For investors, the gambling agreement is a risk avoidance tool under incomplete contracts.

On the one hand, due to the incompleteness of the contract, the investor is in a naturally disadvantaged position due to information asymmetry compared to the target company and its management; on the other hand, due to the uncertainty of future valuation, the investor therefore bears

Larger foreseeable costs.

Especially in the high-risk Internet industry, this kind of cooperation is not uncommon. Almost 80% of startups have signed a gambling agreement with their capital.

There are two common ones.

First, the investor invests 10 million, accounting for 40% of the shares. The startup company is given performance requirements. If one standard is met, the shareholding will be reduced to 30%, and if the other standard is met, the shareholding will be reduced to 20%...

Second, the investor holds 10 million shares, accounting for 20% of the shares. The startup company is given performance requirements. If one of the requirements is not met, the shareholding is increased to 30%. If the two are not met, the shareholding is 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 their shares, improve the company's performance, and promote the company's development.

In addition, there are many more types.

For example, Zhou Buqi went to JD.com’s board of directors later this year and witnessed a gambling agreement with his own eyes.

Liu Qiangdong is responsible for logistics.

As a result, investors collectively disagreed.

In order to convince them, Liu Qiangdong took the initiative to propose a gambling agreement.

If the logistics industry is successful, all investors will share 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, JD.com’s logistics business started smoothly.

He shocked all investors.

However, when the contract for the gambling agreement was handed over to Zhou Buqi, he tore up the contract and threw it away. He said boldly: "We are brothers, what about gambling? We win together and lose together."

Carry it! If it really fails, each of us will pay half of it to compensate them! What a waste?"

Liu Qiangdong was really moved.

The gambling agreement designed by Zhou Buqi for Friends.com and Facebook is quite unusual.

Probably there has never been a gambling agreement of this kind in history.

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

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

Never heard of it!

So creative!

Very novel!

What this group of young people care about most is novel and interesting new things. The plan proposed by Zhou Buqi satisfies all of Facebook's ideas from a creative perspective.

However, Zuckerberg did not make an immediate decision on the spot. Instead, he said that he would give them time to discuss it and continue the discussion the next day to finalize the cooperation plan. He also said that three days later, the investment institution would fly back from New York to invest in the Series B round.

The contract is signed, let them prepare.

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

After leaving, Zhen Yu looked suspicious.

Fortunately for the others, Zhou Buqi gave them a lecture before coming and designed a negotiation plan and cooperation method.

But Zhen Yu didn't know this and asked with a frown: "Boss Zhou, do you really want to make a gambling agreement?"

Zhou Buqi smiled and said, "Now that my professional title has been removed, you can just call me by my first name."

"Do you really not want service fees or advertising dividends?"

"right."

"Aren't you afraid that trying to draw water from a bamboo basket will end up in vain?"

"Senior Sister Zhen, you heard about the negotiation just now. Friends.com wants to pay 5.5 million US dollars for 1% of their shares! We have to go all out for this money."

Zhen Yu shook her head and said: "Then we can't bear all the risks, right? The social game promotion failed, Facebook had no impact at all, and the loss was Friends. The promotion was successful... Of course we got some shares, but that's

It deserves it, and the one who profits the most is still Facebook.”

It's like if a company invites talents to work without paying them a salary, but only shares, who will go?

The salary is real!

Stocks are bubbles and empty promises. Who knows what the future will bring?

What if the company doesn't take off? Wouldn't it mean that you have been busy for several years in vain and haven't made a penny?

This is indeed the truth.

But the problem is, Zhou Buqi knows the future.

Compared with salary, stocks are more important!

Zhou Buqi smiled and said: "Only if you bear all the risks yourself, can this gambling agreement be successfully signed."

"Isn't it too risky?"

Zhen Yu asked some questions.

In fact, he was not the only one, Zhang Yiming, Tang Binchen, Li Ke and others all had reservations about such a cooperation plan.

There are no immediate benefits at all, it’s all a beautiful fantasy about the future?

Is it too floating?

Zhou Buqi thought for a moment 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 all the risks were borne by himself, and then he convinced all the investors

People, support him to do logistics."

Zhen Yu said: "That's because he is confident in his strategy."

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

…

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

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

Along the way, Zhou Buqi and Sister Bao were not given a chance to whisper. They all laughed and chatted together.

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

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

He is indeed a top student at Harvard.

He is Zhen Yu's friend again and feels worthy of being cultivated.

In the evening, Facebook sent an email expressing its 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 I start chatting when I don't have time.

Baoshan: “Not yet.”

Zhou Bu was angry: "I'll come over and let's chat? I just walked around this afternoon and didn't talk to you properly."

Baoshan: "Ah? Is it too late?"

Zhou Bu was angry: "It's not too late, it's just right."

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

Sure enough, Zhen Yu sent a message the next moment: "Don't flirt with Baoshan. She is tired and jet lagged. Let her rest for a while. Open the door and I will go find you."

Zhou Bu was angry: "Ah? Is it too late?"

·Z: “Not too late, just right.”

Zhou Bu was angry: "You don't have any 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, which was more formal. She didn't have charming makeup or sexy clothes, and she didn't look like a romantic at all.

"Ahem..." Zhou Buqi secretly threw the unpacked condom under the sofa, suppressed his concentration, and asked with a serious look on his face, "Senior Sister Zhen, what's the matter?"

Zhen Yu was already very mature. After half a year in the United States, her temperament has become more stable, and her beautiful face shows her calmness. "Didn't you give me more than 200 domain names? What a coincidence. Just now, someone contacted me."

!”

"Really?" Zhou Buqi said calmly, "What?"

"."
To be continued...