初创企业的融资[文献翻译]

原文：Financing start-upsStarting a new company is challenging-both scary and thrilling-whether it succ

原文： Financing start-ups Starting anew company is challenging-both scary and thrilling-whether it success or not. If the business does success, the challenges, scares, and thrills just keep g2rowing. In the book, we describe some of the challenges in order to lessen the scares. The thrills remain intact for you to enjoy. Let’s begin by considering where we are going. The first concept phase is investigation, during which you explore the potential viability of your business concept. During this pre-seed stage, you are likely to spend $5000 of your own money, and you will probably be working alone. In the second concept phase, the seed stage, you are likely to spend 2to 12 months (all numbers are incremental from the previous phase) exploring the feasibility of your business in more detail. You can expect to spend $50000 of your money and whatever you can raise from FFF (friends, family and fools). Hopefully, during this stage you will be able to recruit an interim chief financial officer to help you prepare abusiness plan and financial projections. In the first development phase, you are likely to spend another 3to 12 months and $to $developing your business as an operating entity. This money is likely to come from angel investors. Since you are creating afull business at this point, you should have an interim management team. you may not yet have all senior management positions filled, but you should have most of them in place. The second development phase is the introduction of your product into the market. During the period, you are likely to spend $2 to$20million, which you would have raised from venture capitalists in what is called afirst round of financing. By this time, you should have afull management team in place that is transitioning operations into those of afull business. With this overview of the evolution of astart-up, let’s turn to the focus of this book-its financing. Although funding for an emerging company can