{"id":694,"date":"2020-01-07T09:20:07","date_gmt":"2020-01-07T00:20:07","guid":{"rendered":"http:\/\/legalsearch.jp\/portal\/?p=694"},"modified":"2020-03-09T13:45:28","modified_gmt":"2020-03-09T04:45:28","slug":"think-about-funding-risk","status":"publish","type":"post","link":"https:\/\/legalsearch.jp\/portal\/column\/think-about-funding-risk\/","title":{"rendered":"\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306f\u300c\u6551\u4e16\u4e3b\u300d\u304b\u300c\u60aa\u9b54\u300d\u304b\uff1f \u8cc7\u91d1\u8abf\u9054\u30ea\u30b9\u30af\u3092\u8003\u3048\u308b"},"content":{"rendered":"\n<p>\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u3068\u306f\u3001\u3053\u308c\u304b\u3089\u306e\u6642\u4ee3\u304c\u5fc5\u8981\u3068\u3059\u308b\u9769\u65b0\u7684\u306a\u6280\u8853\u30fb\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u30fb\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306a\u3069\u3092\u3082\u3068\u306b\u4e8b\u696d\u5c55\u958b\u3059\u308b\u672a\u4e0a\u5834\u4f01\u696d\u306e\u3053\u3068\u3067\u3001\u5927\u4f01\u696d\u306b\u306f\u7121\u3044\u30d3\u30b8\u30cd\u30b9\u30b9\u30d4\u30fc\u30c9\u3068\u3001\u5c06\u6765\u306e\u5927\u304d\u306a\u53ef\u80fd\u6027\u304c\u9b45\u529b\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8d77\u696d\u5bb6\u304c\u81ea\u5206\u306e\u30a2\u30a4\u30c7\u30a2\u3092\u5b9f\u73fe\u3057\u305f\u3044\u3001\u4e16\u306e\u4e2d\u306e\u5f79\u306b\u7acb\u3061\u305f\u3044\u3068\u3044\u3046\u5f37\u3044\u601d\u3044\u3067\u4f1a\u793e\u3092\u8a2d\u7acb\u3057\u305f\u5f8c\u306b\u76f4\u9762\u3059\u308b\u306e\u304c\u8cc7\u91d1\u8abf\u9054\u3067\u3059\u3002\n\u6b21\u306e\u30b0\u30e9\u30d5\u3067\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u5148\u306f\u3001\u91d1\u984d\u6bd4\u7387\u3067\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09\u306e\u6bd4\u7387\u304c\u975e\u5e38\u306b\u9ad8\u3044\u306e\u304c\u308f\u304b\u308a\u307e\u3059\u3002\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"664\" height=\"263\" src=\"http:\/\/legalsearch.jp\/portal\/wp-content\/uploads\/2019\/12\/Venture-White-Paper.jpg\" alt=\"\u30d9\u30f3\u30c1\u30e3\u30fc\u767d\u66f8 2018\" class=\"wp-image-695\"\/><figcaption>\u8a2d\u7acb\u304b\u3089\u73fe\u5728\u307e\u3067\u306e\u8cc7\u91d1\u8abf\u9054\u5143\u306e\u91d1\u984d\u6bd4\u7387\uff08136\u793e\u5408\u8a08\uff09<br>\u203b \u30c7\u30fc\u30bf\uff1a\u300c<a href=\"http:\/\/www.vec.or.jp\/wordpress\/wp-content\/files\/2018.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"\u30d9\u30f3\u30c1\u30e3\u30fc\u767d\u66f8 2018 (\u65b0\u3057\u3044\u30bf\u30d6\u3067\u958b\u304f)\">\u30d9\u30f3\u30c1\u30e3\u30fc\u767d\u66f8 2018<\/a>\u300d\u3088\u308a<\/figcaption><\/figure>\n\n\n\n<p>\u3057\u304b\u3057\u3001VC\u304b\u3089\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u3064\u3044\u3066\u306f\u3055\u307e\u3056\u307e\u306a\u610f\u898b\u304c\u3042\u308b\u306e\u3082\u4e8b\u5b9f\u3067\u3059\u3002<br>\u679c\u305f\u3057\u3066\u3001VC\u306f\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306b\u3068\u3063\u3066\u300c\u6551\u4e16\u4e3b\u300d\u306a\u306e\u3067\u3057\u3087\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u300c\u60aa\u9b54\u300d\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f <br>\u305d\u3053\u3067\u3001\u4eca\u56de\u306f\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u304cVC\u304b\u3089\u51fa\u8cc7\u3092\u53d7\u3051\u308b\u3068\u304d\u306e\u30ea\u30b9\u30af\u306b\u3064\u3044\u3066\u5206\u304b\u308a\u3084\u3059\u304f\u8a73\u3057\u304f\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"article wp-block-heading\"><strong>\u6295\u8cc7\u5bb6\u306b\u306f\u4e3b\u306b3\u30bf\u30a4\u30d7\u3042\u308a\u307e\u3059<\/strong><\/h2>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u306fVC\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u5927\u5225\u3059\u308b\u3068\u6b21\u306e\uff13\u30bf\u30a4\u30d7\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"article wp-block-heading\"><strong>\u30a8\u30f3\u30b8\u30a7\u30eb<\/strong><\/h3>\n\n\n\n<p>\u30a8\u30f3\u30b8\u30a7\u30eb\uff08\u30a8\u30f3\u30b8\u30a7\u30eb\u6295\u8cc7\u5bb6\uff09\u3068\u306f\u3001\u81ea\u5206\u306e\u500b\u4eba\u8cc7\u7523\u3092\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306a\u3069\u3078\u6295\u8cc7\u3059\u308b\u6295\u8cc7\u5bb6\u306e\u3053\u3068\u3067\u3001\u30a8\u30f3\u30b8\u30a7\u30eb\u3068\u4f01\u696d\u7d4c\u55b6\u8005\u3068\u306e\u9593\u306b\u306a\u3093\u3089\u304b\u306e\u4fe1\u983c\u95a2\u4fc2\u304c\u3042\u308b\u5834\u5408\u304c\u591a\u304f\u3001\u30d3\u30b8\u30cd\u30b9\u3068\u3044\u3046\u3088\u308a\u3082\u300c\u652f\u63f4\u300d\u306e\u8981\u7d20\u304c\u5f37\u3044\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"article wp-block-heading\"><strong>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb (VC)<\/strong><\/h3>\n\n\n\n<p>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u3068\u306f\u3001\u4f01\u696d\u3084\u9280\u884c\u3084\u500b\u4eba\u6295\u8cc7\u5bb6\u306a\u3069\u304b\u3089\u304a\u91d1\u3092\u96c6\u3081\u3001\u5927\u304d\u304f\u767a\u5c55\u3057\u305d\u3046\u306a\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306b\u51fa\u8cc7\u3057\u3001\u4e0a\u5834\u5f8c\u306b\u682a\u5f0f\u3092\u58f2\u5374\u3057\u3001\u3042\u308b\u3044\u306f\u4e8b\u696d\u3092\u58f2\u5374\u3057\u3066\u5927\u304d\u306a\u5229\u76ca\u7372\u5f97\u3092\u76ee\u6307\u3059\u4f1a\u793e\u3067\u3059\u3002\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306b\u306f\u3001\u653f\u5e9c\u7cfbVC\u3001\u91d1\u878d\u7cfbVC\u3001\u72ec\u7acb\u7cfbVC\u3001\u5927\u5b66\u7cfbVC\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"article wp-block-heading\"><strong>\u4e8b\u696d\u4f1a\u793e (CVC)<\/strong><\/h3>\n\n\n\n<p>\u4e8b\u696d\u4f1a\u793e\uff08CVC\uff1a\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff09\u3068\u306f\u3001\u6295\u8cc7\u5c02\u9580\u306e\u4f1a\u793e\u3067\u306f\u306a\u304f\u4e00\u822c\u306e\u4e8b\u696d\u4f1a\u793e\u304c\u81ea\u793e\u306e\u4e8b\u696d\u3068\u306e\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u76ee\u7684\u306b\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306b\u51fa\u8cc7\u3059\u308b\u6295\u8cc7\u5bb6\u306e\u3053\u3068\u3067\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u3088\u308a\u3082\u81ea\u793e\u306e\u58f2\u4e0a\u62e1\u5927\u53ef\u80fd\u6027\u306b\u30a6\u30a8\u30a4\u30c8\u3092\u7f6e\u3044\u3066\u3044\u308b\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u3001VC\u306e\u6295\u8cc7\u50be\u5411\u306b\u3064\u3044\u3066\u306e\u30c7\u30fc\u30bf\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1324\" height=\"606\" src=\"http:\/\/legalsearch.jp\/portal\/wp-content\/uploads\/2019\/12\/Investment-fields-and-stages.jpg\" alt=\"\u6295\u8cc7\u5206\u91ce\u3068\u6295\u8cc7\u30b9\u30c6\u30fc\u30b8\" class=\"wp-image-696\"\/><figcaption>\u51fa\u5178\uff1a <a href=\"https:\/\/jvca.jp\/research\/14532.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u6700\u65b0\u52d5\u5411\u30ec\u30dd\u30fc\u30c8\uff082018\u5e74\uff09  (\u65b0\u3057\u3044\u30bf\u30d6\u3067\u958b\u304f)\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u6700\u65b0\u52d5\u5411\u30ec\u30dd\u30fc\u30c8\uff082018\u5e74\uff09 <\/a><\/figcaption><\/figure>\n\n\n\n<p>\u3053\u306e\u30c7\u30fc\u30bf\u30fc\u304c\u793a\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u5206\u91ce\u300cIT\u95a2\u9023\u300d\u304c50.7\uff05\u3001\u6295\u8cc7\u30b9\u30c6\u30fc\u30b8\u300c\u30b7\u30fc\u30c9\uff0b\u30a2\u30fc\u30ea\u30fc\u300d\u304c64.2\uff05\u3068\u3001VC\u304c\u3001\u2460\u4e8b\u696d\u5316\uff08IPO\uff09\u306e\u30b9\u30d4\u30fc\u30c9\u3068\u3001\u2461\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u306e\u5927\u304d\u3055\u3092\u91cd\u8981\u8996\u3057\u3066\u3044\u308b\u306e\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"article wp-block-heading\"><strong>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306e\u6295\u8cc7\u304b\u3089\u8cc7\u91d1\u56de\u53ce\u307e\u3067\u306e\u6d41\u308c<\/strong><\/h2>\n\n\n\n<p>\u3053\u3053\u3067\u3001VC\u306b\u3064\u3044\u3066\u306e\u7406\u89e3\u3092\u3082\u3046\u4e00\u6bb5\u968e\u6df1\u3081\u308b\u305f\u3081\u306b\u3001\u6295\u8cc7\u56de\u53ce\u307e\u3067\u306e\u696d\u52d9\u3092\u6574\u7406\u3057\u307e\u3057\u305f\u3002 <\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>\u30d5\u30a1\u30f3\u30c9\u30ec\u30a4\u30ba<\/strong><br>\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u3001\u4f01\u696d\u3084\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u96c6\u3081\u305f\u304a\u91d1\u3092\u6295\u8cc7\u3057\u5f97\u305f\u5229\u76ca\u3092\u5206\u914d\u3059\u308b\u30b7\u30b9\u30c6\u30e0\u3067\u3001VC\u304c\u6295\u8cc7\u3092\u884c\u3046\u969b\u306b\u306f\u3001\u307e\u305a\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u6210\u3057\u8cc7\u91d1\u3092\u96c6\u3081\u307e\u3059\u3002<br><\/li><li><strong>\u30bd\u30fc\u30b7\u30f3\u30b0<\/strong><br> \u6295\u8cc7\u5bfe\u8c61\u4f01\u696d\u3001\u3064\u307e\u308aIPO\u304c\u898b\u8fbc\u3081\u308b\u9b45\u529b\u7684\u306a\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u767a\u6398\u3092\u3057\u307e\u3059\u3002 <br><\/li><li><strong>\u6295\u8cc7\u5951\u7d04\u3001\u682a\u4e3b\u9593\u5951\u7d04\u306a\u3069\u306e\u7de0\u7d50<\/strong><br><\/li><li><strong>\u6295\u8cc7\u306e\u5b9f\u884c\uff08\u8cc7\u91d1\u306e\u6255\u8fbc\uff09<\/strong><br><\/li><li><strong>\u30d0\u30ea\u30e5\u30fc\u30a2\u30c3\u30d7<\/strong><br>\u51fa\u8cc7\u3057\u305f\u4f01\u696d\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u3001\u4ed6\u306eVC\u306e\u7d39\u4ecb\u3084\u7d4c\u55b6\u30a2\u30c9\u30d0\u30a4\u30b9\u306a\u3069\u3055\u307e\u3056\u307e\u306a\u652f\u63f4\u3092\u3057\u884c\u3044\u307e\u3059\u3002<br><\/li><li><strong>\u30a4\u30b0\u30b8\u30c3\u30c8<\/strong><br> \u6295\u8cc7\u8cc7\u91d1\u306e\u56de\u53ce\u306e\u305f\u3081\u3001IPO\u3067\u306e\u682a\u5f0f\u58f2\u5374\u3001M&amp;A\u3001\u7b2c\u4e09\u8005\u3078\u306e\u58f2\u5374\u306a\u3069\u3092\u884c\u3044\u307e\u3059\u3002 <\/li><\/ol>\n\n\n\n<h2 class=\"article 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