Startup MBA~Financeの極意

4UBSUVQ'JOBODF ͷۃҙ 4UBSUVQ.#"γϦʔζ

૑ۀ࣌ͷ ϕϯνϟʔϑΝΠφϯε ͸ͳͥॏཁͳͷ͔ʁ

1SPEVDU 5FBN 'JOBODF 'JOBODF͸ ϓϩμΫτΛ࡞Δ͜ͱ νʔϜΛ࡞Δ͜ͱͱฒΜͰ ੒ޭ͢ΔελʔτΞοϓ Λ࡞ΔཁૉͰ͋Δ [

4UBHF ϦεΫ ஌ࣝ Ϩϕϧ ߴ͍ ௿͍ ߴ͍ ௿͍ 1SFTFFE 4FFE
4FSJFT" 4FSJFT# ॳظεςʔδʹஔ͍ͯɺ ࢿۚௐୡϑΝΠφϯεʹ ؔͯ͠ϦεΫ͕ߴ͍ʹ΋ ؔΘΒͣɺ஌ࣝϨϕϧ͕௿͍ ʢॳظεςʔδʣ

஌ࣝΛ෢૷ͯ͠ ϦεΫΛճආ͢Δ

؅ཧձܭ ʢ༧ࢉ؅ཧɺݪՁ؅ཧͳͲʣ ɹࡒ຿ձܭ ʢࡒ຿ॾද࡞੒ ؂ࠪରԠͳͲʣ ɹɹɹɹɹɹɹɹɹɹελʔτΞοϓ ɹɹɹɹɹɹɹɹɹɹϑΝΠφϯε ɹɹɹɹɹɹɹʢࢿຊ੓ࡦɺࢿۚௐୡ ɹɹɹɹɹɹ&RVJUZ4UPSZࡦఆͳͲʣ

؅ཧձܭ ʢ༧ࢉ؅ཧɺݪՁ؅ཧͳͲʣ ɹࡒ຿ձܭ ʢࡒ຿ॾද࡞੒ ؂ࠪରԠͳͲʣ ɹɹɹɹɹɹɹɹɹɹελʔτΞοϓ ɹɹɹɹɹɹɹɹɹɹϑΝΠφϯε ɹɹɹɹɹɹɹʢࢿຊ੓ࡦɺࢿۚௐୡ ɹɹɹɹɹɹ&RVJUZ4UPSZࡦఆͳͲʣ [
ຊεϥΠυͰ Χόʔ͢Δ಺༰

S .BSLFUJOH 'JFME 4BMFT $VTUPNFS 4VDDFTT *OTJEF 4BMFT )3૊৫ઓུਓࡐͷ੒௕ $VTUPNFS3FMBUJPOTIJQ&OHBHFNFOU
.JTTJPO7JTJPO7BMVF 'JOBODJBM $VTUPNFS *OUFSOBM 1SPDFTT )3 0SHBOJ[BUJPO .77 4USBUFHZ ίʔϙϨʔτϓϩηεʢ஌ࡒɾ๏཯ɾΨόφϯεFUDʣ 4UBLFIPMEFS3FMBUJPOT 69ઃܭ ϓϩμΫτ։ൃϓϩηε 0& %BUB ׆༻ 'JOBODF7BMVBUJPO ઓུʢ1.''FBTJCJMJUZ4DBMBCJMJUZ%FGFOTJCJMJUZ [

اۀ Ձ஋ #4 1- Ձ஋ ɾݱࡏͷऩӹੑ ɾ#4ͷ݈શੑʢݱ༬ۚɺआۚʣ ɾݻఆࢿ࢈ͷՁ஋ γεςϜɺઃඋͳͲʣ ελʔτΞοϓͷՁ஋ʢόϦϡΤʔγϣϯʣΛܾΊΔཁૉ
%FGFOTJCJMJUZ "TTFU ڝ߹༏Ґੑ ࢿ࢈ʣ ɾࣗࣾอ༗ςΫϊϩδʔͷलҳ͞ ɾ஌ࡒʢಛڐʣ ɾΤϯδχΞϝϯόʔͷೳྗٕज़ྗ ɾ1SPEVDUͷलҳੑ 5FDIOPMPHZ*1&OHJOFFSJOH ɾ.BSLFU*OTJHIU ɾ%BUBྔ%BUBϞσϧ ɾ%BUB%SJWFOܦӦͷϊ΢ϋ΢γεςϜ %BUB*OTJHIU ɾىۀՈͷۀքݖҖੑ$BQBCJMJUZ4LJMM ɾܦӦೳྗ ɾ.77ͷਁಁ౓ ɾ5FBNϝϯόʔͷ$BQBCJMJUZ ɾϝϯόʔͷΤϯήʔδϝϯτϞνϕʔγϣϯ $VMUVSF5FBN$90 /FUXPSLF⒎FDU #VTJOFTTSFMBUJPOTIJQ"TTFU #SBOE"XBSFOFTT.BSLFUJOH"TTFU 0QFSBUJPOBM&YDFMMFODF ɾόϦϡʔνΣʔϯͷ੒ख़౓ΧελϚʔରԠଆϊ΢ϋ΢ ʢϕετϓϥΫςΟεɺࣄྫɺϚχϡΞϧͳͲʣ ɾόϦϡʔνΣʔϯͷ੒ख़౓ίʔϙϨʔταΠυϊ΢ϋ΢ ʢҙࢥܾఆਝ଎Խͷ࢓૊ΈɺΨόφϯεɺίϯϓϥΠΞϯεͳͲʣ ɾωοτϫʔΫޮՌ ɾϦϨʔγϣϯγοϓΞηοτ ʢސ٬ɺϝσΟΞɺΨόϝϯτɺ౤ࢿՈɺ ϝϯλʔΞυόΠβʔɺαϓϥΠϠʔͳͲʣ ɾ޿ࠂҎ֎ͷސ٬֫ಘνϟωϧ ʢϝσΟΞϦϨʔγϣϯίϛϡχςΟʔ ΠϯϑϧΤϯαʔͳͲʣ ɾ޿ࠂʹΑΔ֫ಘνϟωϧ ɾϒϥϯυೝ஌౓ ɾઓུͷ໌֬͞ ɾઓུͷಠࣗੑ ɾΠϊϕʔγϣϯϞσϧ 4USBUFHZ

7$ϝιουʹΑΔ ࠓϥ΢ϯυͷόϦϡΤʔγϣϯͷٻΊํ ౤ࢿ࣮ߦ࣌ͷ7$ͷ࣋ͪ෼ൺ཰ ͜ͷϥ΢ϯυͰ֫ಘ͢ΔγΣΞ͔Β &YJU࣌ʹ͸ͲΕ͘Β͍رऍԽ͢Δ͔ܭࢉʣ ˠ&YJU࣌ͷ7$ͷγΣΞᶆ &YJU࣌ͷརӹ ૝ఆ͢Δʣᶃ ൺֱྨࣅاۀͷ্৔࣌1&3ɹᶄ *10࣌ͷ૝ఆ࣌Ձ૯ֹᶅʢٻΊํɿᶃYᶄʣ
&YJU࣌ͷ7$ͷอ࣋͢ΔόϦϡʔᶇʢٻΊํɿᶅYᶆʣ ελʔτΞοϓʹࠓϥ΢ϯυʹ౤ࢿͨ࣌͠ͷظ଴*33 ಺෦ऩӹ཰ʣᶈ ʨ ᶈʩʹ ౤ࢿՈͷظ଴͢Δ *33 ಺෦ऩӹ཰ʣʹɹᶉ ᶈᶉͳΒ͹ ౤ࢿ࣮ߦ Zʢ&YJU·Ͱ೥਺ʣ ɹɹ&YJU࣌ͷ7$ͷอ࣋όϦϡʔ ᶇ ɹ౤ࢿ࣮ߦ࣌7$౤ࢿֹ

1SF4FFE 4FFE 4FSJFT" 4FSJFT#d ʢεέʔϧΛ໨ࢦ͢ʣ 1SF*10 *10Λ໨ࢦ͢ʣ $1'14'Λ໨ࢦ͢ ʢ1.ୡ੒Λ໨ࢦ͢ʣ ʢ6OJUFDPOPNJDT݈શԽʣ
1PTU*10 *10ޙͷ੒௕ʣ 'JOBODF ͷ$4' ࣄྫ ϕϯνϟʔϑΝΠφϯεͷཧղ &YJUʹ޲͚ͨ&RVJUZ4UPSZ͕ඳ͚͍ͯΔ ॳظͷࢿຊ੓ࡦ͕͏·͘ߦ͍ͬͯΔ ্৔ͷ४උ͕Ͱ͖͍ͯΔ ࣗࣾʹͱͬͯෆརʹͳΒͳ͍Α͏ͳ౤ࢿܖ໿͕Ͱ͖͍ͯΔ ্৔Ͱ͖Δ ্৔ޙͷ੒௕ετʔϦʔ͕ ඳ͚ͯΔ

*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL

.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL 'JOBODFͰ Χόʔ͢Δ಺༰

1SPEVDUNBSLFUpUΛ ୡ੒͢Δલͷஈ֊Ͱ͋Δɻ .71Λ࡞ΓϑΟʔυόοΫΛ ΧελϚʔ͔Βड͚ͳ͕Βɺ ސ٬ͷཉ͕͠Δ΋ͷΛ࡞ͬͯߦ͘ ૑ۀظʢ1SF4FFEظʣͷ য఺

ͦͷͨΊʹ #PPUTUSBQΛߦ͏ ૑ۀظʢ1SF4FFEظʣͷ ཹҙ఺ ࣗ෼ͨͪͷखۚͰ 1.'Λୡ੒Ͱ͖ΔՄೳੑ͕ߴ͍ͳΒɺ ௐୡ͸ආ͚ΔΑ͏ʹ͢Δ

#PPUTUSBQͱ͸Կ͔ʁ ࣄۀͰੜͨ͡རӹ ʢ΋͘͠͸૑ۀऀͷࢿۚʣ Λӡసࢿۚͷݯઘʹͯ͠ɺ ࣄۀΛਐΊ͍ͯ͘͜ͱ

Ͱ͖Δ͚ͩ௕͍ظؒ ࣗݾࢿۚ #PPUTUSBQ ͰࣄۀΛଓ͚Α 3PO$POXBZ ΤϯδΣϧ౤ࢿՈ

ࢿۚௐୡͷλΠϛϯά ελʔτΞοϓ͕ࢿۚΛ ඞཁͱ͠ɺࢿۚ΋ελʔτΞοϓΛඞ ཁͱ͍ͯ͠Δ͕࣌ ࢿۚௐୡΛ͢ΔλΠϛϯάͰ͋Δ

͓ۚΛ࢖͏ͱ ͦͷޙͷ੒௕ͷ εϐʔυ͕͙ͬͱ ্͕ΔετʔϦʔ Λ࡞ΕΔ͔ʁ 5JNF

1.'Λୡ੒͢Δ·Ͱ͸ ࢿۚௐୡΛੵۃతʹ͢Δ΂͖Ͱͳ͍

ࢿۚௐୡΛ͢Δͱ 1JWPU͕΍Γʹ͘͘ͳΔ ॊೈੑ͕ݮΔʣ

ελʔτΞοϓͷ࠷େͷڧΈɿ 1JWPUΛ܁Γฦ͠ͳ͕Β1.'Λୡ੒͢Δ͜ͱ

4UBHF $VTUPNFS 1SPCMFNpU 1SPCMFN TPMVUJPOpU 1SPEVDU .BSLFUpU 4DBMJOH -FBO $BOWBT
.71 ϩʔϯνલ .71 ϩʔϯνޙ ݱঢ়ͷϞσϧ ΧελϚʔ ηάϝϯτ 1JWPU ΧελϚʔχʔζ 1JWPU ;PPNJO1JWPU ;PPNPVU1JWPU 1MBUGPSN1JWPU $IBOOFM 1JWPU ࣄۀߏ଄1JWPU Өڹྗେ Өڹྗத Өڹྗখ Өڹྗ࠷େ

*10 4FSJFT" 4FSJFT# 4FSJFT$ .F[[BOJOF &BSMZ 4UBHF -BUFS 4UBHF 4FFE
1SF 4FFE 4FFE 4UBHF ࢿۚௐୡͷεςʔδ

ࢿۚௐୡͷεςʔδ ࢿۚௐୡ εςʔδ͕ਐΉͱ 1JWPU͕ ΍Γʹ͘͘ͳΔ 1JWPU ͷ΍Γқ͞

ࢿۚௐୡֹͨ͠΍ ௐୡʹࢸΔ଎͞͸ ੒ޭͷόϩϝʔλʔʹ͸ͳΒͳ͍ Α͋͘Δצҧ͍

࿈೔χϡʔεͳͲͰ େܕͷࢿۚௐୡ͕ใಓ͞ΕΔ͕ ͦΕʹ࿭Θ͞Εͯ͸͍͚ͳ͍

૑ۀظͷࠒ͸ɺ ࢿۚௐୡΛͤͣʹ ۀ຿ҕୗ΍ίϯαϧςΟϯάͳͲΛ ͯ͠ΩϟογϡϑϩʔΛ ճ͢ͷ΋༗ޮͳࢪࡦͰ͋Δ

UJNF ച্ߴ /PO 3FDVSSJOH 3FWFOVF 3FDVSSJOH 3FWFOVF ຊۀͰചΓ্͛ ཱ͕ͭॳظஈ֊͸ ۀ຿ҕୗίϯαϧͳͲ
ͰΩϟογϡϑϩʔΛ ੜΈग़͢ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE

'BDFCPPLͷ૑ۀऀͷ ϚʔΫɾβοΧʔόʔά΋ ্ཱͪ͛౰࣌͸ɺ ΩϟογϡϑϩʔΛ Α͘͢ΔͨΊʹɺ डୗ։ൃΛ͍ͯͨ͠

डୗ͔ΒεέʔϧΛͰ͖Δ৔߹΍ ۀքͰͷ஍Ґ΍஌ࣝΛಘΔ͜ͱ͕ Ͱ͖Δ৔߹ɺ डୗ։ൃ͸ਖ਼౰ԽͰ͖Δ

UJNF ച্ߴ /PO 3FDVSSJOH 3FWFOVF 3FDVSSJOH 3FWFOVF /PO3FDVSSJOH3FWFOVF ʢडୗ΍ίϯαϧςΟϯάʣ ͸ݮΒ͍ͯ͘͠
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 3FDVSSJOH3FWFOVFʹ ຊϓϩμΫτ͔Βͷച্Λ ૿΍͍ͯ͘͜͠ͱʹϑΥʔΧεʂ

1SFTFFEظͷ൪େ͖ͳϦεΫɿ ਓ͕ཉ͕͠Δ΋ͷΛ࡞ΕΔ͔ͷ ࣮ݧ͕੒ޭ͢Δ͔Ͳ͏͔ʁ

1SFTFFEظͷ̎൪໨ʹେ͖ͳϦεΫɿ ࠓޙϏδωεΛεέʔϧͤ͞ΔͨΊʹɺ ಉ͡ϏδϣϯΛ࣋ͪɺิ׬తͳεΩϧɺ ܦݧΛ࣋ͭνʔϜΛ૊੒Ͱ͖Δ͔ͷϦεΫ ͦΕʹؔ࿈͢Δࢿຊ੓ࡦͷϦεΫ

4UBHF ϦεΫ ஌ࣝ Ϩϕϧ ߴ͍ ௿͍ ߴ͍ ௿͍ 1SFTFFE 4FFE
4FSJFT" 4FSJFT# ॳظεςʔδʹஔ͍ͯɺ ࢿۚௐୡϑΝΠφϯεʹ ؔͯ͠ϦεΫ͕ߴ͍ʹ΋ ؔΘΒͣɺ஌ࣝϨϕϧ͕௿͍ ʢॳظεςʔδʣ

ଟ͘ͷελʔτΞοϓ͕ ॳظͷג෼ׂͷ࣌఺Ͱࣦഊ͍ͯ͠Δ

1SF4FFE 4FFE 4FSJFT" 4FSJFT#d ʢεέʔϧΛ໨ࢦ͢ʣ 1SF*10 *10Λ໨ࢦ͢ʣ $1'14'Λ໨ࢦ͢ ʢ1.ୡ੒Λ໨ࢦ͢ʣ ʢ6OJUFDPOPNJDT݈શԽʣ
1PTU*10 *10ޙͷ੒௕ʣ 4UBSUVQͷ ϑΣʔζຖ 3JTL $1'3JTL ॳظࢿຊ੓ࡦ3JTL 'PVOEFS*TTVF'JU3JTL 5FDIOJDBM'FBTJCJMJUZ3JTL 1SPEVDUMBVODI3JTL ૑ۀνʔϜ૊੒3JTL 1JWPUUPMFSBUJPO3JTL 1.'3JTL 6OJU&DPOPNJDT3JTL 0QFSBUJPO#MBDLCPY3JTL $VMUVSF#SFBL3JTL )JSJOH3JTL 5BMFOU3FUFOUJPO3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL &OUSFQSFOFVSUP$90USBOTGPSNSJTL $POHMPNFSBUF%JTDPVOU3JTL *103JTL *10ޙ੒௕3JTL

ڞಉ૑ۀऀؒͰ ͲͷΑ͏ʹ גΛ෼ׂ͢Δ΂͖͔ʁ

zג͸աڈͷ౒ྗͰ͸ͳ͘ কདྷͷ౒ྗʹج͍ͮͯ ෼഑͞ΕΔ΂͖ͩz #Z:$PNCJOBUPS

*EFBJTDIFBQ &YFDVUJPOJTFWFSZUIJOH ΞΠσΟΞͰ͸ͳ͘ ࣮ߦ &YFDVUJPO ͕ॏཁͰ͋Δ

z͋ͳͨ͸͜Ε͔Β ͜ͷࣄۀʹͲΕ͘Β͍ ίϛοτ͍ͯ͘͠ͷ͔ʁz Λ૑ۀऀϝϯόʔؒͰ ͖ͪΜͱ࿩͠߹͏

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO ޻਺ʢ&⒎PSU ΞΠσΟΞΛ
ڞಉ૑ۀऀ ೋਓͰ࡞ͬͨ

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO ඞཁʹͳΔ޻਺͸ ࣮ߦஈ֊ͷํ͕
ѹ౗తʹଟ͍ ޻਺ʢ&⒎PSU

ΩʔϚϯʹରͯ͠͸ ϞνϕʔγϣϯΛߴΊΔͨΊʹ ͦΕͳΓͷגΛ౉͢ඞཁ͕͋Δ ૑ۀऀͷߴ͍Ϟνϕʔγϣϯ ͕੒ޭͷΩʔʹͳΔ

ΩʔϚϯͷג࣋ͪ෼͕௿͍ ࢿຊ੓ࡦʢνʔϜʣ͸ ౤ࢿՈ͔ΒΈͯັྗతʹөΒͳ͍ ૑ۀऀͷߴ͍Ϟνϕʔγϣϯ ͕੒ޭͷΩʔʹͳΔ

اۀͷ Ձ஋ ૑ۀ ϝϯόʔ ΞΠσΟΞ ΧελϚʔ ΠϯαΠτ ૑ۀ࣌ʢ1SFTFFEʣͷ اۀՁ஋ 7BMVF

اۀͷ Ձ஋ ૑ۀ ϝϯόʔ ΞΠσΟΞ ΧελϚʔ ΠϯαΠτ ૑ۀظʢ1SFTFFEʣͷ اۀՁ஋ ૑ۀظʹධՁ͞ΕΔ
ཁҼͱͯ͠࠷΋ େ͖ͳׂ߹Λ కΊΔͷ͕ ૑ۀϝϯόʔͰ͋Δ 7BMVF

l:PVSTUPSZJT:PVSTUSBUFHZz ͋ͳͨͷετʔϦʔ͕ ઓུͦͷ΋ͷʹͳΔ #FO)PSPXJU[

اۀͷ Ձ஋ ΞΠσΟΞ ΧελϚʔ ΠϯαΠτ ૑ۀظʢ1SFTFFEʣͷ اۀՁ஋ ૑ۀظʹධՁ͞ΕΔ ཁҼͱͯ͠࠷΋ େ͖ͳׂ߹Λ
కΊΔͷ͕ ૑ۀϝϯόʔͰ͋Δ 7BMVF ετʔϦʔ ૑ۀ ϝϯόʔ

ελʔτΞοϓͱ͸ ܅͕ੈքΛม͑ΒΕΔͱ ܅ࣗ਎͕આಘͰ͖ͨਓͨͪ ͷू·Γͩ 1FUFS5IFJM 4UBOGPSE-BX4DIPPM-FDUVSF $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF

ͳͥͦ΋ͦ΋૑ۀऀؒͰ גΛ෼͚Δͷ͔ʁ ᶃ ձࣾͷՁ஋্͕͕Δ΄Ͳɺ૑ۀϝϯόʔ͕ ࣋ͭגࣜͷՁ஋ʢࢿ࢈ʣ͕૿͑ΔͷͰɺࣄ ۀՁ஋ΛߴΊΔͱ͍͏ΠϯηϯςΟϒ͕ಇ ͘ ᶄ ࣄۀࢿ͕ۚ૿͑Δɻ૑ۀظ͸ɺ͓͕ۚͳ͍ ͷͰɺগֹͰ΋૿ࢿ͕͋Δͱେ͍ʹ໾ཱ
ͭɻ

͔͠͠ɺגΛ҆қʹଞਓʹ ౉ͯ͠͸μϝͰ͋Δ

ɾஶ໊ͳਓ͕ΞυόΠβʔʹͳΔͷͰגΛ࣋ͬͯ͋ ͛Δͱ͍͏έʔε ɾ໘౗ݟͷྑ͍ਓʢ਌ྨͳͲʣ͕ѱؾͳ͘ɺ͓ۚΛ ग़ͯ͘͠Εͯɺଟ͘ͷגΛ࣋ͭέʔεʢҎ্ͷ ג ɾzࢿຊۚΛશͯग़͔͢ΒձࣾΛ࡞ͬͯΈͳ͍͞zͱ ݴΘΕΔέʔε Α͋͘Γ͕ͪͳࣦഊ

࠷ॳ͸جຊతʹ ૑ۀऀʢ৔߹ʹΑͬͯڞಉ૑ۀϝϯόʔʣ ͕ͷגΛ࣋ͭ΂͖Ͱ͋Δ

૑ۀܦӦਞͷϦʔμʔ ͕େଟ਺ͷגΛ࣋ͭϝϦοτͱ͸ʁ ୭͔͕ఢʢ਺ύʔηϯτʣʹճͬͯ΋ Ϧʔμʔ͕ձࣾͷॏཁࣄ߲ΛܾఆͰ͖Δ ୭͔த৺ʹͳΔਓ෺͕ѹ౗తͳגΛ࣋ͭ͜ͱ͕๬·͠ ͍ɻͳͥͳΒ౤ࢿՈ͔Βݟͨ৔߹ɺઆ໌੹೚ͷॴࡏ͕Θ ͔Γ΍͍͢΄͏͕ίϛϡχέʔγϣϯίετ͕ݮΔ ڧ͍ϦʔμʔγοϓͱΦʔφʔγοϓΛ ୲อ͢Δ͜ͱ͕Ͱ͖Δ

ਓͰגΛۉ౳ʹׂͬͯ͠·͏৔߹

෦԰ΛγΣΞ͢Δͱ ڞ༻෦෼͕ࢄΒ͔ΔΑ͏ʹ ג΋ۉ౳ʹγΣΞ͢Δͱ ձࣾͷ౷੍͕ऑ͘ͳΓ ࣮ߦྗ͕Լ͕ͬͯ͠·͏

ձࣾΛ୅ද͢Δ$&0͕େଟ਺Λ࣋ͭ ୅දऀ $&0

ΦʔφʔγοϓΛ࣋ͭ ڧ͍Ϧʔμʔ͕͍Δͱ ౷੍͕ޮ͍࣮ͯߦྗ͕ͭ͘

ձࣾͷશ੹೚Λෛ͏ $&0͕ඞཁͰ͋Δ $&0͸ձࣾͱӡ໋Λڞʹ͢Δ ࠷ޙͷࡆͰ͋Δ ୅දͰ͋Δ$&0͕ձࣾͷ౷੍Λ Ѳ͍ͬͯΔํ͕౤ࢿΛड͚΍͘͢ͳΔ

૑ۀऀʹגΛ෼͚Δલʹ ߟ͑Δ΂͖ϙΠϯτ ڞಉ૑ۀऀ΁ͷגࣜৡ౉͸ొه΍ఆ׺มߋ ͷඞཁ΋ͳ͘औక໾ձͰͷঝೝΛಘΕ͹ྑ ͍͚ͩͰ͋Δ ͔͠͠ɺखଓ͖͕؆ศ͔ͩΒͱ͍͏ཧ༝ͩ ͚Ͱ҆қʹબ୒͠ͳ͍ʂ

גࣜ෼ׂҎ֎ͷબ୒ࢶɺྫ͑͹ ɾετοΫΦϓγϣϯɺ ɾύϑΥʔϚϯε࿈ಈܕΠϯηϯςΟϒ ɾڅྉʹΑΔΠϯηϯςΟϒ ɹΛఏڙ͢Δ͜ͱ͕Ͱ͖ͳ͍͔Λߟ͑Δ ૑ۀऀʹגΛ෼͚Δલʹ ߟ͑Δ΂͖ϙΠϯτ

ɾετοΫΦϓγϣϯͱ͍͏બ୒ࢶΛݕ౼ ɹखଓ͖͸൥ࡶ͕ͩߦ࢖͞ΕΔ·ͰzגzʹͳΒͣɺ ɹגओͱͯ͠ͷܾٞݖ΋ൃੜ͠ͳ͍ ɾετοΫΦϓγϣϯͷ৔߹ɺैۀһ͕ୀ৬ͨ͠৔߹ɺ ɹձ͕ࣾҰํతʹແঈͰ৽ג༧໿ݖΛऔಘͯ͠ফ໓ͤ͞Δ ɹ͜ͱ͕Ͱ͖Δ͜ͱ͕Ͱ͖Δʢ೔ຊͰ͸Ұൠతʣ ετοΫΦϓγϣϯΛ ׆༻͢Δ

ϦεΫΛආ͚ΔͨΊʹ ૑ۀऀؒܖ໿Λ݁Ϳ

ͳͥ૑ۀऀؒܖ໿ΛަΘ͢ͷ͔ʁ ࣄۀ͕ຊ֨తʹ։࢝ͨ͠ޙʹ େͨ͠ߩݙΛ͍ͯ͠ͳ͍ͷʹ zΩϟϐλϧήΠϯzΛಘͯ͠·͏ɻ ͭ·Γzλμ৐Γzʹͳͬͯ͠·͏ɻ ͦͷঢ়گΛճආ͢ΔͨΊʹɺ ૑ۀऀؒܖ໿ΛަΘ͢

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO ޻਺ʢ&⒎PSU ΞΠσΟΞݕূͷ
ஈ֊ͰגΛ෼ׂ " # " #

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO ࣮ߦஈ֊Ͱ શવίϛοτ
͠ͳ͍ ޻਺ʢ&⒎PSU " # " #

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO #ͷίϛοτϝϯτ͕ ഑෍ͨ͠גͱ
ݟ߹Θͳ͍ɺɺ ޻਺ʢ&⒎PSU " # " # " #

૑ۀऀؒܖ໿ͷϙΠϯτ ૑ۀऀؒʹ͓͍ͯɺ୭͔͕΍Ίͨ৔߹ʹ͓͍ ͯɺ࢒Δ૑ۀऀ͕΍ΊͨਓͷגࣜΛങ͍औΕΔ ࢫΛ͋Β͔͡Ί߹ҙ͓ͯ͘͠ جຊ߹ҙ಺༰ɿ ͍̍ͭ݁Ϳ͔ʢ஥͕ྑ͍࣌ʹ݁Ϳʣ ̎୭ͱ୭ͷؒͰ݁Ϳ͔ʢ૑ۀऀؒͰ݁Ϳʣ ͍̏͘ΒͰങ͍औΕΔͱ͓ͯ͘͠΂͖͔ http://www.azx.co.jp/modules/docs/

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO ޻਺ʢ&⒎PSU "
# גΛ෼ׂ " # " # ૑ۀऀؒ גओ ܖ໿ ܖ໿Λ݁Ϳ

ڞಉ ૑ۀऀ " ڞಉ ૑ۀऀ # *EFBUJPO &YFDVUJPO ޻਺ʢ&⒎PSU #͸
̍೥ܦͭલʹ ཭୤ʂ " # " #

# ཭୤ " # " " # " # " ૑ۀऀؒܖ໿ ͕͋Δͱ ૑ۀऀ"ʹ ג͕໭Δ ૑ۀऀؒ גओ ܖ໿

# ཭୤ " # " " # " # " #ͷגΛ ฦͯ͠΋Β͏ ίϛοτ͢Δ ૑ۀऀʹ ג͕໭Δ

૑ۀऀܖ໿Ͱ גΛϕεςΟϯάʢڅ෇ʣ ͢Δύλʔϯ

ϕεςΟϯάύλʔϯ ᶃॳ೥౓ΫϦϑ9.POUIMZϕεςΟϯά 5JNF גͷ ׂ߹ :FBS :FBS :FBS :FBS
QFSNPOUI ݟۃΊظؒ ڞಉ૑ۀऀ ͷίϛοτΛ ݟۃΊΔ

ϕεςΟϯάύλʔϯ ᶄຖ೥ΫϦϑ 5JNF גͷ ׂ߹ :FBS :FBS :FBS :FBS
ݟۃΊظؒ ڞಉ૑ۀऀ ͷίϛοτΛ ݟۃΊΔ

."͕ى͖ͨ࣌ͷ ϕεςΟϯάͷՃ଎Λઃఆ͢Δ

ϕεςΟϯάͷՃ଎ 4JOHMF5SJHHFSύλʔϯɹ ڞಉ૑ۀऀ͕ࣙΊͯ͠·ͬͨ࣌ʹɺϕεςΟϯ άΛՃ଎͢Δͱ͍͏ઃఆ ૑ۀऀ͕ձࣾΛࣙΊͨ࣌఺Ͱɺձࣾʹର͢Δߩ ݙ͸ऴΘ͍ͬͯΔɻ͜ΕΛઃఆͯ͠͠·͏ͱɺ ձࣾʹ࢒Δಈػ͕ബ·Δ

ॳ೥౓ΫϦϑ9.POUIMZϕεςΟϯά 4JOHMFUSJHHFS"DDFMFSBUJPO 5JNF גͷ ׂ߹ :FBS :FBS :FBS :FBS
ݟۃΊظؒ τϦΨʔᶄ ." ͕ى͖ͨ ࣙ೚ͨ͠Β ࢒Γ͸څ෇

4JOHMF5SJHHFSͰ͸ ձࣾͱ૑ۀऀʹͱͬͯ΋ෆརʹͳΔ ɹ%PVCMFUSJHHFSͰઃఆ͢Δ

ϕεςΟϯάͷՃ଎ %PVCMFUSJHHFS 4JOHMF5SJHHFSͰͷ໰୊Λղܾ͢ΔͨΊʹ4JOHMF5SJHHFSΛ ૊Έ߹ΘͤΔͱ͍͏ࢪࡦɺͭ·ΓɺܦӦݖͷมߋ ." ͚ͩ Ͱͳ͘ɺܦӦݖͷมߋ͕ੜͨ͡ޙͷҰఆظؒ಺ʹཧ༝ͳ͘ ձࣾ XJUIPVUDBVTF ΛࣙΊͤ͞ΒΕͨΓɺਖ਼౰ཧ༝
HPPE SFBTPO ͰࣙΊΔ͜ͱʹͳͬͨ৔߹͸ɺ"DDFMFSBUJPOΛೝ ΊΔ ૑ۀϝϯόʔΛकΔͨΊʹઃఆ͞Ε͍ͯΔɻങऩଆ͕ɺങऩ ޙʹ͙͢ʹटΛ੾ͬͯ͠·͏ͱɺגΛڅ෇͢Δඞཁ͕༗Δ

ॳ೥౓ΫϦϑ9.POUIMZϕεςΟϯά %PVCMFUSJHHFS"DDFMFSBUJPO 5JNF גͷ ׂ߹ :FBS :FBS :FBS :FBS
ݟۃΊظؒ ." ͕ى͖ͨ ࣙ೚ͨ͠Β ࢒Γ͸څ෇ ͞Εͳ͍

ݟۃΊظؒ ." ͕ى͖ͨ ղޏʹͳͬͨ Βશͯڅ෇

ݟۃΊظؒ ." ͕ى͖ͨ ΩʔϚϯ͕࠷ޙ ·Ͱ຿Ί্͛ͯ 1.*ͷ੒ޭʹߩݙ

ϕεςΟϯά͞Εͳ͔ͬͨג͸ Ͳ͏ͳΔͷ͔ʁ ϕεςΟϯά͞Εͳ͔ͬͨג͸ɺݱߦͷ גओʹରͯ͠ɺϕεςΟϯά͞ΕΔɻϦ όʔεϕεςΟϯάͱݴͬͯɺגͷׂ߹Ͱ ϕεςΟϯά͞ΕΔʢ1SPSBUBϕʔεʣ

૑ۀऀܖ໿ʹ͓͚Δ ϕεςΟϯάઃఆͷϙΠϯτ ϙΠϯτ̍ɿϕεςΟϯάͨ͠ޙʹͦͷ··גΛ͍࣋ͬͯͨΒ ɹɹɹɹɹɹτϥϒϧ͕ى͖ΔՄೳੑ͕͋Δ ɹɹɹɹɹɾڝ߹اۀ΁స৬ ɹɹɹɹɹɾ."΍छྨגͷൃߦͷ࣌ʹ൓ର͞ΕΔ ɹɹɹɹɹɾୀࣾޙʹ൓ࣾձ੎ྗͷҰһͱͳΓ&YJUʹࢧোΛ͖ͨ͢ ϙΠϯτ̎ɿύϑΥʔϚϯε͕ѱͯ͘΋ϕεςΟϯάظ͕ؒऴྃ ɹɹɹɹɹɹ͢Δ·ͰࣙΊͤ͞Δ͜ͱ͕Ͱ͖ͳ͍ ϙΠϯτɿ%PVCMFUSJHHFSͷઃఆ͢Δ
ɹɹɹɹɹɹτϦΨʔΠϕϯτͱݺ͹ΕΔࣄҊ͕ى͖ͨͱ͖ʹɺɹɹ ɹɹɹɹɹɹגͷϕεςΟϯάͷखଓ͖ΛՃ଎ͤ͞Δɻ

૑ۀऀܖ໿Ͱ ଞʹཹҙ͢Δ΂͖ࣄ߲

ڞಉ૑ۀऀ΍גओ͕ผͷձࣾͷܦӦΛ͢Δ͜ͱ͕͋ Δɻגओͱͯ͠ɺձࣾͷӡ໋ڞಉମͱͯ͠ࢀ༩͢Δ ͜ͱʹͳΔɻ ͦͷձࣾͱڝۀ͢ΔՄೳੑͷ͋Δاۀͷ໾һ΍ैۀ һͱͯ݉͠೚͢Δ৔߹͸ɺ୅දऔక໾ͷڐՄΛಘΔ ඞཁ͕͋Δ ڝۀېࢭ৚߲Λ͚ͭΔ

Ծʹڞಉ૑ۀऀ͕ୀ৬ͨ͠৔߹ɺ ಉ͡Α͏ͳࣄۀΛ࢝ΊΒΕͯ͸ɺ ϚʔέςΟϯά΍ϊ΢ϋ΢ͳͲʹ͍ͭ ͯ౪༻͞Εͯ͠·͏ϦεΫΛ๷͙ͨΊ ͳͥڝۀېࢭ৚߲ Λ͚ͭΔͷ͔ʁ

zࠓ೔ͷ༑͸໌೔ͷఢz ʹͳΓಘΔ ૑ۀऀؔ܎ܖ໿͸ ੑѱઆʹجͮ͘

ελʔτΞοϓ͸ɺܦӦΛଓ͚͍ͯ͘தͰɺଞͷձ͔ࣾ Βങऩͷ࿩͕࣋ͪࠐ·ΕΔ͜ͱ͕͋Δɻͦͷ࣌ʹɺҰ ෦ͷגࣜΛอ༗͢Δڞಉ૑ۀऀ͕൓ରͨͨ͠ΊʹɺͲ ͷσΟʔϧ͕಴࠳ͯ͠͠·͏ϦεΫ͕͋Δɻ ͦΕΛආ͚ΔͨΊʹɺڞಉ૑ۀऀ΍גओ΋ɺಉҰͷങ ͍खʹגΛച٫͢Δ͜ͱΛ੥ٻͰ͖ΔݖརΛ෇༩͢Δ ͜ͱ͕༗ޮͰ͋Δɻ ڧ੍ച٫ݖ ʢ%SBH"MPOH৚߲ʣΛ͚ͭΔ

$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ങ͍ख ചΓ͍ͨ ڧ੍ച٫ݖͳ͠ ചΓͨ͘ͳ͍ ૑ۀऀ# ૑ۀऀ$
૑ۀऀ" ελʔτΞοϓΛ ങ͍͍ͨ 9 גͷৡ౉͸ Ͱ͖ͳ͍ ചΓ͍ͨ

$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ങ͍ख ചΓ͍ͨ ڧ੍ച٫ݖ͋Γ ചΓͨ͘ͳ͍ ͚Ͳڧ੍తʹ ചΔඞཁ͕͋Δ ૑ۀऀ#
૑ۀऀ$ ૑ۀऀ" ελʔτΞοϓΛ ങ͍͍ͨ ചΓ͍ͨ גͷৡ౉͕ Ͱ͖Δ

ڧ੍ച٫ݖ ʢ%SBH"MPOH৚߲ʣͷ৚݅ ᶃ૑ۀגओ͕ࣙΊͨͱ͖ʹ૑ۀࣾ௕͕ങ͍औΔͱ͍͏ લఏʹ͢Δ ᶄ΍ΊΔ૑ۀגओ͔Βങ͍औΔגՁ͸ɺ΍Ίͨ࣌఺Ͱ ͷגՁ͕͍͘ΒͰ͋Ζ͏ͱग़ࢿ࣌ͷ฽ՁͰങ͍औΔ͜ ͱʹ͢Δ ᶅͦΕ·ͰԿ೥ۈΊΑ͏ͱɺ্৔͋Δ͍͸ɺ."ʹ ΑΔ&9*5͕ܾ·ΔલʹࣙΊͨΒɺ͍࣋ͬͯΔશͯͷג Λങ͍औΓର৅ʹ͢Δ
http://thebridge.jp/2014/05/co-funder-contract-akiyukiminami-guest-post

גࣜͷҠಈ͸ ੫຿্ͷϦεΫ͕൐͏͜ͱΛཹҙ͢Δ ձࣾͷՁ஋͕େ͖͘ͳͬͨ࣌ʹ ੫຿্ͷϦεΫʢ՝੫ʣ ͕ൃੜ͢Δ http://tokyo-startup.com/cap1

גࣜͷҠಈ͸ ੫຿্ͷϦεΫ͕൐͏͜ͱΛཹҙ͢Δ ສͷ࣌ՁͷגࣜΛɺࣙΊΔϝϯόʔ͕ औಘՁֹͰ͋ΔສԁͰࣾ௕ʹৡ౉͢Δ࣌ ʹɺͦͷֹࠩͷສԁ͸ଃ༩੫ͷର৅ͱ ͳΓɺສԁͷ੫͕ۚൃੜͯ͠͠·͏ http://tokyo-startup.com/cap1

ϕϯνϟʔ੫຿ʹৄ͍͠ ੫ཧ࢜ΛΞυόΠβʔʹ͢Δ

ϕϯνϟʔ๏຿ʹৄ͍͠ หޢ࢜΋ΞυόΠβʔʹ͢Δ

ձࣾઃཱ࣌ͷཹҙ఺

ձࣾઃཱ࣌ͷཹҙ఺ᶃී௨גͷൃߦ ɾొه͢Δࡍʹఆ׺্Ͱɺגࣜͷൃߦ਺Λઃఆ͢Δ ɾొهͷࡍʹɺ࠷௿Ͱ΋ສגʙສג͸ൃߦ͢Δ ʢγϦίϯόϨʔͩͱສג΍ສגΛൃߦ͢Δ έʔε΋͋Δʣ ˠגΛ෼͚ͨ࣌ʹɺ৺ཧతͳ࡞༻ͱͯ͠ɺ ਺ઍג͋Δ৔߹ͷ΄͏͕ɺ਺ג͔͠ͳ͍৔߹ʹൺ΂ͯ ϚΠϯυʹ઎ΊΔׂ߹͕େ͖͘ͳΔ͔Β ɾ࠷ॳʹגͷൃߦ਺͕গͳ͍ͱ͙͢ʹגͷ෼ׂखଓ͖ ͕ඞཁʹͳΔɻ
http://thebridge.jp/2014/05/co-funder-contract-akiyukiminami-guest-post

ձࣾઃཱ࣌ͷཹҙ఺ᶄࢿຊۚ ɾࢿຊۚͱ͸ɺ࠴ݖऀʢۜߦͳͲ͕ճऩΛ͠΍ͨ͘͢ ΊͷόϑΝϦϯάͱͯ͠ઃ͚Δɻ͔͠͠ελʔτΞο ϓ͸࠴ݖऀͰ͸ͳ͘ɺגओʢग़ࢿऀʣͷͨΊʹ͋Δͷ Ͱɺࢿຊ͕ۚ͋Δ͜ͱ͕ձࣾ΍גओͷಘʹ͸ͳΒͳ͍ ɾࢿຊ͕ۚେ͖͘ͳΔͱɺొ࿥໔ڐ੫΋େ͖͘ͳΔ ফඅ੫΍๏ਓ੫΋ࢿຊ͕ۚখ͍͞ํ͕༗རͰ͋Δ ˠձࣾઃཱ࣌ʹ͓͍ͯ͸ zͳΔ΂͘ࢿຊۚΛݮΒͤͳ͍͔zΛߟ͑ͯΈΔ

ձࣾઃཱ࣌ͷཹҙ఺ᶅͦͷଞ ɾ7$͔ΒࢿۚௐୡΛࢹ໺ʹೖΕ͍ͯΔελʔτΞοϓ͸ɺ7$͔Β͓ ۚΛೖΕ΍͍͢ظؒߏ੒Λબ୒͓ͯ͘͠ͷ͕Α͍ ˠఆ׺มߋʹΑΔหޢ࢜අ༻΍ొهมߋඅ༻ͳͲઅ໿͕Ͱ͖ͯޮ཰త ɾऔక໾ձΛઃஔ͢Δ ˠ͜Ε͕ͳ͍ͱɺ୅දऀʹର͢Δ༗ޮͳݗ੍͕ಇ͖ͮΒ͘ͳΔʢऔక ໾ձʹ͸໊̏ඞཁʹͳΔʣ ɾ؂ࠪ໾Λஔ͘ ˠ7$͸ɺϞχλϦϯάͷखஈͱͯ͠ࡒ຿ॾදͷ࡞੒ΛҰఆతʹٛ຿ ͚͍ͮͯΔɻͦΕ͕ਖ਼֬ʹ࡞੒͞ΕΔ͜ͱΛ୲อ͢ΔͨΊʹɺ؂ࠪΛ
ٻΊΔɻʢ೔ຊͷݱߦձࣾ๏Ͱ͸औక໾ձΛஔ͍ͨΒ࣌఺Ͱ؂ࠪ໾Λ ஔ͘ඞཁ͕͋Δʣ

औక໾ͷظؒΛ୹͘͢Δ ʢଛ֐ഛঈϦεΫʹ଱͑ΔͨΊ ਖ਼౰ͳཧ༝͕ͳ͍ͱଛ֐ഛঈΛ੥ٻ ͢Δ͜ͱ͕Ͱ͖Δʣ

औక໾ղޏ͸ొه฽ʹࡌΔ͕ ࣥߦ໾һͷղޏ͸ొه฽ʹࡌΒͳ͍

೚ظຬྃͰ ෆ࠶೚ʹ͢Δ ʢొه฽ʹࡌΔͷͰ ղ೚Λආ͚Δʣ

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