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墨書 Inktalez
"However, Jiang, you really have a lot of ideas. Fortunately, we are venture capitalists, pursuing profit returns rather than seeking control." Zhou Quan relaxed, losing the formality of the negotiation.
His idea was about voting rights and the structure of A and B shares. After Jiang Yizhou agreed to their 40% stake, Jiang Yizhou proposed the A and B share structure, where B shares would be for founders like him, while the shares raised through financing would be A shares. The voting rights of A shares would be one-tenth of those of B shares.
This was also a method used by founders in later years to control the company when their own shareholding was not dominant. However, like the VIE structure, it would take a few years to emerge, resolving one of the fundamental conflicts faced by startups.
"However, we still need to study this idea further. But I can promise you that for general matters, IDG's voting rights can be delegated to you. Major issues involving financing and acquisitions will require our approval."
Jiang Yizhou breathed a sigh of relief. Any founder who loses 40% of their shares in the first round of financing would be anxious. Without sufficient control, they could soon be ousted from the company they founded, depending on the goodwill of the major shareholders.
Moreover, there were no precedents for this situation; he had merely proposed a feasible idea.
He would be the first to attempt the VIE structure, and with the A and B share model clearly favoring the protection of founders and management's equity, Zhou Quan did not agree outright but said he needed to consider it—of course, after signing the financing contract, which meant it was none of his concern.
...
Leaving the building, Jiang Yizhou felt a bit emotional. Raising funds was incredibly difficult—perhaps even harder than creating something like this. Was it hard to get started? Not really; if it were a software company, a team could create something in just a few months. The key was how to get it running.
Without money, who could blame anyone for dying before dawn? After all, there would always be successors trying again.
"Lao Wu, my heart really hurts! Just like that, I gave away 40% of my shares. If I can't achieve results now, I might as well crash into a wall!" Walking shoulder to shoulder with Wu Ming, Jiang Yizhou clutched his chest and vented his frustrations.
"Alright, alright. They are willing to invest 1 million dollars for your 40% stake. You still have 60% left—doesn't that make you an instant millionaire? It seems like you're complaining after getting a good deal. How much have you invested in total? Less than 200,000? In less than a month, you've multiplied that by fifty times; no matter how you look at it, that's a huge profit!"
In Wu Ming's view, he did not feel anything wrong; by now, it was a success beyond his imagination. This broken company, with eight computers, one phone, one server, a few desks, and several interns, is worth millions?
What he did at Jinshan was software, the kind sold by the piece. He was quite confused about this free service software, but it was all for the sake of making history—the world's first Instant Messaging software had already achieved its goal.
Now, Wu Ming was not optimistic about the future and was even more perplexed that someone would invest. This was probably the difference between traditional software industry thinking and Internet industry thinking.
Compared to those future Internet companies that burn money by the millions—still in dollars—what is it all for? It's all about user numbers. They not only let people use it for free but even pay them back with cash gifts, limited-time free offers, subscription packages, lucky cards, and membership giveaways. They spare no effort; as for profit, who cares? As long as users are acquired, they aren't worried about making a profit later.
He already admired his partner Jiang Yizhou beside him. Although only eighteen and without formal education, his understanding of the Computer and Internet fields was far ahead of Wu Ming's. At least he had easily become a millionaire with this software, even if the shares were virtual. Wu Ming felt some regret; if only he had invested the twenty thousand he had saved back then...
Noticing Wu Ming's complicated expression, Jiang Yizhou sensed something and put his arm around his shoulder. "Are you regretting not investing?"
Wu Ming adjusted his glasses and looked at Jiang Yizhou. Although he said nothing, his eyes betrayed him.
"Don't worry; I've already thought it through. If we can take the company public, I will give you an option like an elder."
Drawing a pie in the sky—Wu Ming thought—you're already thinking about what happens after going public. Is it arrogance or just delusion?
...
"You must be Sister Song!" Jiang Yizhou found her according to the location in the phone. A woman in her thirties sat upright in her seat. After he sat down, he greeted her.
"Hello, you are... Jiang Yizhou? Mr. Jiang?" Song Rushi questioned, surprised at how young he was. Was he really not here just to play around?
Jiang Yizhou had long been accustomed to others doubting his youth and reliability. With no academic background or certificates, and being barely an adult, he often encountered such skeptical gazes.
“It’s me. I can see you’re probably thinking, is this guy a rich second generation just playing around?” After sitting down, Jiang Yizhou picked up the menu, flipping through it while joking.
“No, not at all. I’m just a bit curious. Mr. Jiang, you’re so young and have already founded a company. Truly impressive!” Song Rushi had just returned from abroad and was surprised to receive a recruitment notice from idg China on behalf of someone.
Jiang Yizhou was quite self-aware about these matters. He knew that managing such affairs would take time and might not even be completed successfully. Setting up a company in offshore islands and establishing a headquarters in Hong Kong, with branches in both the domestic market and the United States, would soon make his venture a legitimate foreign enterprise—something he certainly couldn’t handle alone.
Recruiting him was also without direction; he had wandered through several large recruitment markets in Beijing, but high-end talent recruitment felt like being a headless fly, leading him to helplessly entrust idg.
Fortunately, they were quite responsible and efficient; even a temporary office had already been set up in the U.S., and servers would be available soon.
“I’m flattered; it’s just some luck on my part. I wonder how much Sister Song knows about my company?” Jiang Yizhou got straight to the point.
Song Rushi paused for a moment before summarizing the information she had previously reviewed regarding Zhengyi Technology. “I believe the reason your company is recruiting me is to improve its structure! Although your company has launched the qi software, its organizational structure is still at a workshop level!”
In simple terms, aside from Jiang Yizhou and the qi software he developed, Zhengyi Technology had little else to offer. However, Song Rushi, returning from the U.S., could not look down on them; Zhengyi Technology, like those companies that rose from garages, had a bright future ahead and was currently on the right track, rapidly progressing.
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