{"id":8525,"date":"2023-11-29T08:21:20","date_gmt":"2023-11-29T08:21:20","guid":{"rendered":"https:\/\/masterskills.org\/blog\/down-round-la-gi-hieu-ve-down-round.html"},"modified":"2023-12-21T14:42:43","modified_gmt":"2023-12-21T07:42:43","slug":"down-round-la-gi-hieu-ve-down-round","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/down-round-la-gi-hieu-ve-down-round.html","title":{"rendered":"Down Round l\u00e0 g\u00ec? Hi\u1ec3u v\u1ec1 Down Round"},"content":{"rendered":"
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(\u1ea2nh minh h\u1ecda: Tech Crunch)<\/p>\n<\/figcaption><\/figure>\n

Down Round\u00a0<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

Down Round<\/b> l\u00e0 v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo c\u1ee7a m\u1ed9t c\u00f4ng ty v\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n v\u00f2ng g\u1ecdi v\u1ed1n tr\u01b0\u1edbc. N\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, c\u00f4ng ty c\u1ea7n nhi\u1ec1u v\u1ed1n h\u01a1n v\u00e0 h\u1ecd ph\u00e1t hi\u1ec7n ra r\u1eb1ng \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u00f4ng ty th\u1ea5p h\u01a1n so v\u1edbi v\u00f2ng g\u1ecdi v\u1ed1n tr\u01b0\u1edbc \u0111\u00f3. \u0110i\u1ec1u n\u00e0y bu\u1ed9c h\u1ecd ph\u1ea3i b\u00e1n c\u1ed5 phi\u1ebfu v\u1ed1n v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu.<\/p>\n

Hi\u1ec3u v\u1ec1 Down Round<\/font><\/h3>\n

C\u00e1c c\u00f4ng ty t\u01b0 nh\u00e2n huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua m\u1ed9t lo\u1ea1t c\u00e1c giai \u0111o\u1ea1n, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 c\u00e1c v\u00f2ng. S\u1ebd l\u00e0 t\u1ed1t nh\u1ea5t n\u1ebfu sau v\u00f2ng \u0111\u1ea7u ti\u00ean c\u00f4ng ty \u0111\u00e3 g\u1ecdi \u0111\u1ee7 v\u1ed1n c\u1ea7n thi\u1ebft kh\u00f4ng c\u1ea7n v\u00f2ng ti\u1ebfp theo. \u0110\u00f4i khi,\u00a0burn rate\u00a0c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p cao h\u01a1n nhi\u1ec1u so v\u1edbi d\u1ef1 \u0111o\u00e1n, khi\u1ebfn c\u00f4ng ty kh\u00f4ng c\u00f2n l\u1ef1a ch\u1ecdn n\u00e0o kh\u00e1c ngo\u00e0i vi\u1ec7c tr\u1ea3i qua m\u1ed9t v\u00f2ng g\u1ecdi v\u1ed1n kh\u00e1c.<\/p>\n

Khi m\u1ed9t doanh nghi\u1ec7p ph\u00e1t tri\u1ec3n, c\u00e1c v\u00f2ng c\u1ea5p v\u1ed1n \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi gi\u00e1 cao d\u1ea7n \u0111\u1ec3 ph\u1ea3n \u00e1nh \u0111\u1ecbnh gi\u00e1 ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a c\u00f4ng ty. Th\u1ef1c t\u1ebf, gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u1ed9t c\u00f4ng ty do t\u00e1c \u0111\u1ed9ng c\u1ee7a nhi\u1ec1u bi\u1ebfn s\u1ed1 c\u00f3 th\u1ec3 khi\u1ebfn n\u00f3 th\u1ea5p h\u01a1n so v\u1edbi tr\u01b0\u1edbc \u0111\u00e2y. Trong nh\u1eefng t\u00ecnh hu\u1ed1ng n\u00e0y, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd ch\u1ec9 xem x\u00e9t \u0111\u1ea7u t\u01b0 n\u1ebfu c\u1ed5 phi\u1ebfu, ho\u1eb7c tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, \u0111\u01b0\u1ee3c ch\u00e0o b\u00e1n \u1edf m\u1ee9c gi\u00e1 th\u1ea5p h\u01a1n so v\u1edbi c\u00e1c v\u00f2ng g\u1ecdi v\u1ed1n tr\u01b0\u1edbc \u0111\u00f3. \u0110\u00e2y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 m\u1ed9t Down Round.<\/p>\n

Trong khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7u ti\u00ean c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f3 xu h\u01b0\u1edbng mua \u1edf m\u1ee9c gi\u00e1 th\u1ea5p nh\u1ea5t, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong c\u00e1c v\u00f2ng ti\u1ebfp theo c\u00f3 l\u1ee3i th\u1ebf \u0111\u1ec3 xem li\u1ec7u c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c ti\u00eau chu\u1ea9n \u0111\u00e3 n\u00eau hay kh\u00f4ng. Khi c\u00e1c ti\u00eau chu\u1ea9n kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng \u0111\u1ee7, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp theo c\u00f3 th\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty th\u1ea5p h\u01a1n v\u00ec nhi\u1ec1u l\u00ec do bao g\u1ed3m lo ng\u1ea1i v\u1ec1 qu\u1ea3n l\u00ed thi\u1ebfu kinh nghi\u1ec7m, kh\u1ea3 n\u0103ng th\u1ef1c hi\u1ec7n k\u1ebf ho\u1ea1ch kinh doanh c\u1ee7a c\u00f4ng ty.<\/p>\n

C\u00e1c doanh nghi\u1ec7p c\u00f3 l\u1ee3i th\u1ebf r\u00f5 r\u00e0ng so v\u1edbi \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, \u0111\u1eb7c bi\u1ec7t n\u1ebfu h\u1ecd \u1edf trong m\u1ed9t l\u0129nh v\u1ef1c sinh l\u1ee3i, th\u01b0\u1eddng thu\u1eadn l\u1ee3i h\u01a1n trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, n\u1ebfu c\u00e1c l\u1ee3i th\u1ebf \u0111\u00f3 bi\u1ebfn m\u1ea5t do s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u1ea1nh tranh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u00ecm c\u00e1ch ph\u00f2ng ng\u1eeba c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh b\u1eb1ng c\u00e1ch y\u00eau c\u1ea7u \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n trong c\u00e1c v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo. N\u00f3i chung, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 so s\u00e1nh giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m, kh\u1ea3 n\u0103ng qu\u1ea3n l\u00ed v\u00e0 m\u1ed9t lo\u1ea1t c\u00e1c s\u1ed1 li\u1ec7u kh\u00e1c c\u1ee7a c\u00e1c c\u00f4ng ty c\u1ea1nh tranh \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00ed cho v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo.<\/p>\n

Down Round c\u00f3 th\u1ec3 x\u1ea3y ra ngay c\u1ea3 khi m\u1ed9t c\u00f4ng ty \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c m\u1ecdi ti\u00eau ch\u00ed. \u0110\u1ec3 qu\u1ea3n l\u00ed r\u1ee7i ro, c\u00e1c qu\u0129 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m th\u01b0\u1eddng y\u00eau c\u1ea7u \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n c\u00f9ng v\u1edbi c\u00e1c bi\u1ec7n ph\u00e1p nh\u01b0 v\u1ecb tr\u00ed trong ban gi\u00e1m \u0111\u1ed1c ho\u1eb7c tham gia v\u00e0o c\u00e1c qu\u00e1 tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh. M\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 pha lo\u00e3ng v\u00e0 m\u1ea5t ki\u1ec3m so\u00e1t \u0111\u00e1ng k\u1ec3 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f4ng ty, s\u1ef1 tham gia c\u1ee7a m\u1ed9t qu\u0129 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u0169ng c\u00f3 th\u1ec3 cung c\u1ea5p nh\u1eefng g\u00ec c\u00f4ng ty c\u1ea7n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau ch\u00ednh.<\/p>\n

L\u1ef1a ch\u1ecdn thay th\u1ebf<\/font><\/h3>\n

C\u00e1c l\u1ef1a ch\u1ecdn thay th\u1ebf cho Down round l\u00e0:<\/p>\n

– C\u00f4ng ty c\u1eaft gi\u1ea3m burn rate. B\u01b0\u1edbc n\u00e0y s\u1ebd ch\u1ec9 kh\u1ea3 thi n\u1ebfu c\u00f3 s\u1ef1 thi\u1ebfu hi\u1ec7u qu\u1ea3 trong ho\u1ea1t \u0111\u1ed9ng, n\u1ebfu kh\u00f4ng n\u00f3 s\u1ebd t\u1ef1 th\u1ea5t b\u1ea1i v\u00ec n\u00f3 c\u00f3 th\u1ec3 c\u1ea3n tr\u1edf s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00f4ng ty.\u00a0<\/p>\n

– C\u00f4ng ty c\u00f3 th\u1ec3 xem x\u00e9t c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n, vay b\u1eafc c\u1ea7u,…\u00a0<\/p>\n

– T\u00e1i \u0111\u00e0m ph\u00e1n c\u00e1c \u0111i\u1ec1u kho\u1ea3n v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n t\u1ea1i.<\/p>\n

– \u0110\u00f3ng c\u1eeda c\u00f4ng ty.\u00a0\u00a0<\/p>\n

(Theo Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Down Round l\u00e0 v\u00f2ng g\u1ecdi v\u1ed1n ti\u1ebfp theo c\u1ee7a m\u1ed9t c\u00f4ng ty v\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n v\u00f2ng g\u1ecdi v\u1ed1n tr\u01b0\u1edbc.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[423],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8525"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=8525"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8525\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=8525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=8525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=8525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}