{"id":8558,"date":"2025-07-01T13:25:05","date_gmt":"2025-07-01T13:25:05","guid":{"rendered":"https:\/\/syssr.org\/?p=8558"},"modified":"2025-07-01T13:26:40","modified_gmt":"2025-07-01T13:26:40","slug":"%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d9%81%d9%8a-%d8%a7%d9%84%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d9%86%d8%a7%d8%b4%d8%a6%d8%a9-%d9%81%d9%87%d9%85-%d8%af%d9%88%d8%b1%d8%a7%d8%aa-%d8%a7","status":"publish","type":"post","link":"https:\/\/syssr.org\/en\/%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84-%d9%81%d9%8a-%d8%a7%d9%84%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d9%86%d8%a7%d8%b4%d8%a6%d8%a9-%d9%81%d9%87%d9%85-%d8%af%d9%88%d8%b1%d8%a7%d8%aa-%d8%a7\/","title":{"rendered":"\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629: \u0641\u0647\u0645 \u062f\u0648\u0631\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0633\u0639\u0631\u0629 \u0648 \u063a\u064a\u0631 \u0627\u0644\u0645\u0633\u0639\u0631\u0629"},"content":{"rendered":"

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\u0627\u0644\u0627\u062a\u0641\u0627\u0642 \u0627\u0644\u0628\u0633\u064a\u0637 \u0644\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 SAFE\u00a0<\/b><\/h2>\n

\u062d\u0633\u0646\u0627\u064b . \u0644\u0630\u0627\u00a0 \u0623\u0648\u0644\u0627\u064b \u0648\u0642\u0628\u0644 \u0643\u0644 \u0634\u064a\u0621 SAFEs . \u0644\u0630\u0627\u060c \u062f\u0639\u0646\u0627 \u0646\u063a\u0637\u064a \u0645\u0627 \u0647\u0648 \u0639\u0644\u064a\u0647 \u0648\u0628\u0639\u062f \u0630\u0644\u0643 \u0633\u0646\u0633\u062a\u0639\u0631\u0636 \u062a\u0641\u0627\u0635\u064a\u0644 \u0643\u064a\u0641\u064a\u0629 \u0628\u0646\u0627\u0621 SAFE\u060c \u0643\u0645\u0627 \u0642\u0644\u062a : \u201cSAFE \u060c \u0641\u0625\u0646 \u062d\u0631\u0641 S \u064a\u0639\u0646\u064a \u0627\u0644\u0628\u0633\u0627\u0637\u0629 \u201c. \u0645\u0627 \u062a\u0628\u0642\u0649 \u0645\u0646 \u0627\u062a\u0641\u0627\u0642 \u0628\u0633\u064a\u0637 \u0644\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 (Simple Agreement for Future Equity) \u060c \u0648\u0628\u0628\u0633\u0627\u0637\u0629\u00a0 \u0625\u0646\u0647\u0627 \u0623\u062f\u0627\u0629 \u062d\u064a\u062b \u064a\u0645\u0646\u062d\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0622\u0646 \u0645\u0642\u0627\u0628\u0644 \u0648\u0639\u062f \u0645\u0646 \u0627\u0644\u0634\u0631\u0643\u0629 \u0628\u0645\u0646\u062d \u0623\u0633\u0647\u0645 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0645\u0633\u062a\u0642\u0628\u0644\u064a \u0639\u0646\u062f\u0645\u0627 \u062a\u0642\u0648\u0645 \u0628\u062c\u0645\u0639 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0639\u0644\u0649 \u062c\u0648\u0644\u0629 \u0645\u0633\u0639\u0631\u0629 (priced round) \u2013 \u0623\u064a \u0639\u0646\u062f\u0645\u0627 \u064a\u0643\u0648\u0646 \u0642\u062f \u062a\u0645 \u062a\u0642\u064a\u064a\u0645 \u0642\u064a\u0645\u0629 \u0627\u0644\u0634\u0631\u0643\u0629 \u0628\u0633\u0639\u0631 \u0645\u062d\u062f\u062f. \u0647\u0646\u0627\u0643 \u062d\u062f \u0623\u062f\u0646\u0649 \u0645\u0646 \u0627\u0644\u0645\u0641\u0627\u0648\u0636\u0627\u062a \u0645\u0639 SAFE. \u062d\u0642\u0627\u064b \u060c \u0647\u0646\u0627\u0643 \u0634\u064a\u0626\u0627\u0646 \u0641\u0642\u0637 \u0645\u0646 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0623\u0646 \u062a\u062a\u0641\u0627\u0648\u0636\u0627 \u0628\u0634\u0623\u0646\u0647\u0645\u0627 \u0645\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u060c \u0648\u0647\u0645\u0627 \u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u062a\u064a \u0633\u062a\u0646\u0641\u0642\u0647\u0627 \u0648 \u0645\u0642\u062f\u0627\u0631 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0627\u0644\u062a\u064a \u0633\u064a\u0636\u0639\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0641\u064a \u0627\u0644\u0634\u0631\u0643\u0629 \u0648\u0645\u0627 \u0647\u0648 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u0642\u0635\u0649 \u0644\u0644\u062a\u0642\u064a\u064a\u0645\u061f \u0644\u0630\u0644\u0643\u060c \u062d\u0642\u0627\u064b \u060c \u0647\u0630\u0627\u0646 \u0627\u0644\u0623\u0645\u0631\u0627\u0646 \u0647\u0645\u0627 \u0627\u0644\u0644\u0630\u0627\u0646 \u064a\u062c\u0628 \u0627\u0644\u062a\u0641\u0627\u0648\u0636 \u0639\u0644\u064a\u0647\u0627. \u0628\u064a\u0646\u0645\u0627 \u0639\u0646\u062f\u0645\u0627 \u062a\u0642\u0627\u0631\u0646 \u0630\u0644\u0643 \u0628\u062c\u0648\u0644\u0629 \u0645\u0633\u0639\u0631\u0629\u060c \u0647\u0646\u0627\u0643 \u0645\u062c\u0645\u0648\u0639\u0629 \u0643\u0627\u0645\u0644\u0629 \u0645\u0646 \u0627\u0644\u0623\u0634\u064a\u0627\u0621 \u0644\u0644\u062a\u0641\u0627\u0648\u0636 \u0628\u0634\u0623\u0646\u0647\u0627 \u060c \u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u062c\u0639\u0644 \u0625\u063a\u0644\u0627\u0642 \u0627\u0644\u062c\u0648\u0644\u0629 \u0627\u0644\u0645\u0633\u0639\u0631\u0629 \u0623\u0635\u0639\u0628 \u0628\u0643\u062b\u064a\u0631 \u0648\u062c\u0645\u0639 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0639\u0644\u064a\u0647\u0627 \u0623\u0635\u0639\u0628 \u0645\u0646 SAFE. \u0644\u0630\u0644\u0643\u060c \u0647\u0630\u0627 \u0647\u0648 \u0627\u0644\u0633\u0628\u0628 \u0641\u064a \u0623\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u063a\u0627\u0644\u0628\u0627\u064b \u0645\u0627 \u062a\u0628\u062f\u0623 \u0628\u0640 SAFE \u062b\u0645 \u0639\u0646\u062f\u0645\u0627 \u062a\u0635\u0644 \u0625\u0644\u0649 \u0646\u0642\u0637\u0629 \u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u062c\u0645\u0639 \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0648\u0644\u062f\u064a\u0647\u0627 \u0645\u0633\u062a\u062b\u0645\u0631 \u0631\u0626\u064a\u0633\u064a\u060c \u0648\u0647\u0648 \u0627\u0644\u0630\u064a \u062a\u062a\u0641\u0627\u0648\u0636 \u0645\u0639\u0647 \u0628\u0634\u0623\u0646 \u062c\u0648\u0644\u0629 \u0627\u0644\u0633\u0639\u0631 (price round)\u060c \u0648\u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u062d\u0648\u0644 \u0627\u0644\u0627\u062a\u0641\u0627\u0642\u0627\u062a \u0627\u0644\u0628\u0633\u064a\u0637\u0629 \u0644\u0644\u0623\u0633\u0647\u0645 SAFE\u00a0 \u0625\u0644\u0649 \u0623\u0633\u0647\u0645 \u0633\u0648\u0641 \u064a\u0639\u062a\u0645\u062f \u0630\u0644\u0643 \u0639\u0644\u0649 \u0627\u0644\u0634\u0631\u0648\u0637 \u0627\u0644\u062a\u064a \u062a\u0645 \u0627\u0644\u062a\u0641\u0627\u0648\u0636 \u0639\u0644\u064a\u0647\u0627 \u0645\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0641\u064a \u062c\u0648\u0644\u0629 \u0627\u0644\u0633\u0639\u0631.<\/span><\/p>\n

\u0627\u0644\u0634\u064a\u0621 \u0627\u0644\u0622\u062e\u0631 \u0627\u0644\u0630\u064a \u064a\u062c\u0628 \u0623\u062e\u0630\u0647 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0647\u0648 \u0623\u0646 SAFE \u0644\u064a\u0633 \u062f\u064a\u0646\u0627\u064b . \u0644\u0630\u0627 \u060c \u0641\u0625\u0646 \u0628\u0639\u0636\u0643\u0645 \u0639\u0644\u0649 \u0639\u0644\u0645 \u0628\u0645\u0627 \u064a\u0639\u0631\u0641 \u0628\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062d\u0648\u064a\u0644 (convertible debt). \u0647\u0630\u0647 \u0623\u062f\u0627\u0629 \u0645\u062e\u062a\u0644\u0641\u0629. \u0644\u0644\u062f\u064a\u0648\u0646 \u0639\u0645\u0648\u0645\u0627\u064b \u0633\u0639\u0631 \u0641\u0627\u0626\u062f\u0629 \u0645\u0631\u062a\u0628\u0637 \u0628\u0647\u0627 \u0648\u0644\u0647\u0627 \u062a\u0627\u0631\u064a\u062e \u0627\u0633\u062a\u062d\u0642\u0627\u0642 \u062d\u064a\u062b \u064a\u0644\u0632\u0645 \u0633\u062f\u0627\u062f \u0627\u0644\u062f\u064a\u0646. \u0644\u0627 \u064a\u0645\u062a\u0644\u0643 SAFE \u0623\u064a\u0627\u064b \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0634\u064a\u0627\u0621. \u0644\u0630\u0644\u0643\u060c \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u0646 \u0646\u0641\u0647\u0645 \u0623\u0646 \u0647\u0646\u0627\u0643 \u0641\u0631\u0642\u0627\u064b \u0628\u064a\u0646 \u0627\u0644\u0623\u062f\u0627\u062a\u064a\u0646\u060c \u0648\u0644\u0643\u0646 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0628\u0647\u0627 \u0627\u0644\u062a\u062d\u0648\u064a\u0644 \u0641\u064a \u062c\u0648\u0644\u0629 \u0645\u0633\u0639\u0631\u0629\u060c \u0647\u0646\u0627\u0643 \u0628\u0639\u0636 \u0623\u0648\u062c\u0647 \u0627\u0644\u062a\u0634\u0627\u0628\u0647. \u0644\u0630\u0644\u0643\u060c \u0647\u0630\u0627 \u0647\u0648 \u0627\u0644\u0642\u0633\u0645 \u0627\u0644\u0623\u0648\u0644 \u0641\u064a SAFE \u060c \u0648\u062a\u062a\u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0641\u0642\u0631\u0629 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u0625\u0644\u0649 \u062d\u062f \u0643\u0628\u064a\u0631 \u0643\u0644 \u0627\u0644\u062a\u0641\u0627\u0635\u064a\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0641\u0647\u0645\u0647\u0627. \u0644\u0630\u0644\u0643\u060c \u0633\u0623\u062a\u062d\u062f\u062b \u0639\u0646 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u062f\u0641\u0639 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u060c \u0633\u062a\u0639\u0645\u0644 \u0639\u0644\u0649\u00a0 \u0623\u0646 \u064a\u0636\u0639 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0628\u0644\u063a\u0627\u064b \u0645\u0639\u064a\u0646\u0627\u064b \u0645\u0646 \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062a\u0627\u0631\u064a\u062e. \u0648\u0647\u0646\u0627 \u0628\u0627\u0644\u0623\u0633\u0641\u0644\u060c \u0633\u0642\u0641 \u0627\u0644\u062a\u0642\u064a\u064a\u0645 (valuation cap) \u0647\u0648 \u0628\u0639\u0636 \u0627\u0644\u0623\u0631\u0642\u0627\u0645. \u0644\u0630\u0627 \u060c \u0641\u0625\u0646 \u0647\u0630\u064a\u0646 \u0627\u0644\u0641\u0631\u0627\u063a\u064a\u0646 \u0647\u0645\u0627 \u0646\u0642\u0637\u062a\u0627 \u0627\u0644\u062a\u0641\u0627\u0648\u0636. \u0647\u0630\u0647 \u0627\u0644\u0641\u0642\u0631\u0629 \u0647\u0646\u0627 \u0634\u064a\u0621 \u0623\u0636\u0641\u0646\u0627\u0647 \u0645\u0624\u062e\u0631\u0627\u064b \u0641\u064a \u0623\u062d\u062f\u062b \u0625\u0635\u062f\u0627\u0631 \u0645\u0646 SAFEs \u060c \u0648\u0647\u0630\u0627 \u0634\u064a\u0621 \u0646\u0623\u0645\u0644 \u0623\u0646 \u064a\u0633\u0627\u0639\u062f\u0643 \u0628\u062d\u064a\u062b \u0628\u0645\u062c\u0631\u062f \u0623\u0646 \u062a\u0642\u0631\u0623 SAFE \u0627\u0644\u0630\u064a \u0646\u0648\u0641\u0631\u0647 \u0639\u0644\u0649 \u0645\u0648\u0642\u0639\u0646\u0627 \u0645\u0631\u0629 \u0648\u0627\u062d\u062f\u0629. \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0647\u0646\u0627\u0643 \u0647\u0630\u0647 \u0627\u0644\u0641\u0642\u0631\u0629 \u0639\u0644\u0649 SAFE\u060c \u0641\u0623\u0646\u062a \u062a\u0639\u0644\u0645 \u0623\u0646\u0643 \u0642\u062f \u0642\u0631\u0623\u062a\u0647. \u0627\u0644\u0641\u0643\u0631\u0629 \u0648\u0631\u0627\u0621 \u0630\u0644\u0643 \u0647\u064a \u0623\u0646\u0647 \u0625\u0630\u0627 \u062a\u063a\u064a\u0631 \u0623\u064a \u0634\u064a\u0621 \u0641\u064a SAFE\u060c \u0641\u0644\u0627 \u064a\u0645\u0643\u0646 \u0644\u0644\u0634\u0631\u0643\u0629 \u0623\u0648 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0625\u062f\u0631\u0627\u062c \u0647\u0630\u0647 \u0627\u0644\u0641\u0642\u0631\u0629. \u0644\u0627 \u064a\u0645\u0643\u0646 \u0627\u0644\u0642\u0648\u0644 \u0623\u0646\u0647 <\/span>\u0645\u0645\u0627\u062b\u0644 \u0644\u0640 SAFE \u0627\u0644\u0645\u0648\u062c\u0648\u062f \u0639\u0644\u0649 \u0645\u0648\u0642\u0639\u00a0 YC<\/span><\/a> \u0639\u0644\u0649 \u0627\u0644\u0648\u064a\u0628\u060c \u0648\u0644\u0630\u0627 \u0633\u062a\u0639\u0631\u0641 \u0643\u0645\u0624\u0633\u0633 \u0623\u0646\u0647 \u064a\u062c\u0628 \u0639\u0644\u064a\u0643 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u064a\u0647 \u0639\u0646 \u0643\u062b\u0628 \u0644\u0645\u0639\u0631\u0641\u0629 \u0645\u0627 \u0642\u062f \u062a\u0645 \u062a\u063a\u064a\u064a\u0631\u0647. \u0644\u0630\u0644\u0643\u060c \u0647\u0630\u0627 \u0645\u062c\u0631\u062f \u0634\u064a\u0621 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0628\u0642\u064a \u0639\u064a\u0646\u064a\u0643 \u0645\u0641\u062a\u0648\u062d\u062a\u064a\u0646 \u0644\u0647 \u0625\u0630\u0627 \u062a\u0644\u0642\u064a\u062a SAFE \u0645\u0646 \u0645\u0633\u062a\u062b\u0645\u0631.<\/span><\/p>\n<\/div>

<\/span><\/div>

\u0623\u0642\u0633\u0627\u0645 SAFE<\/strong><\/h3>\n

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SAFE<\/strong> \u0645\u0627 \u0628\u0639\u062f \u0627\u0644\u0646\u0642\u0648\u062f<\/h3>\n

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