u3070\u3001\u6240\u6709\u6a29\u3084\u8ee2\u63db\u7387\u3082\u5909\u66f4\u3055\u308c\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3082\u3068\u3082\u3068100,000\u682a\u30011\u682a\u5f53\u305f\u308a$10\u306e\u682a\u4fa1\u306e\u4f1a\u793e\u304c\u3042\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u3042\u306a\u305f\u306f\u4eca\u30011\u682a\u5f53\u305f\u308a$10\u306e\u682a\u4fa1\u306710\u4e07\u682a\u3092\u767a\u884c\u3057\u3001$1,000,000\u306e\u6295\u8cc7\u3092\u884c\u3044\u307e\u3059\u3002\u30b7\u30ea\u30fc\u30baA\u7d42\u4e86\u6642\u3001\u3042\u306a\u305f\u306f\u5408\u8a08200,000\u682a\u306e\u3046\u3061100,000\u682a\u3092\u4fdd\u6709\u3057\u300150%\u306e\u682a\u5f0f\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u30b7\u30ea\u30fc\u30baA\u306e\u4fa1\u683c\u304c1\u682a\u5f53\u305f\u308a$9\u306b\u518d\u5024\u4e0b\u3052\u3055\u308c\u305f\u5834\u5408\u3001\u6295\u8cc7\u984d\u306f$1,000,000\u306e\u307e\u307e\u3060\u304c\u3001111,111\u682a\u3068\u306a\u308a\u3001\u6240\u6709\u6a29\u306f100,000\u00f7211,000\u3001\u3064\u307e\u308a47%\u306b\u6e1b\u5c11\u3059\u308b\u3002<\/p>\n<p><strong class=\"translation-block\">\u52a0\u91cd\u5e73\u5747\u5e0c\u8584\u5316\u9632\u6b62<\/strong><\/p>\n<p class=\"translation-block\">\u3088\u308a\u4e00\u822c\u7684\u306b\u4f7f\u7528\u3055\u308c\u308b\u65b9\u6cd5\u306f\u3001\u52a0\u91cd\u5e73\u5747\u5e0c\u8584\u5316\u9632\u6b62\u6cd5\u3067\u3042\u308b\u3002\u3053\u3053\u3067\u306f\u3001\u30b7\u30ea\u30fc\u30baA\u306e<a href=\"https:\/\/www.omnicalculator.com\/finance\/present-value\">\u65b0\u3057\u3044\u4fa1\u683c\u306e\u8a08\u7b97<\/a>\u306b\u304a\u3044\u3066\u3001\u5f15\u304d\u4e0b\u3052\u3089\u308c\u305f\u4fa1\u683c\u3067\u767a\u884c\u3055\u308c\u305f\u682a\u5f0f\u6570\u304c\u8003\u616e\u3055\u308c\u308b\u3002<\/p>\n<p><em class=\"translation-block\">ncp = ocp * ( (cso + csp) \/ (cso + csap))<\/em><\/p>\n<ul>\n<li class=\"translation-block\">NCP = \u65b0\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u4fa1\u683c<\/li>\n<li class=\"translation-block\">OCP = \u65e7\u4ea4\u63db\u4fa1\u683c<\/li>\n<li class=\"translation-block\">CSO\uff1d\u65b0\u682a\u767a\u884c\u76f4\u524d\u306e\u767a\u884c\u6e08\u666e\u901a\u682a\u5f0f\u6570<\/li>\n<li class=\"translation-block\">CSP = \u30c0\u30a6\u30f3\u30e9\u30a6\u30f3\u30c9\u3067\u306a\u3044\u5834\u5408\u306b\u8cfc\u5165\u3057\u305f\u666e\u901a\u682a\uff08\u30b7\u30ea\u30fc\u30baA\u306e\u4fa1\u683c\u8a2d\u5b9a\u6642\uff09<\/li>\n<li class=\"translation-block\">CSAP\uff1d\u30e9\u30a6\u30f3\u30c9\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u5b9f\u969b\u306b\u8cfc\u5165\u3055\u308c\u305f\u666e\u901a\u682a<\/li>\n<\/ul>\n<p class=\"translation-block\">\u52a0\u91cd\u5e73\u5747\u5e0c\u8584\u5316\u9632\u6b62\u7b56\u306f\u3001\u65b0\u898f\u30e9\u30a6\u30f3\u30c9\u3067\u767a\u884c\u3055\u308c\u308b\u682a\u5f0f\u6570\u3092\u8003\u616e\u3059\u308b\u305f\u3081\u3001\u30d5\u30eb\u30e9\u30c1\u30a7\u30c3\u30c8\u3088\u308a\u3082\u5275\u696d\u8005\u306b\u512a\u3057\u3044\u3002\ud83d\udc48<\/p>\n<p class=\"translation-block\">\u4e00\u822c\u306b\u3001\u5e83\u7fa9\u30d9\u30fc\u30b9\u3068\u72ed\u7fa9\u30d9\u30fc\u30b9\u306e2\u7a2e\u985e\u304c\u3042\u308b\u3002<strong>\u30d6\u30ed\u30fc\u30c9\u30d9\u30fc\u30b9<\/strong>\u52a0\u91cd\u5e73\u5747\u5e0c\u8584\u5316\u9632\u6b62\u306f\u3001\u4f1a\u793e\u306e\u5b8c\u5168\u5e0c\u8584\u5316\u8cc7\u672c\u306b\u5fdc\u3058\u3066\u682a\u5f0f\u306e\u91cf\u3092\u30ab\u30a6\u30f3\u30c8\u3057\u307e\u3059\u3002<strong>\u72ed\u7fa9\u30d9\u30fc\u30b9<\/strong>\u306f\u3001\u666e\u901a\u682a\u5f0f\u306e\u307f\u3092\u30ab\u30a6\u30f3\u30c8\u3059\u308b\u3002\u305d\u306e\u4e2d\u9593\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u3057\u3070\u3057\u3070\u4ea4\u6e09\u3055\u308c\u3001\u30d9\u30fc\u30b9\u304c\u5e83\u3044\u307b\u3069\u5e0c\u8584\u5316\u9632\u6b62\u306e\u8abf\u6574\u5e45\u306f\u5c0f\u3055\u304f\u306a\u308a\u3001\u3057\u305f\u304c\u3063\u3066\u5275\u696d\u8005\u306b\u3082\u512a\u3057\u3044\u3002<\/p>\n<h4 id=\"6hsoh\">b.\u65b0\u682a\u5f15\u53d7\u6a29\u307e\u305f\u306f\u6bd4\u4f8b\u914d\u5206\u6a29<\/h4>\n<p class=\"translation-block\">\u30d7\u30ed\u30e9\u30bf\u6a29\u307e\u305f\u306f\u65b0\u682a\u5f15\u53d7\u6a29\uff08pre-emptive rights\uff09\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u6a29\u5229\u3092\u4e0e\u3048\u308b\u304c\u3001\u305d\u306e\u5f8c\u306e\u8cc7\u91d1\u8abf\u9054\u30e9\u30a6\u30f3\u30c9\u3092\u901a\u3058\u3066\u305d\u306e\u6240\u6709\u6a29\u30ec\u30d9\u30eb\u3092\u7dad\u6301\u3059\u308b\u7fa9\u52d9\u306f\u306a\u3044\u3002<\/p>\n<p class=\"translation-block\">\u3053\u308c\u306f\u3001\u65b0\u682a\u4e88\u7d04\u6a29\u306e\u4fdd\u6709\u8005\u304c\u3001\u975e\u4fdd\u6709\u8005\u306b\u5148\u7acb\u3061\u3001\u5c06\u6765\u306e\u666e\u901a\u682a\u5f0f\u767a\u884c\u306b\u6bd4\u4f8b\u7684\u306b\uff08\u30d7\u30ed\u30e9\u30bf\uff09\u53c2\u52a0\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u5148\u53d6\u7279\u6a29\u3001\u5e0c\u8584\u5316\u9632\u6b62\u6761\u9805\u3001\u65b0\u682a\u5f15\u53d7\u6a29\u3068\u3082\u547c\u3070\u308c\u308b\u3002<\/p>\n<p class=\"translation-block\">100\u682a\u3092\u4fdd\u6709\u3057\u3001\u65b0\u682a\u5f15\u53d7\u6a29\u3092\u6301\u3064\u6295\u8cc7\u5bb6\u306b10\u682a\u3092\u58f2\u5374\u3057\u305f\u3068\u3059\u308b\u3002\u4eca\u3001500 \u682a\u3092\u8ffd\u52a0\u767a\u884c\u3059\u308b\u3068\u3001\u305d\u306e\u6295\u8cc7\u5bb6\u306f\u4ed6\u306e\u6295\u8cc7\u5bb6\u3088\u308a\u5148\u306b 50 \u682a\u3092\uff08\u540c\u3058\u4fa1\u683c\u3067\uff09\u8cfc\u5165\u3059\u308b\u6a29\u5229\u3092\u6301\u3064\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p class=\"translation-block\">\u305d\u308c\u3092\u8a8d\u3081\u308b\u3053\u3068\u306e\u5371\u967a\u6027\u306f\u3001\u5f8c\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u3001\u682a\u5f0f\u306e\u304b\u306a\u308a\u306e\u90e8\u5206\u3092\u53d6\u5f97\u3067\u304d\u308b\u5834\u5408\u306b\u306e\u307f\u3001\u3042\u306a\u305f\u306e\u4f1a\u793e\u306b\u53c2\u5165\u3057\u3088\u3046\u3068\u3059\u308b\u6295\u8cc7\u5bb6\u3092\u898b\u3064\u3051\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u305d\u306e\u969b\u3001\u30d7\u30ed\u30e9\u30bf\u6a29\u3084\u65b0\u682a\u5f15\u53d7\u6a29\u3092\u591a\u304f\u6301\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u3053\u306e\u5927\u304d\u306a\u90e8\u5206\u3092\u65b0\u3057\u3044\u6295\u8cc7\u5bb6\u306b\u63d0\u4f9b\u3067\u304d\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u30d7\u30ed\u30e9\u30bf\u306e\u6a29\u5229\u306f\u3001\u6ce8\u76ee\u306e\u65b0\u8208\u4f01\u696d\u3067\u975e\u5e38\u306b\u6c42\u3081\u3089\u308c\u3066\u3044\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u305d\u306e\u6a29\u5229\u3092\u58f2\u5374\u3059\u308b\u6295\u8cc7\u5bb6\u3055\u3048\u3044\u308b\u3002\u3053\u308c\u306f\u3001\u671b\u307e\u306a\u3044\u6295\u8cc7\u5bb6\u3092\u682a\u4e3b\u3068\u3057\u3066\u7372\u5f97\u3059\u308b\u3053\u3068\u306b\u3064\u306a\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u304c\u305d\u3046\u3057\u305f\u884c\u70ba\u3092\u884c\u3048\u306a\u3044\u3088\u3046\u306b\u3059\u308b\u6587\u8a00\u3092\u76db\u308a\u8fbc\u3080\u3053\u3068\u3082\u73cd\u3057\u304f\u306a\u3044\u3002<\/p>\n<h4 id=\"8m45l\">c.\u512a\u5148\u4ea4\u6e09\u6a29\uff08ROFR\uff09\u3068\u5171\u540c\u58f2\u5374\u6a29<\/h4>\n<p class=\"translation-block\">\u65b0\u682a\u5f15\u53d7\u6a29\uff08pre-emptive rights\uff09\u3068\u6bd4\u4f8b\u914d\u5206\u6a29\uff08pro-rata rights\uff09\u306f\u3001\u30d7\u30e9\u30a4\u30de\u30ea\u30fc\u30fb\u30aa\u30d5\u30a1\u30ea\u30f3\u30b0\uff08\u65b0\u682a\u767a\u884c\uff09\u306e\u5834\u5408\u306b\u3001\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u76f4\u63a5\u8cb7\u3044\u5897\u3059\u6a29\u5229\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u6295\u8cc7\u5bb6\u3092\u4fdd\u8b77\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">ROFR\u3068\u5171\u540c\u58f2\u5374\u6a29\u306f\u3001\u58f2\u51fa\u3057\u306e\u5834\u5408\u306b\u6295\u8cc7\u5bb6\u3092\u4fdd\u8b77\u3059\u308b\u3002\u3053\u308c\u306f\u3001\u65e2\u5b58\u306e\u682a\u5f0f\u304c\u58f2\u5374\u3055\u308c\u308b\u682a\u5f0f\u58f2\u51fa\u3057\u306e\u3053\u3068\u3092\u6307\u3059\u3002<\/p>\n<p class=\"translation-block\">\u65e2\u5b58\u306e\u682a\u4e3b\u304c\u682a\u5f0f\u3092\u58f2\u5374\u3057\u3088\u3046\u3068\u3057\u305f\u5834\u5408\u3001<strong>ROFR<\/strong>\u306f\u3001\u7b2c\u4e09\u8005\u306b\u58f2\u5374\u3055\u308c\u308b\u524d\u306b\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u6a29\u5229\u3092\u6295\u8cc7\u5bb6\u306b\u63d0\u4f9b\u3059\u308b\u3002<\/p>\n<p class=\"translation-block\">\u4e00\u822c\u7684\u306b\u3001ROFR\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u682a\u5f0f\u3092\u58f2\u5374\u3057\u305f\u3044\u5834\u5408\u3001\u4f1a\u793e\u304c\u7b2c\u4e09\u8005\u306b\u63d0\u4f9b\u3055\u308c\u308b\u524d\u306b\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u6a29\u5229\u3092\u6709\u3059\u308b\u3053\u3068\u3082\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<p class=\"translation-block\"><strong>\u5171\u540c\u58f2\u5374\u6a29<\/strong>\u3067\u306f\u3001\u6a29\u5229\u4fdd\u6709\u8005\u306f\u3001\u4ed6\u306e\u682a\u4e3b\u306b\u3088\u308b\u682a\u5f0f\u58f2\u5374\u306a\u3069\u306e\u4e8c\u6b21\u53d6\u5f15\u306b\u53c2\u52a0\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3064\u307e\u308a\u3001\u5927\u682a\u4e3b\u306e\u4e00\u4eba\u304c\u3042\u308b\u4fa1\u683c\u3067\u682a\u5f0f\u306e\u58f2\u5374\u4ea4\u6e09\u3092\u884c\u3063\u305f\u5834\u5408\u3001\u6a29\u5229\u4fdd\u6709\u8005\u306f\u3001\u307e\u3063\u305f\u304f\u540c\u3058\u53d6\u5f15\u6761\u4ef6\u3067\u3001\u58f2\u5374\u3055\u308c\u308b\u30d1\u30c3\u30b1\u30fc\u30b8\u306b\u81ea\u5206\u306e\u682a\u5f0f\u3092\u52a0\u3048\u308b\u3053\u3068\u3092\u9078\u629e\u3067\u304d\u308b\u3002<\/p>\n<p 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class=\"section-divider\">\n<hr class=\"section-divider\">\n<figure class=\"image regular\"><img decoding=\"async\" src=\"https:\/\/images.storychief.com\/account_481\/unsplash-image_47d5d24616419f30edfdb0f1f828a3a9_800.jpg\" alt=\"\u30ac\u30d0\u30ca\u30f3\u30b9\uff1a\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306b\u5f93\u3063\u3066\u8ab0\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3059\u308b\u304b\"><figcaption>\u30ab\u30e1\u30e9\u30de\u30f3 <a href=\"https:\/\/unsplash.com\/@cleipelt\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"translation-block\">\u30af\u30ea\u30b9\u30fb\u30e9\u30a4\u30da\u30eb\u30c8<\/a><\/figcaption><\/figure>\n<h3 id=\"3340q\">3.\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u3068\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\uff1a\u8ab0\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3059\u308b\u306e\u304b<\/h3>\n<p 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class=\"translation-block\">\u30af\u30ec\u30e0\u30fb\u30aa\u30ce\u30b8\u30a7\u30b0\u30aa<\/a><\/figcaption><\/figure>\n<h3 id=\"4bl2f\">4.\u9000\u51fa\u3068\u6d41\u52d5\u6027\uff1a\u73fe\u91d1\u5316\u306e\u6642\u306b\u4f55\u304c\u8d77\u3053\u308b\u304b<\/h3>\n<h4 id=\"61hcu\">a.\u30c9\u30e9\u30c3\u30b0\u30a2\u30ed\u30f3\u30b0\u6a29\u3068\u30bf\u30b0\u30a2\u30ed\u30f3\u30b0\u6a29<\/h4>\n<p 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class=\"translation-block\">\u4eca\u3001\u5275\u696d\u8005\u3067\u3042\u308b\u3042\u306a\u305f\u304c\u30b7\u30ea\u30fc\u30baA\u5f8c\u306e\u6b8b\u308a\u306e\u682a\u5f0f51%\u3092\u6301\u3063\u3066\u304a\u308a\u3001\u4f1a\u793e\u3092\u30b5\u30fc\u30c1\u30a8\u30f3\u30b8\u30f3\u793e\u306b\u58f2\u5374\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u304c\u3001\u5c11\u6570\u682a\u4e3b\u3067\u3042\u308bVC\u682a\u4e3b\u306f\u3082\u3063\u3068\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3092\u898b\u305f\u3044\u3068\u8003\u3048\u3066\u304a\u308a\u3001\u58f2\u5374\u3092\u963b\u6b62\u3057\u3066\u3044\u308b\u3068\u3057\u3088\u3046\u3002<\/p>\n<p class=\"translation-block\">\u305d\u3053\u3067<strong>drag-along<\/strong>\u6a29\u306e\u51fa\u756a\u3068\u306a\u308b\u3002\u3053\u308c\u306f\u3001\u5c11\u6570\u682a\u4e3b\u304c\u3001\u5927\u682a\u4e3b\u307e\u305f\u306f\u904e\u534a\u6570\u3092\u4ee3\u8868\u3059\u308b\u96c6\u56e3\u306b\u3088\u3063\u3066\u627f\u8a8d\u3055\u308c\u305f\u4f1a\u793e\u306e\u58f2\u5374\u3092\u963b\u6b62\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u5c06\u6765\u306e\u72b6\u6cc1\u3092\u9632\u6b62\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u30c9\u30e9\u30c3\u30b0\u30fb\u30a2\u30ed\u30f3\u30b0\u30fb\u30e9\u30a4\u30c4\u306f\u3001\u3059\u3079\u3066\u306e\u682a\u4e3b\u306b\u540c\u3058\u53d6\u5f15\u304c\u63d0\u4f9b\u3055\u308c\u308b\u3053\u3068\u3092\u4fdd\u8a3c\u3059\u308b\u305f\u3081\u3001\u5c11\u6570\u682a\u4e3b\u306b\u3068\u3063\u3066\u3082\u597d\u90fd\u5408\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u5c11\u6570\u682a\u4e3b\u3092\u3055\u3089\u306b\u4fdd\u8b77\u3059\u308b\u305f\u3081\u306b\u3001<strong>tag-along<\/strong>\u6a29\u5229\u3082\u3042\u308b\u3002\u3053\u306e\u6a29\u5229\u306f\u3001\u5c11\u6570\u682a\u4e3b\u306b\u3001\u591a\u6570\u682a\u4e3b\u3068\u884c\u52d5\u3092\u5171\u306b\u3059\u308b\u6a29\u5229\u306f\u4e0e\u3048\u308b\u304c\u3001\u7fa9\u52d9\u306f\u4e0e\u3048\u306a\u3044\u3002\u3053\u308c\u306f\u3001\u591a\u6570\u682a\u4e3b\u306e\u65b9\u304c\u3001\u3053\u306e\u898f\u5b9a\u304c\u306a\u3051\u308c\u3070\u5c11\u6570\u682a\u4e3b\u304c\u6392\u9664\u3055\u308c\u308b\u3088\u3046\u306a\u6709\u5229\u306a\u53d6\u5f15\u3092\u898b\u3064\u3051\u308b\u80fd\u529b\u304c\u9ad8\u3044\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3067\u3042\u308b\u3002<\/p>\n<p><em class=\"translation-block\">\u30b3\u30e1\u30f3\u30c8\u30c9\u30e9\u30c3\u30b0\u30fb\u30a2\u30ed\u30f3\u30b0\u3068\u30bf\u30b0\u30fb\u30a2\u30ed\u30f3\u30b0\u306e\u6a29\u5229\u306f\u3001\u4e00\u822c\u7684\u306bIPO\u3067\u7d42\u4e86\u3059\u308b\u3002<\/em><\/p>\n<h4 id=\"fjtqg\">b.\u511f\u9084\u6a29<\/h4>\n<p class=\"translation-block\">\u58ca\u6ec5\u7684\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u306e\u3042\u308b\u7528\u8a9e\u306f\u3001\u511f\u9084\u6761\u9805\u3067\u3042\u308b\u3002<\/p>\n<p class=\"translation-block\">\u3053\u306e\u6761\u9805\u306b\u3088\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u7279\u5b9a\u306e\u671f\u9593\u5185\u306b\u682a\u5f0f\u306e\u511f\u9084\u3092\u8981\u6c42\u3059\u308b\u6a29\u5229\u3092\u6301\u3064\u3002<\/p>\n<p class=\"translation-block\">\u3053\u308c\u306f\u3001<u><a href=\"https:\/\/blog.salesflare.com\/ja\/vc\u8cc7\u91d1\u306e\u8abf\u9054\u6642\u671f\">\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30fb\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30d5\u30a1\u30f3\u30c9<\/a><\/u>\u306b\u3068\u3063\u3066\u306f\u7d20\u6674\u3089\u3057\u3044\u3053\u3068\u3060\u3002<u><a href=\"https:\/\/blog.salesflare.com\/ja\/vc\u8cc7\u91d1\u306e\u8abf\u9054\u6642\u671f\">\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30c9\u30fb\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30d5\u30a1\u30f3\u30c9<\/a><\/u>\u306f\u3001\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u306b\u8cc7\u91d1\u3092\u8fd4\u9084\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u6642\u671f\uff0810\uff5e12\u5e74\uff09\u304c\u6c7a\u307e\u3063\u3066\u3044\u308b\u304b\u3089\u3060\u3002\u3053\u308c\u306a\u3089\u305d\u308c\u304c\u53ef\u80fd\u3060\u3002<\/p>\n<p class=\"translation-block\">\u3057\u304b\u3057\u3001\u305d\u306e\u3084\u308a\u65b9\u306f\u3001\u65b0\u8208\u4f01\u696d\u306e\u3088\u3046\u306a\u6025\u6210\u9577\u4f01\u696d\u306b\u3068\u3063\u3066\u6d41\u52d5\u6027\u5371\u6a5f\u3092\u5f15\u304d\u8d77\u3053\u3059\u6642\u9650\u7206\u5f3e\u3092\u751f\u307f\u51fa\u3057\u304b\u306d\u306a\u3044\u3002<\/p>\n<p class=\"translation-block\">\u7d4c\u55b6\u9663\u306f\u8cc7\u91d1\u511f\u9084\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u308b\u305f\u3081\u3001\u6025\u3044\u3067\u4f1a\u793e\u3092\u58f2\u5374\u3059\u308b\u304b\u3001\u6025\u304e\u306e\u8cc7\u91d1\u8abf\u9054\u30e9\u30a6\u30f3\u30c9\u3067\u6b8b\u308a\u306e\u682a\u4e3b\u306b\u8cc7\u91d1\u3092\u63d0\u4f9b\u3057\u3066\u3082\u3089\u3046\u3057\u304b\u306a\u3044\u3002<\/p>\n<p class=\"translation-block\">\u901a\u5e38\u3001\u4f1a\u793e\u306f\u511f\u9084\u3092\u53d7\u3051\u308b\u5074\u306b\u5bfe\u3057\u3001\u6642\u4fa1\u3068\u5f53\u521d\u306e\u8cfc\u5165\u4fa1\u683c\u306e\u3044\u305a\u308c\u304b\u9ad8\u3044\u65b9\u306b\u91d1\u5229\uff08\u7d045%\uff5e10%\uff09\u3092\u4e0a\u4e57\u305b\u3057\u305f\u984d\u3092\u652f\u6255\u3046\u3002<\/p>\n<p class=\"translation-block\">\u30bf\u30a4\u30e0\u30fb\u30a6\u30a3\u30f3\u30c9\u30a6\u306f\u3001\u7279\u5b9a\u306e\u30a4\u30d9\u30f3\u30c8\u306b\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3082\u3001X\u5e74\u5f8c\uff08\u901a\u5e38\u306f5\u5e74\u5f8c\uff09\u306b\u958b\u59cb\u3059\u308b\u3088\u3046\u306b\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3082\u3067\u304d\u308b\u3002\u307e\u305f\u3001\u3053\u306e\u6761\u9805\u3067\u306f\u3001\u30a4\u30d9\u30f3\u30c8\u304c\u767a\u751f\u3057\u3066\u304b\u3089\u511f\u9084\u3092\u5b8c\u4e86\u3059\u308b\u307e\u3067\u306e\u671f\u9593\u3084\u3001\u511f\u9084\u304c\u7aef\u6570\u306b\u95a2\u3059\u308b\u3082\u306e\u304b\u6295\u8cc7\u5168\u4f53\u306b\u95a2\u3059\u308b\u3082\u306e\u304b\u3092\u898f\u5b9a\u3059\u308b\u3002<\/p>\n<div class=\"section-divider\">\n<hr class=\"section-divider\">\n<p class=\"translation-block\">\u3053\u3053\u307e\u3067\u304a\u8aad\u307f\u3044\u305f\u3060\u3044\u305f\u65b9\u306f\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u4ea4\u6e09\u306b\u81e8\u3080\u6e96\u5099\u304c\u6574\u3063\u305f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\">\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u4ea4\u6e09\u306e\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u306f\u3001\u7279\u306b\u76f8\u624b\u65b9\u304c\u4f55\u3092\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u304b\u6b63\u78ba\u306b\u628a\u63e1\u3067\u304d\u3066\u3044\u306a\u3044\u5834\u5408\u3001\u30b9\u30c8\u30ec\u30b9\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308b\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\">\u5f7c\u3089\u306f\u3042\u306a\u305f\u306e\u30e1\u30fc\u30eb\u3092\u3044\u3064\u3001\u5b9f\u969b\u306b\u958b\u5c01\u3059\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3088\u304f\u3042\u308b\u3053\u3068\u306a\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u4e00\u5ea6\u3060\u3051\u3057\u3066\u3057\u3070\u3089\u304f\u5fd8\u308c\u3066\u3057\u307e\u3046\u306e\u304b\uff1f\u3042\u306a\u305f\u304c\u9001\u3063\u305f\u8cc7\u6599\u3078\u306e\u30ea\u30f3\u30af\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u307e\u3063\u305f\u304f\u3057\u306a\u3044\u306e\u304b\uff1f\u3042\u306a\u305f\u306e\u30b5\u30a4\u30c8\u3092\u30c1\u30a7\u30c3\u30af\u3059\u308b\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\">\u3053\u306e\u30d6\u30e9\u30c3\u30af\u30dc\u30c3\u30af\u30b9\u3092\u89e3\u660e\u3059\u308b\u305f\u3081\u306b\u3001\u79c1\u305f\u3061\u306f\u72ec\u81ea\u306e\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2<a href=\"https:\/\/salesflare.com\">Salesflare<\/a>\u3092\u4f7f\u3063\u3066\u6295\u8cc7\u5bb6\u3092\u30d5\u30a9\u30ed\u30fc\u3057\u3066\u3044\u308b\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\">\u79c1\u305f\u3061\u306f\u3001\u5f7c\u3089\u304c\u79c1\u305f\u3061\u306e\u96fb\u5b50\u30e1\u30fc\u30eb\u3092\u958b\u3044\u305f\u304b\u3069\u3046\u304b\u3001\u79c1\u305f\u3061\u306e\u30ea\u30f3\u30af\u3092\u30af\u30ea\u30c3\u30af\u3057\u305f\u304b\u3069\u3046\u304b\u3001\u79c1\u305f\u3061\u306e\u30b5\u30a4\u30c8\u3092\u8a2a\u554f\u3057\u305f\u304b\u3069\u3046\u304b\u3092\u8ffd\u8de1\u3059\u308b\u305f\u3081\u306b\u305d\u308c\u3092\u4f7f\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u5f7c\u3089\u304c\u79c1\u305f\u3061\u306eE\u30e1\u30fc\u30eb\u3092\u958b\u3044\u305f\u3068\u304d\u306b\u3001\u79c1\u305f\u3061\u306e\u30d1\u30bd\u30b3\u30f3\u3084\u643a\u5e2f\u96fb\u8a71\u306b\u901a\u77e5\u304c\u5c4a\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\"><img class=\"alignnone wp-image-57700 size-full\" src=\"https:\/\/blog.salesflare.com\/wp-content\/uploads\/2019\/06\/notification-center-1.jpg\" alt=\"salesflare notifications\" width=\"1168\" height=\"1144\" \/>&lt;\/img<\/span><\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\">\u8907\u6570\u306e\u6295\u8cc7\u5bb6\u3092\u540c\u6642\u306b\u76f8\u624b\u306b\u3057\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u305d\u308c\u3069\u3053\u308d\u3067\u306f\u306a\u3044\uff1a<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\" class=\"translation-block\">Salesflare\u306f\u3001\u3069\u306e\u6295\u8cc7\u6848\u4ef6\u304c\u3069\u306e\u6bb5\u968e\u306b\u3042\u308b\u306e\u304b\u3092\u6982\u89b3\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/li>\n<li><span style=\"font-weight: 400\" class=\"translation-block\">\u4ea4\u308f\u3057\u305f\u30e1\u30fc\u30eb\u3084\u4f1a\u8b70\u3092\u81ea\u52d5\u7684\u306b\u8a18\u9332\u3067\u304d\u308b<\/span><\/li>\n<li><span style=\"font-weight: 400\" class=\"translation-block\">\u30e1\u30e2\u3092\u3068\u308a\u307e\u3057\u305f\u304b\uff1f\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u306b\u30c9\u30ed\u30c3\u30d7\u3057\u3066\u3001\u4e00\u7b87\u6240\u306b\u307e\u3068\u3081\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/span><\/li>\n<li><span style=\"font-weight: 400\" class=\"translation-block\">\u6295\u8cc7\u5bb6\u3068\u30d5\u30a1\u30a4\u30eb\u3092\u4ea4\u63db\u3057\u307e\u3057\u305f\u304b\uff1fSalesflare\u304c\u81ea\u52d5\u7684\u306b\u8a18\u9332\u3057\u307e\u3059\u3002<\/span><\/li>\n<li><span style=\"font-weight: 400\" class=\"translation-block\">\u307e\u305f\u3001Salesflare\u306f\u3001\u81ea\u52d5\u30ea\u30de\u30a4\u30f3\u30c0\u30fc\uff08\u63d0\u6848\u30bf\u30b9\u30af\u306e\u5f62\uff09\u3092\u4f5c\u6210\u3059\u308b\u3053\u3068\u3067\u3001\u9069\u5207\u306a\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u6295\u8cc7\u5bb6\u3092\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3059\u308b\u306e\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">\u6295\u8cc7\u5bb6\u306e\u52d5\u5411\u3092\u628a\u63e1\u3059\u308b\u306e\u306b\u75b2\u308c\u3066\u3044\u308b\u3001\u3042\u308b\u3044\u306f\u6295\u8cc7\u5bb6\u306e\u30d1\u30a4\u30d7\u30e9\u30a4\u30f3\u3092\u3088\u308a\u3088\u304f\u6574\u7406\u3059\u308b\u3053\u3068\u3067\u5229\u76ca\u3092\u5f97\u305f\u3044\u3068\u304a\u8003\u3048\u306a\u3089\u3001 <\/span><a href=\"https:\/\/salesflare.com\"><span style=\"font-weight: 400\">Salesflare\u3092\u8a66\u3059<\/span><\/a><span style=\"font-weight: 400\" class=\"translation-block\">.\u6570\u5206\u3067\u30bb\u30c3\u30c8\u30a2\u30c3\u30d7\u3067\u304d\u3001\u30d7\u30ed\u3068\u3057\u3066\u6295\u8cc7\u5bb6\u306b\u30a2\u30d7\u30ed\u30fc\u30c1\u3057\u3001\u8cc7\u91d1\u3092\u78ba\u4fdd\u3059\u308b\u9053\u304c\u958b\u3051\u308b\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u305d\u3057\u3066\u3001\u6295\u8cc7\u5bb6\u3092\u30d5\u30a9\u30ed\u30fc\u3059\u308b\u3053\u3068\u3060\u3051\u304c\u3001\u3042\u306a\u305f\u304c\u7d44\u7e54\u5316\u3067\u304d\u308b\u3053\u3068\u3067\u306f\u306a\u3044\u3002 <\/span><a href=\"https:\/\/salesflare.com\"><span style=\"font-weight: 400\">Salesflare<\/span><\/a><span style=\"font-weight: 400\" class=\"translation-block\">.\u9867\u5ba2\u3001\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3001\u518d\u8ca9\u696d\u8005\u3001......\u3059\u3079\u3066\u4f55\u3089\u304b\u306e\u5f62\u3067\u8ca9\u58f2\u30d7\u30ed\u30bb\u30b9\u3092\u30d5\u30a9\u30ed\u30fc\u30a2\u30c3\u30d7\u3059\u308b\u3053\u3068\u3082\u3067\u304d\u308b\uff01<\/span><\/p>\n<p><span style=\"font-weight: 400\" class=\"translation-block\"><img class=\"alignnone wp-image-57702 size-full\" src=\"https:\/\/blog.salesflare.com\/wp-content\/uploads\/2019\/06\/sales-pipeline-2.png\" alt=\"\u30bb\u30fc\u30eb\u30b9\u30d5\u30ec\u30a2\u306e\u6a5f\u4f1a\" width=\"1999\" height=\"987\" \/>&lt;\/img<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u3068\u3053\u308d\u3067\u3001\u3082\u3057\u3042\u306a\u305f\u304c\u30d7\u30ec\u30b7\u30fc\u30c9\u306e\u6bb5\u968e\u306b\u3044\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u3044\u3064\u3067\u3082\u79c1\u305f\u3061\u306e\u30c1\u30e3\u30c3\u30c8\u306b\u9023\u7d61\u3057\u3066\u304f\u3060\u3055\u3044\u3002 <a href=\"https:\/\/salesflare.com\">\u30db\u30fc\u30e0\u30da\u30fc\u30b8<\/a> \u307e\u305f\u306f <\/span><a href=\"mailto:support@salesflare.com\"><span style=\"font-weight: 400\">\u30e1\u30fc\u30eb\u3067<\/span><\/a><span style=\"font-weight: 400\" class=\"translation-block\"> \u307e\u3067\u3054\u9023\u7d61\u304f\u3060\u3055\u3044\u3002\u305d\u3046\u3059\u308c\u3070\u3001\u8cc7\u91d1\u7e70\u308a\u306b\u82e6\u52b4\u3059\u308b\u3053\u3068\u306a\u304f\u30b9\u30bf\u30fc\u30c8\u3067\u304d\u307e\u3059\uff01\u5fdc\u52df\u65b9\u6cd5\u306e\u8a73\u7d30\u306b\u3064\u3044\u3066\u306f\u3001Ping\u3067\u304a\u554f\u3044\u5408\u308f\u305b\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<p class=\"translation-block\">\u6295\u8cc7\u30e9\u30a6\u30f3\u30c9\u304c\u6210\u529f\u3059\u308b\u3053\u3068\u3092\u7948\u3063\u3066\u3044\u307e\u3059\uff01\ud83d\udc4a<\/p>\n<p><em>\u3054\u8cea\u554f\u304c\u6b8b\u3063\u3066\u3044\u308b\u65b9\u306f\u3001\u3069\u3046\u305e\u304a\u77e5\u3089\u305b\u304f\u3060\u3055\u3044\uff01\u307e\u305f\u3001\u6765\u9031\u3082\u304a\u5fd8\u308c\u306a\u304f\u3002 <a href=\"https:\/\/blog.salesflare.com\/ja\/\u8d77\u696d\u8cc7\u91d1\">\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u8cc7\u91d1\u8abf\u9054\u30de\u30b9\u30bf\u30fc\u30af\u30e9\u30b9\u306e\u30d1\u30fc\u30c810\uff08\u6700\u7d42\u56de\uff01\uff09\uff1a\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u3068\u6ce8\u610f\u70b9-\u5b8c\u5168\u30ac\u30a4\u30c9<\/a>!\u3053\u308c\u307e\u3067\u8a71\u3057\u3066\u304d\u305f\u3053\u3068\u306e\u7dcf\u307e\u3068\u3081\u306b\u306a\u308b\u306e\u3067\u3001\u304a\u898b\u9003\u3057\u306a\u304f\u3002<\/em><br>\n\n    <figure class=\"image strchf-type-image regular 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href=\"https:\/\/www.linkedin.com\/company\/salesflare\">LinkedIn<\/a><\/u>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u3053\u3053\u3067\u306f\u3001\u65b0\u8208\u4f01\u696d\u306e\u5275\u696d\u8005\u304c\u6709\u5229\u306a\u6295\u8cc7\u5bb6\u53d6\u5f15\u3092\u6210\u7acb\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u30bf\u30fc\u30e0\u30b7\u30fc\u30c8\u306b\u3064\u3044\u3066\u77e5\u3063\u3066\u304a\u304f\u3079\u304d\u3053\u3068\u3092\u3059\u3079\u3066\u8aac\u660e\u3059\u308b\u3002<\/p>","protected":false},"author":15,"featured_media":57029,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wl_entities_gutenberg":"","_crdt_document":"","footnotes":""},"categories":[183],"tags":[182],"wl_entity_type":[122],"class_list":["post-57028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-masterclass","tag-masterclass","wl_entity_type-article"],"yoast_head":"<!-- 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