{"id":1923,"date":"2021-02-16T17:30:58","date_gmt":"2021-02-16T16:30:58","guid":{"rendered":"https:\/\/capitalventureconsulting.com\/?p=1923"},"modified":"2021-08-25T14:46:48","modified_gmt":"2021-08-25T12:46:48","slug":"clausole-di-investimento-per-startup","status":"publish","type":"post","link":"https:\/\/capitalventureconsulting.com\/en\/clausole-di-investimento-per-startup\/","title":{"rendered":"Clausole di investimento per startup"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1923\" class=\"elementor elementor-1923\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e5d0051 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"e5d0051\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-58e23d1f\" data-id=\"58e23d1f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b95d61e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4b95d61e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-445370c1\" data-id=\"445370c1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b323635 elementor-widget elementor-widget-heading\" data-id=\"7b323635\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Cosa sono e perch\u00e9 sono importanti<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fe2afdb elementor-widget elementor-widget-text-editor\" data-id=\"6fe2afdb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Le <strong>clausole di investimento per startup<\/strong> sono una serie di accordi e provvedimenti stilati tra imprenditori e investitori durante le trattative di investimento.<\/p>\n<p>Le clausole hanno <strong>valore legale<\/strong> e un impatto importante su molti aspetti della vita di una startup, talmente importante che a volte alcuni deal non vengono chiusi proprio perch\u00e9 le parti coinvolte non riescono a trovare un accordo bilanciato.<\/p>\n<p>Per ogni imprenditore in fase di <strong>fundraising<\/strong> \u00e8 fondamentale conoscere queste clausole per capirne il funzionamento e tutelare al meglio i propri diritti e interessi.&nbsp;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-304f410 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"304f410\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4b651dc8\" data-id=\"4b651dc8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-421a856d elementor-widget elementor-widget-heading\" data-id=\"421a856d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Il contesto di riferimento<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b1a4bb2 elementor-widget elementor-widget-text-editor\" data-id=\"5b1a4bb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Le clausole di investimento sono <strong>sempre presenti<\/strong> quando si avviano trattative con fondi di <strong>Venture Capital<\/strong> o con investitori professionisti.<\/p><p>Sono solitamente presentate dall\u2019investitore alla startup nel term-sheet, ovvero il documento che avvia la trattativa ufficiale e pone le basi del futuro contratto di investimento.<\/p><p>La maggior parte delle clausole hanno effetti a favore degli investitori, aggiungono quindi particolari diritti a chi investe per ridurre il rischio dell\u2019investimento nella startup.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ded8dda elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ded8dda\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d1ca1d1\" data-id=\"2d1ca1d1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-54625cc9 elementor-widget elementor-widget-heading\" data-id=\"54625cc9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Tipologie di clausole<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d98b795 elementor-widget elementor-widget-text-editor\" data-id=\"2d98b795\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Esistono diverse tipologie di clausole che possono essere suddivise in due categorie:<\/p><ol><li><strong><em>Clausole di investimento ed exit<\/em><\/strong>, ovvero le clausole che hanno un impatto sui futuri investimenti e sulla exit;<\/li><li><strong><em>Clausole di governance<\/em><\/strong>, ovvero le clausole che hanno un impatto sulla governance e quindi sulle future decisioni della startup.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-44b28c84 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"44b28c84\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2cdbefec\" data-id=\"2cdbefec\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ebeecb8 elementor-widget elementor-widget-heading\" data-id=\"1ebeecb8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Clausole d'investimento ed exit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2bb18095 elementor-widget elementor-widget-text-editor\" data-id=\"2bb18095\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A seguire le principali clausole che hanno un impatto sugli investimenti e nel momento di exit della startup:<\/p><ul><li><strong><em>Lock-Up:<\/em><\/strong> obbliga i soci operativi della startup a non cedere le proprie quote prima di una data prestabilita, pena la perdita delle quote che verranno distribuite in modo proporzionale tra gli azionisti (investitori inclusi).<\/li><li><strong><em>Full commitment:<\/em><\/strong> obbligo dei soci operativi a lavorare esclusivamente sulla startup oggetto del <em>deal<\/em> per un periodo di tempo minimo determinato.<\/li><li><strong><em>Drag Along<\/em><\/strong><strong>:<\/strong> il socio di maggioranza ha il diritto di vendere all\u2019investitore terzo, oltre alle proprie quote, quelle dei soci di minoranza, alle medesime condizioni ottenute nella propria contrattazione.<\/li><li><strong><em>Tag Along<\/em><\/strong><strong>: <\/strong>attribuisce ai soci di minoranza il diritto di vendere le proprie quote ad investitori terzi che intendano acquistare una partecipazione sociale di maggioranza. Quindi qualora i founder decidano di vendere, gli investitori hanno il diritto di co-vendere nello stesso momento.<\/li><li><strong><em>Anti-Diluizione<\/em><\/strong><strong>: <\/strong>qualora la startup, durante un round successivo al momento d\u2019ingresso dell\u2019investitore, dovesse raccogliere capitali ad una valutazione <em>pre-money <\/em>inferiore alla valutazione <em>post-money<\/em> del round precendente, allora l\u2019investitore avr\u00e0 diritto a non diluire la propria quota.<\/li><li><strong>Diritto di prelazione: <\/strong>in caso di successivi aumenti di capitale, garantisce agli investitori la precedenza sull\u2019investimento e quindi sull\u2019acquisto di quote.<\/li><li><strong>Liquidation preference: <\/strong>In caso di cessazione, vendita e liquidazione della startup, gli investitori hanno priorit\u00e0 nel recupero del capitale investito.<\/li><li><strong>Put option: <\/strong>consiste nel diritto del venture capitalist di vendere, al socio imprenditore, le proprie azioni al verificarsi di determinate condizioni, ad un prezzo prestabilito.<\/li><li><strong>Diritto di vendita: <\/strong>concede il diritto all\u2019investitore di vendere la societ\u00e0 a terzi senza prelazione da parte dei soci (questa clausola \u00e8 poco frequente).<\/li><\/ul><p>In breve le clausole sopracitate garantiscono agli investitori il commitment completo del team e offrono flessibilit\u00e0 e priorit\u00e0 in caso di futuri investimenti, soprattutto in fase di exit.<\/p><p><strong>Possibili aspetti negativi per i founders: <\/strong>In caso di exit di piccole dimensioni vi \u00e8 il rischio che i founder guadagnino poco, in quanto gli investitori hanno priorit\u00e0 e flessibilit\u00e0 nei momenti di vendita.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10c04b8c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10c04b8c\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-337d3a80\" data-id=\"337d3a80\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39b7f801 elementor-widget elementor-widget-heading\" data-id=\"39b7f801\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Clausole di Corporate Governance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3defcd7a elementor-widget elementor-widget-text-editor\" data-id=\"3defcd7a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>\u00a0<\/strong>Le clausole lato <em>corporate governance<\/em> si distinguono in:<\/p><ul><li><strong>Diritti di nomina: <\/strong>diritto dell\u2019investitore di nominare membri del CdA, Collegio Sindacale, Revisori.<\/li><li><strong>Autorizzazione Assembleare<\/strong>: obbligo di ricevere l\u2019autorizzazione dell\u2019assemblea per determinate operazioni.<\/li><li><strong>Maggioranza qualificata: <\/strong>impone che per alcune decisioni ritenute \u201crilevanti\u201d in consiglio di amministrazione o assemblea, sia necessario obbligatoriamente il voto favorevole dell\u2019investitore.<\/li><li><strong>Stock Option &amp; Work For Equity: <\/strong>possibilit\u00e0 per il Consiglio di Amministrazione di remunerare figure chiave con quote societarie.<\/li><\/ul><p>Queste clausole possono concedere importanti <b>poteri decisionali agli investitori <\/b>e dimostrano che si pu\u00f2 perdere il controllo dell&#8217;azienda anche senza cedere la maggioranza dell\u2019equity. Consigliamo quindi la massima attenzione nel valutare nel dettaglio ogni singola clausola di corporate governance.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-255630b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"255630b2\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-378a8b89\" data-id=\"378a8b89\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-30e25662 elementor-widget elementor-widget-heading\" data-id=\"30e25662\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Trattative<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71569756 elementor-widget elementor-widget-text-editor\" data-id=\"71569756\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Dato il grande impatto generato sulla vita della startup, le clausole d\u2019investimento sono il principale <b>oggetto di trattativa<\/b> tra una startup e i suoi investitori.\u00a0<\/p><p>Per gestire al meglio questo momento delicato \u00e8 fondamentale studiare le clausole d&#8217;investimento, capirne il razionale e, in alcuni casi, pu\u00f2 essere utile\u00a0<span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">chiedere il supporto di <\/span><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif;\"><b>figure professionali esperte nell\u2019ambito fundraising<\/b><\/span><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">, soprattutto se ci si trova al primo round di investimento con investitori qualificati.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e0b2db9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e0b2db9\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9eb56eb\" data-id=\"9eb56eb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-466cbe5f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"466cbe5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg\" href=\"https:\/\/capitalventureconsulting.com\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Scopri Capital Venture Consulting<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65e290a elementor-widget elementor-widget-heading\" data-id=\"65e290a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Iscriviti alla newsletter per ricevere i prossimi articoli sul Venture Capital<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b67a298 elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"b67a298\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;step_next_label&quot;:&quot;Successivo&quot;,&quot;step_previous_label&quot;:&quot;Precedente&quot;,&quot;button_width&quot;:&quot;100&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" id=\"newsletter\" name=\"Newsletter\" aria-label=\"Newsletter\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"1923\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"b67a298\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Capital Venture Consulting\" \/>\n\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tEmail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Email\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm elementor-animation-grow\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Iscriviti<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Cosa sono e perch\u00e9 sono importanti Le clausole di investimento per startup sono una serie di accordi e provvedimenti stilati tra imprenditori e investitori durante le trattative di investimento. Le clausole hanno valore legale e un impatto importante su molti aspetti della vita di una startup, talmente importante che a volte alcuni deal non vengono&nbsp;&hellip;<\/p>","protected":false},"author":4,"featured_media":1949,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[32312],"tags":[32458,32258,32304,32181],"class_list":["post-1923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senza-categoria-it","tag-clausole","tag-crowdfunding","tag-fundraising","tag-startup"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Clausole di investimento per startup - Capital Venture Consulting<\/title>\n<meta name=\"description\" content=\"Cosa sono le clausole di investimento per startup? 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