投资人怎么看早期项目，如何对项目计算估值

投资人给一个早期项目估值，一般会看项目所在的行业赛道、团队经验、产品成熟度、用户量、营收增长速度、利润增长率等因素；为什么需要有估值？

投资人怎么看早期项目？ What do investors think of early projects?

我们一般把A轮融资之前的项目称为早期项目。

we generally refer to projects prior to Series A financing as early-stage projects.

投资人给一个早期项目估值，一般会看项目所在的行业赛道、团队经验、产品成熟度、用户量、营收增长速度、利润增长率等因素。

when an investor evaluates an early-stage project, it generally depends on factors such as the industry track where the project is located, team experience, product maturity, number of users, revenue growth rate, and profit growth rate.

首先，投资人会看行业赛道，一般会选择一些现阶段看起来还比较冷门，但后续发展潜力大的行业，这样的投资时点对于想获取高回报的早期项目投资人是比较合适的。

first of all, investors will look at the industry track, and generally choose some industries that seem relatively unpopular at this stage but have great potential for subsequent development. Such investment timing is more suitable for early-stage project investors who want to obtain high returns.

再比如，团队对一个创业项目来说也是非常重要的一个因素，甚至在某些时候是决定因素，因为团队的执行力往往关系到这个项目能否走向成功。

for another example, the team is also a very important factor for an entrepreneurial project, and even the decisive factor in some cases, because the execution of the team is often related to the success of the project.

还有比如产品，产品的研发已经到什么阶段了，是否得到了市场和消费者的验证。产品开发得越完善，那么你对项目的正面影响就越大，项目越初级，对项目的估值影响就会负面多一些。此外，还有用户数量的增长、利润率的增长等。

there are also products such as what stage of product research and development has been reached, and whether it has been verified by the market and consumers. The more perfect the product is developed, the greater your positive impact on the project. The more elementary the project, the more negative impact on the project’s valuation. In addition, there are the increase in the number of users and the increase in profit margins.

但是，A轮之前的项目，有一个很大的特点，就是很多指标都是不确定的，很多标准也是不确定的，人的主观性因素非常强。所以，对前期项目进行估值存在一定的难度。

however, the project before the A round has a big feature, that is, many indicators are uncertain, many standards are also uncertain, and human subjective factors are very strong. Therefore, it is difficult to estimate the preliminary project.

为什么需要有估值？ Why is there a need for valuation?

既然早期项目是如此的模糊的、不确定的、多变的，作为项目的创始人，能不能不做项目估值呢？答案是：不能！

since the early projects are so vague, uncertain, and changeable, as the founder of the project, can you not do project valuation? The answer is: no！

所谓融资，就是向合伙人或投资人拿钱，创业者要告诉合伙人，现在这个项目应该值多少钱。如果合伙人加入进来，以合伙人的作用和价值，他应该拿到多少股权？同样我要去融资，那么我就必须向投资人说我这个项目估值多少，投资人在我这儿持有多少股权。

the so-called financing is to take money from partners or investors. The entrepreneur should tell the partners how much the project should be worth now. If a partner joins in, based on the role and value of a partner, how much equity should he get? Similarly, if I want to raise funds, then I must tell investors how much my project is valued and how much equity the investors hold in my place.

创业者对早期项目有了估值后，就可以开始找合伙人和投资人谈融资了，当然，在开出条件的时候，创业者可以把估值往上浮动一点，毕竟投资人一般会进行压价，创业者既不要无限制的夸大项目估值，也不要把项目估值定得太低。

after the entrepreneur has a valuation of the early project, he can start to talk to the partners and investors about financing. Of course, when the conditions are set, the entrepreneur can float the valuation up a bit. After all, investors generally do To keep prices down, entrepreneurs should neither exaggerate the project valuation without restrictions, nor set the project valuation too low.

那早期项目应该怎么估值？我们给出两种简易的估算方式，分别是“成本推算法”和“项目比较法”。

how should the early project be valued? We give two simple estimation methods, namely “cost estimation algorithm” and “project comparison method”.

估值技巧1：成本推算法 Cost estimation algorithm

无论是谈合伙还是谈融资，我们都需要有一个项目计划书（简称“BP”），BP中如何推算出公司的估值？

whether talking about partnership or financing, we all need to have a project plan (“BP” for short). How does BP calculate the company's valuation?

创业者可以先测算一年的成本预算，包括生产费用、劳务费用、管理费用、研发费用、营销费用等，假设加起来是200万，然后再假设创业者愿意拿出10%的股权去融资200万元，那么公司的估值就应该用200万除以10%，即2000万元。

entrepreneurs can first calculate a one-year cost budget,including production expenses, labor expenses, management expenses, research and development expenses, marketing expenses, etc., assuming that the total is 2 million, and then assume that the entrepreneur is willing to take out 10% of the equity to raise 200 Ten thousand yuan, then the company’s valuation should be 2 million divided by 10%, which is 20 million yuan.

考虑到投资人一般会压价，所以可以结合一些现有数据，估值到2000万或2500万，留足够的谈判空间。

considering that investors generally lower prices, it can be estimated to 20 million or 25 million based on some existing data, leaving enough room for negotiation.

估值技巧2：项目比较法 Project comparison method

实际上，很多创业者在做自己的项目的时候，都会觉得自己的项目是独创的，别人没有做过，而往往他做了一段时间之后，就会发现类似其实别人已经做过了，如果这个项目别人已经做过，通常就意味着别人的项目很可能已经拿到融资了。

in fact, when many entrepreneurs are doing their own projects, they will feel that their projects are original and others have not done it before, and often after they have done it for a period of time, they will find that they are similar to what others have done. The project has been done by someone else, which usually means that someone else’s project has probably already received financing.

那么创业者就可以比较一下，那个拿到融资的项目，在你现在这个阶段拿到了多少融资？当时的估值是多少？如果能拿到这个数据，就可以类比一下创业者自己的项目到底应该估值多少了。

then entrepreneurs can compare, how much financing did you get for the project that received financing at this stage? What was the valuation at that time? If you can get this data, you can compare how much the entrepreneur's own project should be valued.

当然，创业者也要清晰地意识到，现在市面上公布的那些项目的估值通常是有水分的。必须把水分挤掉然后再去比较你自己的项目。

of course, entrepreneurs must also be clearly aware that the valuations of those projects currently on the market are usually watery. You must squeeze out the moisture before you compare your own projects.

同时还要注意一个问题，就是自己的项目跟别人的项目在团队构成、产品开发、差异性，甚至包括市场前景方面是不是有区别。根据区别对自己的项目进行一个估值，就会比较接近真实估值，这就是所谓的“项目比较法”。

at the same time, we must also pay attention to the question of whether there is a difference between your own project and others' projects in terms of team composition, product development, differences, and even market prospects. If you evaluate your own project based on the difference, it will be closer to the true valuation. This is the so-called “project comparison method.”

早期项目想要拿到合伙人或投资人的融资，前提就是要对项目估值。但早期项目不确定的因素很多，应该怎么估值呢？我们今天介绍了两种估值的方式，分别是“成本推算法”和“项目比较法”，希望对你做项目计划书时有帮助。

the prerequisite for an early project to obtain financing from a partner or investor is to value the project. However, there are many uncertain factors for early projects, how should they be valued? We have introduced two valuation methods today, namely “cost estimation method” and “project comparison method”. I hope it will be helpful to you when you make a project plan.