融資と出資は違う。創業時の資金調達に使うベンチャーキャピタル(VC)の注意点

ビジネスを始めるとなると必ず必要になるのがお金ですが、創業時にはなかなか融資を受けるのは難しいでしょう。
また、融資はもらったお金を返済する必要があり、事業で稼いだお金をなかなか成長のために投資するのが難しくなってしまう場合があります。そこで、返済の必要のない出資という仕組みを活用することを考えてみましょう。
創業時の出資の専門家として、ベンチャーキャピタルがあります。ベンチャーキャピタルとはどういった存在なのでしょうか?

1.出資と融資は違う

創業時に企業にお金が入ってくるという意味では出資と融資は同じですが、そもそも全く異なった概念になります。
出資とはその企業の成長性や将来性、あるいは事業性などを考慮したうえで、株式の配当などの利益を見込み、お金を渡す行為となります。一方、融資はその企業の資金スケジュールや収益性などから「このお金を渡すと低金利で返済される」と確信してお金を渡す行為です。融資がローリスクローリターンである一方で、出資はハイリスクハイリターンであるといわれるのはまさにこれが理由といえます。

また、これらの視点から融資では返済を、出資では業績を上げ配当をそれぞれ求められます。結果として、最悪事業に失敗しても出資の場合は受け取ったお金を返す必要がないのです。
では、この出資を仕事とするベンチャーキャピタルは何を見て出資を決めているのでしょうか。

 

2.ベンチャーキャピタル(VC)は何を見ているのか

ベンチャーキャピタルは、基本的に展開しようとしている事業にどのくらいの将来性や成長性があるのか、そしてその可能性は高いのか低いのかといった部分に注目します。そのため「過去の経歴や現在の状況よりも、将来性を感じるアイディアやビジネスプランに注目する」ことになるため、野心的な創業間もない企業などに興味を持つ傾向にあるのです。
事実、その名前が表すように創業間もない企業のみをターゲットとして、ビジネスを展開しているベンチャーキャピタルがほとんどとなっています。

 

3.ベンチャーキャピタル(VC)を利用する上での注意点

ベンチャーキャピタルを利用する上で最も注意してほしいのが、見返りです。
多くの場合、出資金額に応じて株式の譲渡を求めてくるでしょう。株式の譲渡は、そのまま株主総会の発言権へと繋がります。そのため、創業者と相性の悪いベンチャーキャピタルに株式を渡してしまったがために自由な経営が出来なくなり、大きな足かせとなりえてしまうのです。

経営者の経営方針に細かく口出ししてくることも少なくありません。当然、ベンチャーキャピタルとしては利益を上げる必要があるため、良い経営をしてほしいと考えての事ですが、結果、物言う株主の言葉に振り回されてしまい何のために起業したのかわからないといった状況になっている経営者も少なくないのです。ベンチャーキャピタルを利用する際には、自分と相性がいいのかどうかなど、お金以外の点に細心の注意を払う必要があることを忘れてはいけません。

 

<参考リンク>
売れるビジネスアイディアの発想法

独立・起業に向いている5つの特性

TP Interview 001:アスツール株式会社 代表取締役 加藤雄一(前編)

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