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For investors, the VAM agreement is a risk avoidance tool under an incomplete contract.

On the one hand, due to the incompleteness of the contract, compared with the target company and its management, the investor is in a naturally weak position in information asymmetry; on the other hand, due to the uncertainty of future valuation, the investor therefore assumes Larger foreseen costs.

Especially in the high-risk Internet industry, this kind of cooperation is not uncommon. Almost 80% of start-up companies have signed VAM agreements with their employers.

There are two more common ones.

First, the investor contributed 10 million, accounting for 40% of the shares. Put forward performance requirements for start-up companies. If one of the standards is met, the shareholding will be reduced to 30%, and if one of the standards is met, the shareholding will be reduced to 20%...

Second, investors account for 10 million shares, accounting for 20% of the shares. Put forward performance requirements for start-up companies, if one fails to meet the standard, the shareholding will increase to 30%, if two fail to meet the standard, the shareholding will be increased to 40%...

Basically the first one is the main one.

This model can motivate the company's management in a positive way, allowing them to work hard for the shares, make the company's performance better and stronger, and promote the company's development.

Besides that, there are many, many more types.

For example, Zhou Buqi attended JD.com's board of directors after the next year, and witnessed a VAM agreement with his own eyes.

Liu Qiangdong wants to do logistics.

As a result, investors collectively disagreed.

In order to convince them, Liu Qiangdong offered to propose a VAM agreement.

If the logistics industry is successful, all investors will share the future profits in proportion to their shares. If it fails, Liu Qiangdong will bear all the risks and subsidize all investors with his own shares.

At that time, even Zhou Buqi was shocked.

I didn't expect Lao Liu to be so courageous.

Then, Jingdong logistics business started smoothly.

He shocked all the investors.

However, when the contract of the VAM agreement was handed over to Zhou Buqi, he directly tore up the contract and threw it away, saying boldly: "We are brothers, why not bet on each other? If we win, we will be mad, but if we lose Carry it! If it really fails, the two of us will pay half of it and give them compensation! What a bird?"

It really moved Liu Qiangdong.

The gambling agreement that Zhou Buqi designed for Youyou.com and Facebook is quite different.

Probably in history, there has never been a gambling agreement in this way.

After hearing this, the Facebook team widened their eyes and looked very interested.

A betting agreement between social game PV volume and company shares?

Never heard of it!

Be creative!

Very novel!

What this group of young people care about most is novel and interesting new things. The proposal proposed by Zhou Buqi satisfies all the concepts of Facebook from a creative point of view.

However, Zuckerberg did not make an immediate decision on the spot, but said that he would give them time to discuss and continue the discussion the next day to finalize the cooperation plan. He also said that three days later, the investment agency flew back from New York and signed the contract for the B-round investment to get them ready.

The time is tight and there is no delay at all.

After leaving, Zhen Yu looked suspicious.

The others are fine. Before coming here, Zhou Buqi gave them a lecture and designed a negotiation plan and cooperation method.

But Zhen Yu didn't know it, so she frowned and asked, "Boss Zhou, are you really going to make a VAM agreement?"

Zhou Buqi smiled, "Now I've removed my professional titles, you just call me by my first name."

"You really don't want service fees, don't you want advertising dividends?"

"right."

"Aren't you afraid that the bamboo basket will be empty?"

"Senior Sister Zhen, you also heard the negotiation just now. Friends.com wants to spend 5.5 million US dollars to take up 1% of their shares! For this money, we have to go all out."

Zhen Yu shook her head and said, "Then we can't bear all the risks, right? The promotion of social games failed, Facebook has no impact at all, and the loss is Friends.com. The promotion is successful...Of course we got some shares, but that is As it should be, the biggest profit is still Facebook.”

It's like a company invites talents to work, does not pay wages, only issues stocks, who will go?

Salary is real!

Stocks are a bubble, a blank check, and who knows what the future holds?

If the company doesn't start up, isn't it because it has been busy for several years without earning a penny?

The truth is indeed this truth.

But the problem is, Zhou Buqi doesn't know the future.

Stocks are more important than salary!

Zhou Buqi laughed and said, "Only by taking all the risks, can this VAM agreement be signed smoothly."

"Isn't it too risky?"

Zhen Yu had some questions.

In fact, it wasn't just him. Zhang Yiming, Tang Binchen, Li Ke and others all had reservations about such a cooperation plan.

There is no immediate benefit at all, it is all a beautiful fantasy for the future?

Is it too floating?

Zhou Buqi thought for a while and said: "I also learned from others, Liu Qiangdong from JD.com. In order to do logistics, he also signed a gambling agreement with investors, and he took all the risks by himself, and then he convinced all investors People, support him to do logistics."

Zhen Yu said, "That means he has confidence in his own strategy."

Zhou Buqi glanced at her, "I am more confident in my strategy!"

...

In the afternoon, everyone went to the Hollywood Walk of Fame.

I saw the big handprints of many Hollywood celebrities, including Jack Chen and John Wu, especially the latter. The eye-catching and shocking big handprints are even more exaggerated than Tom Cruise.

Walking together all the way, without giving Zhou Buqi and Sister Bao a chance to whisper, everyone laughed and chatted together.

It is worth mentioning that along the way, everyone talked about the Facebook model, as well as the similarities and differences with Friends.com. Emily's words surprised Zhou Buqi.

This blond girl has her own understanding of social products, many insights are very advanced, and her eyes are very sharp!

Worthy of being a top student at Harvard.

It's Zhen Yu's friend again, and I think it's worth cultivating.

In the evening, Facebook sent an email, expressing great expectations for tomorrow's negotiations.

It seems that Zuckerberg is very interested in this alternative gambling agreement.

"Sister Bao, are you asleep?"

Staying alone in the hotel is a bit boring, so Zhou Buqi started chatting.

Baoshan: "Not yet."

Zhou is not angry: "I'll go over, let's chat? This afternoon, I just walked, and I didn't have a good talk with you."

Baoshan: "Huh? Is it too late?"

Zhou is not angry: "It's not too late, just right."

Baoshan: "I'm with Senior Sister Zhen, she said you have bad intentions."

Sure enough, Zhen Yu sent a message the next moment: "Don't flirt with Baoshan, she's tired and jet-lagged, let her rest a little longer. Open the door, and I'll find you."

Zhou is not angry: "Huh? Is it too late?"

Janet Z: "It's not too late, just right."

Zhou is not angry: "You don't have bad intentions, do you?"

Zhen Yu sent out a long series of exclamation points.

After a while, Zhen Yu came over, wearing a shirt and trousers, more formal. There is no charming makeup and sexy clothes, and it doesn't look romantic at all.

"Ahem..." Zhou Buqi secretly threw the cover that had just been unsealed under the sofa, suppressed his thoughts, and looked serious, "Senior Sister Zhen, what's the matter?"

Zhen Yu was already very mature. After coming to the United States for half a year, her temperament became more and more stable, and her beautiful face showed her calmness, "Didn't you give me more than 200 domain names? What a coincidence, just now, someone contacted me !"

"Really?" Zhou Buqi remained calm, "What?"

"Twitter.com."

"How much?"

"$2000."

"Depend on!"

Zhou Buqi was speechless.

Zhen Yu smiled and said: "The domain name business is an excellent way to raise angel round financing for new companies. However, this is not a new company anymore, it's called Odeo."

"Have you paid attention?"

"Well, I have specifically consulted. Odeo is a voice podcast product, but last year, Apple added the podcast function Podcast to iTunes, and immediately occupied this market. Odeo's core products are unable to cope, and the company is facing falling apart."

Zhou Buqi frowned, "What does that have to do with our domain name?"

Zhen Yu said: "It just so happened that when Odeo was about to go bankrupt, a few people sat down and wanted to quit a 'status update' product and update it through text messages. Didn't you tell me to focus on the mobile field? When it comes to the mobile phone field, I will Pay attention."

Why does Twitter (Weibo) limit 140 characters?

Because the capacity of a text message is 160 characters.

140 words for the content and 20 words with room for the sender's name.

Zhou Buqi's eyes lit up, "Send status updates to your friends via SMS? This idea is very good."

Zhen Yu said softly: "The reason why I think this product is good is because the concept is very close to the information feed model of Friends.com. From the inefficient portal model to the more efficient information distribution based on subscription and relationship."

To put it simply, the United States pays more attention to personal privacy, and users do not allow portal websites to privately push personal information to others. So users need to visit each friend's page to see their latest updates.

Friends.com has been improved a long time ago. In the form of information flow, friends' dynamics are gathered on the home page and pushed to friends as soon as possible.

Facebook tried to follow suit at one point, only to face a backlash.

Now, a new product is about to appear.

Twitter is a product that mainly pushes information in a timely manner. Those users who pay too much attention to personal privacy and do not want to push their updates to their friends may not use it.

When registering on the website, there is a marked user agreement.

In this situation, Twitter has quietly grown up in the cracks in the era when blogs and social networking sites are popular.

Zhou Buqi said with a smile: "Information streaming push, Laomei is not very good at it, friends.com is better at it. Do you know that Odeo company? How is their team?"

Zhen Yu shook her head lightly, "I just communicated through email."

Zhou Buqi thought for a while, "We will stay in the United States for about a week, which may not be enough time. Sister Zhen, you'd better go there in person, meet and chat with several founders of Odeo, Take Emily."

He vaguely remembered that the founder of this company was unreliable, and he fought hard in the first few years of starting a business.

You kicked me out this year, and I'll kick you out tomorrow.

Constant power struggle.

"Emily?" Zhen Yu was slightly taken aback, with a strange expression, "You don't have any ideas, do you?"

"How is it possible?" Zhou Buqi said righteously, "I have no selfishness at all, I just think she has ideas. Our business in the United States must be started slowly. I'm afraid it may not be possible to rely on you alone. Get help."

"Okay, I'll go there when I'm done with Facebook." Zhen Yu nodded, then got up, "Then I'm leaving, you should have a good rest, there are important things to do tomorrow."

"Are you really leaving?"

"Is there anything else?"

"Uh...not anymore."

"All right."

Zhen Yu calmly stood up and left. When he got out of the room, he burst out laughing, his stomach ached from laughing. She has been in the United States for more than half a year and has seen all kinds of "dating" methods.

She had already seen Zhou Buqi's pitiful little eyes just now.

Bad intentions!

No, I have to go back and tell Baoshan to be careful.

Boss Zhou is getting more and more aggressive this week.