The conditions for investing in various areas of business activity are numerous and are based on the requests and requirements of both investors themselves and consumers in need of free investments.

It is worth recalling that the main goal of investing is to make a profit in the planned amount and period of time.

About what investment conditions it is necessary for an enterprise to successfully attract investors and investments, you can find out in this article.

Business plan

An effective and competent business plan, which must be drawn up by qualified specialists. This is the most important condition for an investor, since it is not beneficial for anyone to invest their own funds in unpromising transactions that do not have a clear, transparent, and understandable future. No investor would make investment decisions based on oral information from a consumer. Based on the business plan, the investor must obtain a clear understanding of the economic indicators that the investment will bring him profit in the future.

Reputation of the leader and business

The manager and the enterprise must have excellent reputational characteristics that eliminate investor doubts when choosing a consumer. In order to minimize the risk of loss, investors, as a rule, do not invest their funds in unknown enterprises. That is why investors give priority to reputable leaders and enterprises that inspire confidence in the business community.

Business transparency

Transparency of an enterprise's activities is a prerequisite that has been put forward by investors for a long time. A consumer who hides any facts and events of his activities does not inspire confidence in the investor. Very important conditions for business transparency remain such as accounting, preparation of financial statements and their publication, tax accounting and preparation of tax reporting. This also includes the interaction of the consumer with the media, thanks to which the consumer enjoys special advantages when choosing him as an investor.

Conditions for managing capital and profit

For portfolio investors, it is very important to comply with all established conditions, rights and requirements related to the disposal of profits and capital. Confidence in the correctness of an investment decision is often strengthened not so much by legislation and transparent accounting as by personal communications and acquaintances.

Risk-reward ratio

It is important for an investor to compare the volume of projected profits with possible risks. Many investors prefer risk-free investing even if they receive small profits in the future. But some investors tend to invest in profitable risky transactions in order to obtain maximum profit.

State investment policy

The choice of the country of investment is significantly influenced by the internal policies of the state in which the consumer is registered and works and in whose territory it is planned to conclude an investment agreement and state-created investment conditions. When placing available funds in deposits, investors give preference to countries with stable economies. It is in such countries that deposits are placed under the most favorable conditions and with the lowest degree of risk.

A favorable investment climate, both in the country and in an individual company, is a powerful tool for attracting investors and investments. An example of this is the creation of offshore zones, special economic zones in the territories of various states, including the Russian Federation. In particular, in our country there are such zones in the Republic of Kalmykia, Buryatia, and also in the Altai Mountains.

In business clubs, at investor meetings, you can meet completely different people. How to determine which of them has experience and can become a valuable partner, and with whom a startup should not even get involved, says Sergei Chetverikov, investment director of the crowdinvesting platform StartTrack.

You can read the column about the main types of entrepreneurs.

To single out the most useful people from the crowd, enlist their support and invest together in business, you need to be a bit of a psychologist and understand what type of investor your partner is.

1. "Curious Investor"

He is interested in everything, doubts everything. Today he wants to create a children's creativity studio, tomorrow - a network. At the same time, he is afraid to risk money. The majority of “inquisitive investors” grew up in the “roaring 90s”, so such an investor knows everything about business. As a student, he himself worked as a merchant - he sold everything he could: from nesting dolls to ice cream. But it never turned into his own business.

At the same time, it is unlikely that it will be possible to captivate the “curious” with the idea of ​​investing in a “company that will change the world.” The main thing for him is to be guaranteed to receive his income in a short period of time. This is why he is more of an “investor” than an investor.

“Inquisitive investors” in the market, in my opinion, are about 40%. They come to crowdinvesting sites on their own, register themselves and make the first investments, having first carefully studied the founder’s background and without turning to consultants.

I have asked “curious” people many times: isn’t it scary to rely only on yourself? And usually I received the answer: “Your own intuition is more important. A consultant may recommend investing in some fast-growing market, but many projects “shoot out” from industries that no one has bet on at all.” An investor of this type is ready to move in any direction, it doesn’t matter whether it’s medicine or medicine. After all, he is “inquisitive.”

How to work with it

Such investors have potential. But you most likely won’t get much benefit from them; you shouldn’t specifically look for them in the crowd. Ask if there are any professional investors and entrepreneurs among his acquaintances - in this regard, the “inquisitive investor” may surprise you.

2. "Rentier"

He is 40-45 years old and very pragmatic. He approaches investing thoroughly and believes that if there is no special knowledge, then it is better not to take risks. Therefore, he devotes a lot of personal time to investment issues and dreams of founding his own venture fund.

Invests in business exclusively under a loan agreement; does not consider investing in the company's capital due to the large entry amount. Diversifies the portfolio to the maximum. When choosing a project, pays attention not only to business development, but also to the dynamics of business development.

At a meeting with the founders, “rentiers” are asked questions that are often perplexing. So, they can ask entrepreneurs to name competitors and provide detailed financial indicators.

In our country, such investors hold 10% of free assets, another third in mutual funds and government bonds, and the rest of their money comes from the stock market.

How to work with it

“Rentier” is not much - about 10%, in my opinion. Try to use their experience to create an investment portfolio and check the calculations - this is their strong point.

3. "Pioneer"

He is from generation Y, born in 1981 and younger. He graduated from school with a gold medal, and from university with honors. Winner of various scholarships, an active defender of nature, not only in words, but also in deeds. Whatever he undertakes, he does everything “excellently”.

He invests 40% of his free capital in the business, keeping the rest of the money in a mutual fund and in an individual investment account. Unlike the “rentier”, he does not invest in a large number of companies - he agrees to two or three, the main thing is that they have a reliable business.

In his free time from work, he is not lazy to study the management reporting of the projects in which he has invested money. Even before bed, he reads business literature rather than fairy tales to children. He wants to have his own business, but this is not an end in itself. He believes that starting his own business is worth it only in order to pass it on to his heirs. The “pioneer” is convinced that it is necessary not to extract short-term profit from the project, but to build a mini-empire.

How to work with it

Use his energy and fresh perspective as a pioneer to test business models and markets that you, due to age or conservatism, do not understand. At the same time, remember that any “pioneer” is more of an entrepreneur than an investor.

He is either already doing business or will start doing so soon. A typical “pioneer” is Elon Musk, who created and sold PayPal, began investing, but then returned to business to launch people to Mars. Of course, there are few “pioneers” - about 5%, and you need to look for them.

4. "Innovator"

You will recognize this “lighter man” at any meeting by his sparkling eyes and quick speech. He will be the first to come up to meet you and will definitely tell you something about himself. This type of investor combines the characteristics of an “inquisitive investor” and a “pioneer.” He is restless and constantly tries something new. Such people know how to listen to their inner voice, know how to get benefits, are not afraid to make mistakes, and easily create a business.

He knows at what time to sell the accumulated crypt or when to switch to internal suppliers in order to avoid unpleasant consequences from the collapse of the ruble. There are quite a few such people among StartTrack investors. I remember one - the owner of a small furniture production. Shortly before the 2014 crisis, he found alternatives to foreign supplies of raw materials and components, and in the spring of 2010, when he did not yet have his own company, he brought a batch of flavored canned oxygen to Russia. And just a few months later, the capital was covered by abnormal heat...

What is more important to an “innovator” is not income as such, but novelty. He can be superficial, he can give up something halfway, but he will always remain in the trend and even get ahead of it. He is a supporter of the culture of sharing consumption: he uses car sharing services and Airbnb.

He approaches other people's business from the same perspective. He is interested in the opportunity to invest in a project with a twist, big ambitions and a charismatic founder who will impress him. The ideal option for an “innovator” is a technological or social business.

How to work with it

"Innovator" is your guide to new areas of business. It is indispensable if you are investing in early-stage startups and want to invest in an idea that now seems incredible, but in 3 years will turn into a new one. There are many innovators on the market - about 15%, and they are easy to recognize. But you always need to be critical with them, because the knowledge of “innovators” may turn out to be superficial and their ideas empty.

5. "Keeper of Traditions"

This type of investor is usually 40+, but in terms of communication style and clothing style, he can be given more. He is a former official or top manager, wears ties and suits, and has a huge business card holder with his colleagues’ contact information on his desk. “The Keeper of Traditions” feels nostalgic for the 90s and early 2000s, although he fully corresponds to the image of a modern business person: he has diplomas from prestigious universities and an MBA degree, and speaks at least two foreign languages.

I am convinced that part of the accumulated capital should be kept in rubles and invested in instruments with an annual return of at least 25-30%. Gives the impression of an extremely conservative person. He is inactive on social networks, all new forms of presenting information pass him by, he only watches YouTube if his children show him.

Despite the high level of intelligence, erudition, and rich life experience, he is reminiscent of a person in a case: everything is calculated in advance, planned, and goes along the laid rails. Just like a rentier, he invests only in loans and devotes a lot of time to portfolio diversification.

It is difficult to convince the “Keeper of Traditions” to enter the capital of the company - don’t even try. In his opinion, investing in a share requires many years of experience in running your own business, and if you are not familiar with the industry, it is better not to take risks at all. On our site, such investors keep about a tenth of their money, and invest the rest in Eurobonds, shares and real estate.

How to work with it

“Keeper of Traditions” is your key to any door. He has a huge number of acquaintances in large private and government organizations, although he does not like to talk about it. To gain the trust of the “keeper of traditions,” he needs to be very interested in something.

6. "Authority"

Like the “inquisitive investor,” in the 90s he grabbed every opportunity to make money: he was engaged in the supply of cosmetics, exporting/importing food products, and traveling to Turkey by shuttle. Thanks to such activity, the career of the “authority” developed rapidly: experience and connections helped him occupy high positions in companies - from the head of a department to the general director. Nowadays, the “authority” often does not have a job, and deliberately: he lives on income from investments. But sometimes he is invited to companies as a crisis manager.

I started financing my business through professional platforms not so long ago; before that I lent money at interest to friends who were entrepreneurs.

He selects companies intuitively; he prefers to meet with the founders and main participants of the project in person: his background on the Internet means nothing to him. “Authority” is a very common type. For him, crowdinvesting is the first tool fraught with risks. The “authority” prefers to keep most of the money in bank deposits.

This is a very cautious type, but honest and correct. He lives “by principles”, evaluates people instantly, and it is extremely easy to fall in his eyes. He does not like those who do not keep their word, and at the same time are painfully proud.

How to work with it

The “authority” will provide you with indispensable assistance during negotiations with founders - he will not hesitate to ask a tricky question, will quickly assess the person and will not give up his position at a critical moment. If you understand his character and do not let him down, you will gain a valuable ally.

7. "Professional"

Or a syndicator. It is safest to enter into a deal with him. He has worked in funds, conducted M&A transactions and analyzed international projects of such a level that the economics of a startup are just a game for him. He has more than 10 major transactions, he understands various businesses and, since he invests significant amounts, can participate in the management of the company and monitor the dynamics of its financial performance.

This is not just an investor, he is at the same time an investigator, an auditor and a spy who calmly and meticulously checks every little detail and counts all the decimal places. He may look good-natured and even joke, but at the same time he will not stop the calculations for a minute.

How to work with it

“Professional” is useful in friendship, but this friendship must be clearly stated in the agreement of the joint transaction. If you comply with this formality, he will be obliged to update you on the state of the business at one time or another, as well as represent your interests on the board of directors. If he does not do this, he can be re-elected - for example, this may require 70% of the votes from investors in a particular round.

There are very few professional investors on the Russian market - about 1.5%. Thus, among the 3,800 StartTrack investors, there are about 50 of them. Nevertheless, we actively attract them to the site, because, having believed in the business, they help other investors.

From the experience of Europe and the United States, we see how this kind of deal unites the community; more than 50% of private investor deals there are syndicated.

To formalize relations with an investor, it is best to use the legal form of LLC (limited liability company). Individual entrepreneurs are avoided because of the risks, because according to the law, an individual entrepreneur is responsible for all his property, except for his only apartment. JSCs (joint stock companies) are not popular among startups - opening them is expensive, quite difficult and time-consuming.

In short, an investor can become a member of your LLC and contribute equity or lend money. Let's take a closer look at the mechanics of these paths.

1. The investor becomes a member of the LLC

This model is known in the business community as “investor entry.” Regardless of whether the investor will enter an existing LLC or create a new one, the procedure is essentially the same. The volume of investment is agreed upon, proportional to the nominal share in the authorized capital. The investor then pays the agreed amount, after which the share in the company is transferred to him, and changes to the constituent documents can begin.

Recently, the practice of concluding investment agreements between a startuper and an investor has become more frequent. The main points of the investment agreement: financing scheme, management structure (whether the investor has the right to interfere in operational management or not), the procedure for participants to withdraw from the project, methods of conflict resolution. On the one hand, the investment agreement establishes key agreements, on the other hand, it may contain very specific details (for example, you can determine the court in which the conflict will be heard if it arises).

Entry of an investor into an already existing startup LLC

In the case where the startup already operates as a registered legal entity, the investor sends a formal application to the general director for admission to the company and contribution to the authorized capital of the company. At the same time, even if you have an existing LLC, some investment funds may also require you to register another new LLC with their participation - this is normal.

The investor's statement states:

• the amount of money contributed or the composition of other property (the value of the non-monetary contribution is determined on the basis of the report of an independent appraiser);
• the planned period for making a contribution (counted from the moment the decision to accept a new participant is made by the general meeting of LLC participants and cannot exceed 6 months);
• the size of the expected share as a result of admission to the LLC participants (as a percentage or as a fraction);
• other conditions for making a contribution and joining the company that do not contradict the law and the company’s charter.

The decision of the general meeting of company participants to accept a new participant and increase the authorized capital through his contribution is made unanimously and must fully comply with the investor’s application. The fact that the decision was made and the composition of the participants present must be confirmed by notarization. At the time of making the decision, the current charter of the LLC should not contain prohibitions on increasing the authorized capital by accepting contributions from third parties or other similar restrictions. If your charter contains such a prohibition, you must first amend it.

The process ends with the investor paying for the share and registering the changes that have occurred with the tax office.

Creation of a new joint company with the participation of an investor

If your startup does not yet have a legal entity, creating a joint company with the participation of an investor looks like the most logical investment option.

The contribution of the entrepreneur himself, as a rule, will be intangible assets (rights to use the results of intellectual activity transferred under a license agreement), technological equipment or real estate. If you have any of this, then first have your property appraised by an independent appraiser.

The relationship between the co-founders of a new LLC should be described in as much detail as possible in the charter, including the rules for the distribution of votes at the general meeting of participants, the principles of participation of partners in the company’s profits, the procedure for participants’ withdrawal from the company and conflict resolution, as well as many other essential conditions. Few people remember the charter while things are going well, but inattention to detail and a formal approach can significantly complicate and shorten the life of your business, or even become a breeding ground for abuse by unscrupulous investors.

2. The investor does not become a member of the LLC

Not every entrepreneur is ready to share the management of their project. In this case, the solution may be debt financing from an investor who agrees not to interfere in the operating activities of the startup.

Providing investments in the form of a loan

The investor can provide an interest-bearing or interest-free loan - it all depends on your agreements. The amount is returned, as a rule, in a lump sum after a long period of time (2-3 years).

Securing investments depends on the risks of the project and the requirements of the investor. In practice, most often a pledge of intellectual property (for example, programs, inventions, know-how) and shares in an LLC is used as collateral for loan repayment.

To ensure that money is spent efficiently, the loan agreement may provide for the condition that the borrower use the funds received only for certain purposes (targeted loan). This condition also presupposes the investor’s control over the expenditure of funds. If the money is spent inappropriately, the investor may demand early repayment of the loan with interest. The forms of control and the repayment procedure are agreed upon in the loan agreement.

Combined investment scheme

Its essence is that the investor provides a loan for a share in the company in the future. This is a modern way of investing that takes into account the interests of the startup and the investor equally.

The flexibility of this scheme lies in the fact that the preliminary agreement for the purchase and sale of a share in the LLC is subject to execution only upon the onset of the so-called suspensive condition- usually after the startup reaches breakeven. The terms of the loan agreement will be similar to those discussed above.

Possible options for the investor to exit the startup - at the actual cost of the share or through repayment of the loan (interest on the loan) - are fixed in the charter when the contract is executed.

This scheme is similar to convertible notes, popular in Silicon Valley, through which a startup receives financing with the right of the investor to convert the debt into company shares in the future, taking into account a risk discount. In this case, the size of the investor’s shareholding will be proportional to the ratio of the amount of his loan to investments in the next round of investment.

The combined scheme takes into account Russian realities to a greater extent (for example, the peculiarities of an LLC, where there are shares, but no shares), however, it requires assessing the value of the company in a preliminary agreement long before the events occur.

What is important to remember when entering into a relationship with an investor?

Whether an investor insists on a particular form of investing or not, be careful when choosing it, especially if you are dealing with a non-professional investor who is investing occasionally or for the first time.

Remember that when there is a team of professional lawyers on the investor’s side who are experienced in formalizing relations with startups, they work in the interests of the investor. Therefore, at a minimum, you should play it safe and involve an independent legal expert who will check all documents to ensure that your interests are met.

We hope that this information will help you understand a complex and important issue. For our part, we will be happy to help if you decide that you need live consultation.

Investors are most often Western funds, which are attracted by the growth potential of individual industries. As practice shows, in order to attract direct investment, it is not at all necessary to be a well-known company. It is enough to prove that with appropriate financial investments the enterprise is able to show high rates of development and profit growth within three to five years.

Requirements of direct investors

1. Control over the company. Direct investments, as a rule, are not secured by any collateral other than the purchased shares or share in the authorized capital of the company, therefore, investors take serious risks when making investment decisions. Trying to reduce the likelihood of monetary losses, they not only carefully select investment projects, but also strive to establish control over the company's activities. Most investors insist on selling them a blocking stake of 25% plus one share, so that the management and management of the company, which owns the remaining shares, have an incentive to cooperate. Some want to buy a controlling stake, which is almost equivalent to acquiring 100% of the shares. However, this is dangerous for the founders of the company, because... they completely lose control over its activities and will be able to sell their stake in the future with great difficulty.

2. Business prospects. Direct investors are interested in the fact that the company in which the funds are invested is able to return the investment in 3-5 years with a profit many times higher than the average market level (the greater the risk, the higher the profitability requirements). An acceptable level of return on investment for Russia is 40-60% per annum in foreign currency. In this regard, investors give preference to fast-growing and dynamically developing companies. In addition to the growth of the company, investors evaluate the prospects and technological effectiveness of the industry in which it operates, as well as the uniqueness of the products it produces. The company is encouraged to have registered know-how and other competitive advantages, for example, a favorable location, access to raw materials markets. Many investors limit the list of industries in which they are willing to work. For example, the Delta Capital fund only considers companies operating in the telecommunications, information technology, financial services and distribution of consumer goods markets. Some funds have sectors prohibited for investment, for example, for all funds of the European Bank for Reconstruction and Development of the EBRD, these are the tobacco, weapons, alcohol and gambling industries. Some funds place high demands on the environmental friendliness of production.

3. Composition of shareholders very important for the investor, because in Russia there is a risk of "erosion" of share capital, i.e. an increase in the number of issued shares and, as a result, a decrease in the share of existing shareholders in the authorized capital. The investor must be sure that his assets will not become the property of other companies. Confidence in shareholders increases if they already include Western companies or if there are independent directors on the board of directors. Some funds refuse to invest if they find out that the company is owned by criminal structures. Also, investors prefer not to invest in companies in which the state is one of the shareholders.

4. Company transparency. Transparency of the company to the investor implies the preparation of reports according to IFRS, an annual audit, preferably by international auditing companies, as well as the provision of information about all shareholders of the company, its structure and projects. In addition, many investors do not want to take on the risk of possible consequences of tax schemes carried out by companies and are demanding significantly greater transparency in government reporting. It is necessary to bring reporting into compliance with international standards even before starting cooperation with investors, since this increases the investment attractiveness of the company and its value. But if the investor has already made an unambiguous decision on financing, then the transformation of reporting can be carried out at his expense.

5. Professional management. Many investors believe that the professionalism of a company's management team plays a key role when making decisions about investing. In the course of their work, investors try to bring the company to Western management standards, and the lack of support from leading managers can nullify all efforts. The professional level of managers is determined on the basis of their resume, as well as the quality of the company’s business development plans. If an investor is not satisfied with the company's management, he may demand a change in management, including the CEO.

6. Conditions for leaving the business. Despite the fact that an investor usually sells his stake in a company 3-5 years after starting work with it, the conditions for exiting the deal are negotiated before the investment begins. Thus, an agreement is often concluded with shareholders that if the investor is unable to sell his non-controlling stake within a certain period after the end of the contract, then other shareholders of the company, taking into account whose shares the stake becomes a controlling stake, must also sell their shares. This condition is explained by the fact that a controlling stake is always easier to sell. Thus, shareholders themselves should be interested in finding a buyer or funds to buy out shares from a direct investor. Sometimes the investor's right to sell his shares before a specified date is stipulated, for example, if other shareholders sell their shares.

Stages of working with an investor

The process of interaction with an investor can be divided into several stages: - getting to know the company, it is called deal flow, literally “flow distribution”; - business study due diligence - due attention; - joint management of the company hands on; - sale of the investor's block of shares exit of capital - exit from investment.

Getting to know the company. At this stage, it is necessary to provide the investor with a brief summary of the business plan, and if it interests him, then a business plan for the development of the enterprise, which should clearly describe the history of the company, the prerequisites for its development, market prospects, production program and cash flows of the project. Large companies draw up not only a business plan, but also an investment memorandum - a document that contains information about the structure of share capital, the composition of shareholders, subsidiaries and information about the parties interested in the project, as well as the desired structure of the transaction (that is, the percentage of shares, which the shareholder buys). It is worth noting that in some cases investors are ready to consider not detailed business plans, but only business ideas that are not supported by specific research and action.

Business studies. This stage is long, up to one and a half years, and includes a comprehensive assessment of the company: market research, legal examination of concluded contracts and constituent documents. The stage ends positively only when the company satisfies all the investor’s requirements. Representatives of the investor visit the company, meet not only with leading employees, but also with middle management, accountants check the accounting. To get an independent opinion about the company, the investor invites experts. In addition, information about the owners of the company is checked. Funds are not invested until the investor is convinced that the company does not have suspicious subsidies or any subsidiaries through which assets can be withdrawn. The result of studying a business is an investment memorandum, which is drawn up by the investor. The document is reviewed by the investment committee of the investor company, which makes a decision on investing money or refusing to finance the project.

Joint management of the company. To manage the company, an investor representative is appointed to the board of directors. As a rule, he has the right to veto strategic decisions (sale of assets, mergers, conclusion of major transactions). In addition, investors help develop production and financial management, strive to increase the attractiveness of the company’s products (they certify products according to international standards), and expand sales markets (they find ways to sell products to other regions or even states). Due to the fact that most Western direct investors act on behalf of government-level organizations, they can bring “intangible capital” into the company’s work in the form of business connections or government lobbying.

Withdrawal of the investor from the project. After the end of the planned period of cooperation, the investor has the right to sell the shares on the agreed terms. To do this, an independent assessment of the company is carried out and a package of documents is prepared, which potential buyers should familiarize themselves with. As a rule, if the project was successful, the investor is in no hurry to leave the business and looks for a buyer who offers the most favorable conditions. Most often, it becomes either a strategic investor - a company interested in the operational management of a business in order to increase its own market share or enter new ones, or shareholders of the enterprise itself who want to continue running their own business.

For the best interaction with investors, entrepreneurs need to understand exactly what they are primarily interested in, what projects they are willing to invest their money in and under what conditions investors work.

First of all, an investor makes his investments in a new project if he wants to get a share in a company that will soon occupy a niche in the modern market. Investors are looking for companies that will grow and generate multiple returns when sold.

To attract an investor, the following conditions are required:

1. Competent, clear, interesting business plan (promising and profitable)
2. Current idea
3. The company's reputation must inspire trust. Little-known enterprises are not of interest to investors, since there is a high risk of failure.
4. Team cohesion. Often investors look at the behavior of all team members, team cohesion and how the team communicates. If this is not the case, then investment will be denied.

Normal investors invest in a team that is not afraid to explain its idea, develop it and bring its product to life. A competent investor always understands the essence of the project, makes it competitive, and not just gives money.

A question of profit

The most pressing point in the question of the conditions under which investors work is undoubtedly the factor of profit distribution. Many investors would rather have a smaller return than a bigger risk. It is very rare for anyone to choose a high degree of risk with a high level of profit, but there are some.

Experts suggest this scenario. At the initial stage of the project, it is better for founders to take the least amount of money they need. Further, as the company develops, the investor’s risks will fall and, accordingly, you can divide the profit in half, or keep a larger share for yourself. Experts advise distributing profits like this. Before the project payback, 20% goes to the organizers and 80% to investors, after payback, when investors get their money back - 50% to 50%.

By following these simple rules, you can attract good investors, develop your project, and at the same time everyone will be satisfied with the results of your joint work.

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