The Chinese-style fall of the bubble noodles: Founder's infighting ended

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It rained heavily in Beijing that night. Shing driving through the rainstorm, from the north three ring to trade, Wang sitting in the deputy seat. They are no longer as happy as they usually are, but they comfort each other, for overnight success becomes elusive.

Their frustrations are caused by the same person, their friends for many years 俞昊ran.

The three of them are interesting programming education website bubble Noodles business partner. The day before, they received a round of financing of the venture agreement, some investors to the site valuation of nearly 100 million yuan, willing to invest 2 million U.S. dollars.

On the night of June 17, they finally broke off on the eve of a venture-capital deal. Wang and Shing left the entrepreneurial team, 俞昊ran but with other team members continue to work, the project renamed as "Garlic". The start-up company's financing plan has stalled. 3 Partners, the oldest 26 years old, the youngest is only 22 years old.

Friends

At the end of 2012, at the Illinois University in the United States, 俞昊ran wrote a bubble noodle code. This is an online education website similar to Codecademy, which teaches people how to write code in a relaxed way. Interesting programming site Codecademy founded less than 3 years, has more than 24 million users, and increasingly popular.

Bubble Noodles It was originally for the year of Baidu Star Program design competition to do a small project, behold the big popular. 俞昊ran decided to start a business.

The 22-Year-old 俞昊ran was said to be a "science prodigy", he was born in Hefei, a family of education, the father of the Chinese University of Science and technology computer experts, Grandpa is a computer professor at Hefei Polytechnic University. He grew up in Grandpa's room playing, very early contact with the Internet. At the age of 9, the independent preparation of a propaganda Lei Feng's website, 13 years old began to participate in the video site 酷6网 earlier version of the outsourcing work, a year later, he and people to create a Baidu enthusiasts website. This website has become the biggest Baidu fan website in the country at present, 俞昊ran however also with Yang acquaintance that work in Baidu.

Bubble Noodle Bar After the establishment, 俞昊ran almost swept all the technical work. He invited his friends and brother to start a business together. Shing, who had just graduated from the School of Education at New York University, quit his job and started a business with Yu, responsible for law and finance. Last August, Wang, a graduate student at Beida, joined the Bubble noodle bar.

俞昊ran and Wang, Shing two people know for many years. They are all in Baidu organized university student activities to meet. Wang has been the chairman of the University of Aeronautics and astronautics, high, handsome, good at interpersonal communication, each activity is organized and orderly, has been in the investment company, Huaxing has more than a year internship experience. Shing is the Vice-Chairman. At that time, Yang responsible for the development of Baidu University, and Wang, strict relationship between two people.

"Chong is my partner and now is mainly responsible for the implementation level in the country." 俞昊ran has been introduced in micro-Borrie. He later even took the bubble noodles. The financing business is solely entrusted to Wang. "He will at least not pit me." 俞昊ran said.

At the end of 2013, the Bubble Noodle bar was introduced into the Angel Investment Fund, financing 1 million yuan. April 2014, the website is officially online.

Doubt

俞昊ran in the United States while studying, while writing bubble surface bar code. He is very trusting of Wang in the country. In June 2013, 俞昊ran in the roadshow when he met the head of the Anglo-Angel Fund Wang Yu, returned to the United States, he let Wang take over with Wang Yu talks about Angel investment.

Wang, in addition to the full responsibility for the bubble face bar financing business, also began to appear in the image of the company founder in the media. This situation makes 俞昊ran feel that his status is challenged.

All the time, 俞昊ran think he is a bubble noodles bar The boss, holding the company's largest stake. But by April this year, he saw that everything was not what he imagined.

He found that in the PPT to investors, his resume was no longer the first page, instead of Wang, and in the media reports, Wang was already a figure in the company. He felt that his dominance was being stripped away.

俞昊ran is a sensitive person, and he finds these phenomena strange and begins to doubt his partner Wang Chong. He began to focus on Wang. Even in the name of the company, for the interview Wang article issued a correction statement, proposed amendments.

After all, in the United States, he began to endure, and soon, the process of suspension. May 17, he boarded the plane in Chicago, the next day returned to Beijing.

俞昊ran After returning home, the first time came to the company's office near Suzhou Street in Beijing. He said he found that everything was completely different from what he had imagined. For the first time, he saw no changes to the terms of his initial protest in the investment agreement between the company and the Anglo-Angel Fund.

This provision is specifically for 俞昊ran Special agreement that he must return to the June 30 of this year full time to start a business, otherwise, the name will be returned to angel investors. Meanwhile, if Yu defaults, he will be dismissed.

"I didn't graduate until December this year. 俞昊ran said, he did not agree to this agreement.

This is the first time 俞昊ran has seen the final version of an investment agreement. Previously, Wang and Shing will send the terms to him by mail. He was furious because he signed the agreement with Wang and Shing, but he had never signed in the United States when the Angel investment Agreement was signed. He said that someone forged his signature and entered into an agreement with Angel investment without his consent.

He felt someone wanted to compete with him for control of the company, and he started investigating Wang.

Liar

俞昊ran is of course the most concerned about the equity issue. Industry and Commerce Archives data show, bubble noodles The initial shareholding structure: Wang accounted for 65%, 俞昊ran accounted for 25%, strict Ji Yue accounted for 10%.

According to Wang's explanation, he actually accounted for more than 30% of the shares, on behalf of some options, is the largest shareholder. 俞昊ran Introduction, Wang held 16.67% of the option. This means that the King's actual shareholding ratio exceeds 40%, much higher than Yu. Such a statement, 俞昊ran did not agree.

May 26, 俞昊ran and Wang, Yang and other people came to Hefei, find Yu's father. The computer professor asked the two sides to write the previous verbal agreement.

Wang described, the introduction of Angel investment, because angel investors require a person to occupy a large stake, full-time work, and 俞昊ran is going to study in the United States, everyone in order to be able to successfully finance, agreed to such a split option, he big shareholder. After the new financing, the first dilution of Wang shares, until the stake is 1% higher than 俞昊ran, and then dilute the two shares, until the Shing shares close. The end result is that the shares of the trio are roughly equal.

俞昊ran is a very different story. He introduced to reporters, before the introduction of Angel investment, he and Wang had oral agreement, in order to meet the requirements of angel investors, Wang temporarily for the first major shareholder, such as Angel funds recorded after the two shares swap. By trusting each other, the two men did not record these conventions as words.

This is based on the verbal agreement of mutual trust, which in the end makes mutual distrust.

"Why is he 1% taller than me, he once said that investors do not want an equity average, why the end is diluted to almost." 俞昊ran Wang to make a lie.

Angel investor Wang Yu's argument is that he was impressed by the large shareholder is 俞昊ran, the proportion of shares than Wang and Shing the sum of two people, see the end of the contrary, he thought maybe the two sides have some kind of agreement.

The original want to do and yang in the middle, don't know who to believe, he thought, two people say different, must have a person lied.

Director

15 minutes.

This is the dividing line between hope and disappointment. 15 minutes ago, the Bubble noodle Bar is a potential start-up, valued at close to 100 million yuan, may become a star company in the future, but after 15 minutes, everything changed.

On the evening of June 17, a rainstorm continued to wash the city of Beijing.

俞昊ran, a New York apartment near Suzhou Street, sits in his office, feeling what will happen this night. Already more than 9, the staff have returned to the collective dormitory, leaving only Wang, Shing, Yang three people. They started talking about the future of bubble noodles.

A day ago, bubble noodles Bar a round of financing came to the last step, they received a number of investment agencies given the venture capital agreement. 俞昊ran and Wang and other people need to find a suitable for the bubble surface of the cooperation agencies, as long as they signed the agreement, they will be 20% of the equity, access to more than 2 million dollars in a round of investment.

俞昊ran and his partner, in contrast to the investment agreement provided by the venture capital agency, analyzed the details. They are progressing well. But to the last clause they stopped.

"Why can't I be the biggest shareholder?" As the company's first founder, the core technical staff, but not the largest shareholder, 俞昊ran first questioned. He said that in accordance with the angel before the investment agreement, a round of financing, his shares will be exchanged with Wang, to become the largest shareholder.

Wang to dilute equity, and finally he and Yu, Yan two shares quite, and insisted that their shares than Yu 1% more.

The two sides quarrelled and refused to give in.

俞昊ran thoroughly angry, "I quit, you play." He quickly stood up, his left hand from the table to pick up his computer screen, his right hand with the keyboard, out of the office, and finally dropped a: "My father is right, you are bullying me." "The 22-year-old 俞昊ran, standing more than 190 centimeters, went out almost crying while walking." "It looked a little unbearable. Yang recalls, they are all children.

The other three people discouraged, but ineffective, can only watch 俞昊ran disappeared in the downstairs night.

There were only three Wang, Shing and Yang left in the office. Wang Yu Two people sitting in a chair, with disappointment and anger, say angry words.

"I don't think we'll get along. "have been aloof from the Yang judgment.

15 minutes later, 俞昊ran suddenly returned to the office. The first words he said after entering the door made Wang and others almost hopeless. The young entrepreneur announced two messages to his partner:

He just deleted the bubble-face bar on the GitHub (code hosting) site code, and saved a copy of it. He wrote two emails, one for all employees, one for investors, and two for 1.5 hours. He felt that Wang was lying when he negotiated with investors, and he wanted to "tell the truth".

Hearing the news, Wang was soft for the whole man. At that moment, he said, his heart was as dead. If, as Yu said, without the code, he will lose everything, he has no right to speak, even the company will disappear from here. He saw Shing weeping.

It was 俞昊ran to see, and he described the other as a lamb. Before that, he said, he was a lamb, both in the face of investors and in front of the company's employees.

Wang that it was a 俞昊ran carefully set, "he couldn't have done so many things in 15 minutes." "Before that night, Yu had written a good script and was well-prepared. The king felt very sad.

"Yes, I played a play." "俞昊ran in order to frighten the Wang, at the self-directed self-acting." He knew that that night's discussion must be contradictory, wrote two emails in advance, backed up the code. "Those letters were written, and there was no real issue." Yu said that he wanted to use this extreme action to frighten Wang and look at the other person's attitude, hoping to change the latter's mind in this way.

Several people began to quarrel again. Soon, Wang expressed the intention of reconciliation, he hoped that the bubble noodles to continue to do, should not let this project yellow. He felt that no matter what, should insist on doing a round of financing, first to get the money.

俞昊ran but said, must revise the rule, he is absolute eldest brother, in the future one can cast two votes. Yang to the reporter to recall the circumstances of the night. Wang made a big concession, Yang felt that everything could be saved.

Yu proposed that he will be the CEO of the company and the first major shareholder, he has to go back to study. Wang rushed to disagree. Negotiations from 10 o'clock that night to the morning of the next day. The end result is that Wang has made concessions, but many problems are still difficult to agree on.

After a week or so of time, the initial angel investors Wang Yu several times to find 俞昊ran, Wang and other people, hope Quanhe. In his view, the project technology and operation are indispensable, once the two people separate, the project will be yellow.

Yang excited to give up the well-paid job, the first to the company and younger than their young teens together to start a business, but also do not want the company to cross, he has been trying to persuade both sides. After the last meeting with Wang Yu, he asked the other three people to eat together, still want to quanhe, but it is a farewell meal. Shing offered to leave, she wanted to change the city life for some time. Wang also felt unable to go down together. Everyone began to discuss the aftermath.

Wang Chong to the media said, when he found that all is already written in the script, know that the other side has seen him as an enemy, they do not want to say anything.

Agreement

俞昊ran and Wang once had the opportunity to avoid this happening.

Bubble Noodles Bar The beginning of the project, 俞昊ran and the founding team prepared a "gentlemen's agreement" to show "brother Ming accounts." This is actually a business letter of intent, detailing the division of labor, shares, options, and the company's 5-year planning, decision-making mechanism. He even consulted lawyers and friends to determine that there was no legal issue.

"Everyone owns a certain stake. "俞昊ran, everyone's initial equity is relatively average, but as the respective amount of work is different, there will be no significant difference after the option is honoured." When he was studying in the United States, one of the younger brother was a master of code, when the parties promised to Wang from the shares of the younger brother, finally he and Yu held a roughly equal share. At the same time, bubble noodles bar major projects need all entrepreneurs to vote.

May 15, 2013, 俞昊ran and others began in the "Gentlemen's agreement" signed successively. However, it was not yet signed until August. His younger brother finally left the bubble noodles, he was the only one who did not sign. This seemingly wonderful "gentlemen's agreement" is stillborn.

"In fact, it would be good to sign this, there will be no such things now." 俞昊ran some regrets.

One analyst believes that the bubble noodle inside the bucket, stems from the lack of norms, too loose. Some young entrepreneurs often because of a pioneering, "Brother feeling Deep", ignoring the signing of a written agreement, and finally in a variety of interests before the temptation, the feud.

Now, 俞昊ran led other team members, by the friend's office, continue to operate the bubble noodle business, but the name has been replaced by "garlic". Wang a new team, doing the same thing as the original bubble noodles, he said, he will insist, two months later, everyone will see his results.

The war did not seem to have stalled.