Sasa Vucinic: Why a free press is the best investment

Prevoditelj: Nenad Maljković Recezent: Irena Krčelić

Video: Narrator: An event seen from one point of view

"Događaj viđen s jedne točke gledišta

gives one impression.

daje jedan dojam.

Seen from another point of view, it gives quite a different impression.

Viđen s druge točke gledišta, pruža sasvim drukčiji dojam.

But it's only when you get the whole picture you can fully understand

No samo kada vidimo cijelu sliku, možemo u potpunosti

what's going on.

razumjeti što se stvarno događa."

Sasha Vucinic: It's a great clip, isn't it?

Odličan video, zar ne?

And I found that in 29 seconds, it tells more about

Rekao bih da taj video u 29 sekundi

the power of, and importance of, independent media

govori više o moći i važnosti neovisnih medija

than I could say in an hour.

nego što bih ja mogao reći za sat vremena.

So I thought that it will be good to start with it.

Zato sam pomislio da bi bilo dobro započeti s njim.

And also start with a little bit of statistics.

I nešto malo statistike.

According to relevant researchers, 83 percent of the population of this planet

Prema relevantim istraživanjima, 83% stanovništva ovog planeta

lives in the societies without independent press.

živi u društvima bez neovisnih medija.

Think about that number: 83 percent of the population on the whole planet

Razmislite o razmjeru toga: 83% ljudi na cijelom planetu

does not really know what is going on in their countries.

ne zna što se zapravo događa u njihovim zemljama.

The information they get gets filtered through somebody

Informacije koje dobivaju filtrira netko

who either twists that information, or colors that information,

tko ih ili izokreće, ili nijansira...

does something with it.

nešto s njima napravi.

So they're deprived of understanding their reality.

Stoga im je uskraćeno razumijevanje njihove stvarnosti.

That is just to understand how big and important this problem is.

Nadam se da je sada malo jasnije koliko je velik i važan ovaj problem.

Now those of you who are lucky enough to live in those societies

A vi koji ste dovoljno sretni što živite u društvima obuhvaćenim

that represent 17 percent, I think should enjoy it until it lasts.

u onih 17%, mislim da biste u tome trebali uživati dok traje.

You know, Sunday morning, you flick the paper, get your cappuccino.

Znate kako je... u nedjelju ujutro listate novine, pijuckate svoj cappuccino.

Enjoy it while it lasts.

Uživajte u tome dok još možete.

Because as we heard yesterday, countries can lose stars from their flags,

Jer kao što smo jučer čuli, zemlje mogu izgubiti zvijezde na zastavama,

but they can also lose press freedom,

no mogu izgubiti i slobodu medija, kao što to vjerojatno

as I guess Americans among us can tell us more about.

Amerikanci, koji su ovdje među nama, mogu posvjedočiti.

But that's totally another and separate topic.

Ali to je sasvim druga, zasebna tema.

So I can go back to my story.

Vraćam se stoga svojoj priči.

My story starts -- the story I want to share -- starts in 1991.

Priča koju vam želim ispričati započinje 1991.

At that time I was running B92, the only independent,

U to sam vrijeme vodio B92, jedini neovisni elektronski...

for that matter the only electronic media, in the country.

zapravo jedini neovisni medij uopće u zemlji.

And I guess we were sharing -- we had that regular life of the only

Mislim da smo imali... uobičajen život

independent media in the country, operating in hostile environment,

za jedni neovisni medij u zemlji koji posluje u neprijateljskom okruženju,

where government really wants to make your life miserable.

u kojem su nam vlasti nastojale sve otežati najviše što mogu.

And there are different ways.

A za to ima raznih načina.

Yeah, it was the usual cocktail:

Da, bio je to uobičajeni koktel:

a little bit of threats, a little bit of friendly advice,

nešto prijetnji, nešto prijateljskih savjeta,

a little bit of financial police, a little bit of text control,

nešto financijske policije, nešto cenzure.

so you always have somebody who never leaves your office.

Tako da vam stalno netko od njih visi u uredu.

But what they really do, which is very powerful,

Ali ono što stvarno rade, a što je vrlo moćno,

and that is what governments in the late '90s started doing

i što su vlasti krajem 90-tih počele činiti

if they don't like independent media companies --

ukoliko im se ne sviđaju neovisni mediji -

you know, they threaten your advertisers.

oni, znate, prijete vašim oglašivačima.

Once they threaten your advertisers, market forces are actually,

Nakon što zaprijete vašim oglašivačima tržišne sile su, zapravo,

you know, destroyed, and the advertisers do not want to come --

poništene i oglašivači više ne žele doći -

no matter how much does it make sense for them --

koliko god da im je to u interesu -

do not want to come and advertise.

ne žele doći i oglašavati.

And you have a problem making ends meet.

I onda imate financijskih problema.

At that time at the beginning of the '90s, we had that problem,

U to vrijeme, početkom 90-tih, mi smo imali taj problem,

which was, you know, survival below one side,

što je s jedne strane pitanje opstanka,

but what was really painful for me was,

no, ono što je za mene bilo posebno bolno,

remember, the beginning of the '90s, Yugoslavia is falling apart.

sjetite se, početkom 90-tih se raspadala Jugoslavija.

We were sitting over there with a country in a downfall,

I mi smo radili u zemlji koja se raspada,

in a slow-motion downfall.

koja se ruši kao na usporenom filmu.

And we all had all of that on tapes.

I sve smo to imali snimljeno na trakama.

We had the ability to understand what was going on.

Imali smo sposobnost razumijevanja onoga što se događa.

We were actually recording history.

Zapravo smo snimali povijest.

The problem was that we had to re-tape that history a week later;

Problem je bio što smo tu povijest morali za tjedan dana izbrisati,

because if we did not, we could not afford enough tapes

jer si nismo mogli priuštiti dovoljno traka

to keep archives of that history.

za arhiviranje povijesti.

So if I gave you that picture, I don't want to go too long on that.

Dakle, znate o čemu tu radi, ne želim duljiti o tome.

In that context a gentleman came to my office at that time.

U tom kontekstu posjetio me jedan gospodin u mom tadašnjem uredu.

It was still 1991.

Bilo je to još 1991.

He was running a media systems organization

On je vodio jednu organizaciju za pomoć medijma

which is still in business, the gentleman is still in business.

koja i danas posluje, taj gospodin još uvijek to radi.

And what did I know at that time about media systems?

A što sam ja tada znao o organizacijama za pomoć medijima?

I would think media systems were organizations,

Mislio sam da ako je organizacija za pomoć medijima,

which means they should help you.

to znači da bi nam trebali pomagati.

So I prepared two plans for that meeting, two strategic plans:

Stoga sam za taj sastanak pripremio dva strateška plana.

the small one and the big one.

Manji i veći.

The small one was, I just wanted him

Manji plan je bio... samo sam htio

to help us get those damn tapes,

da nam pomogne nabaviti te proklete trake,

so we can keep that archive for the next 50 years.

tako da možemo napraviti arhivu za idućih 50 godina.

The big plan was to ask him for a 1,000,000-dollar loan.

Veći plan je bio da zatražim kredit od milijun dolara.

Because I thought, I still maintain,

Jer mislio sam i još uvijek mislim

that serious and independent media companies are great business.

da su ozbiljne i neovisne medijske kuće odličan posao.

And I thought that B92 will survive and be a great company

I smatrao sam da će B92 preživjeti i biti odlična kompanija

once Milosevic is gone, which turned out to be true.

jednom kada Milošević ode, što se poslije pokazalo istinitim.

It's now probably either the biggest or the second biggest

Sada je to vjerojatno najveća ili druga po veličini

media company in the country.

medijska kuća u zemlji.

And I thought that the only thing that we needed at that time

A ja sam onda mislio da je jedino što nam je tada trebalo

was 1,000,000-dollar loan to take us through those hard times.

bio kredit od milijun dolara pomoću kojeg ćemo proći ta teška vremena.

To make a long story short, the gentleman comes into the office,

Da skratim priču, taj gospodin ulazi u ured,

great suit and tie.

u finom odijelu i s kravatom...

I gave him what I thought was a brilliant explanation

Dao sam mu ono što sam smatrao bilijantnim objašnjenjem

of the political situation and explained how hard and difficult

političke situacije i objasnio

the war will be.

koliko će rat biti žestok i težak.

Actually, I underestimated the atrocities, I have to admit.

Zarpavo, moram priznati da sam podcijenio okrutnosti.

Anyway, after that whole, big, long explanation,

No, nakon svog tog objašnjavanja nadugo i naširoko,

the only question he had for me -- and this is not a joke --

jedino pitanje koje je imao - ovo nije šala -

is, are we paying royalties after we broadcast music

bilo je plaćamo li tanijeme kada emitiramo glazbu

of Michael Jackson?

Michaela Jacksona?

That was really the only question he had.

To je stvarno bilo jedino što ga je zanimalo.

He left, and I remember being actually very angry at myself

Otišao je, i sjećam se da sam bio vrlo ljut na sebe

because I thought there must be an institution in the world

jer sam vjerovao da na ovome svijetu mora postojati neka institucija

that is providing loans to media companies.

koja kreditira medijske kuće.

It's so obvious, straight in your face,

To je toliko očito, pred nosom nam je,

and somebody must have thought of it.

i netko se morao toga sjetiti.

Somebody must have started something like that.

Netko je morao pokrenuti nešto slično tome.

And I thought, I'm just dumb and I cannot find it.

I mislio sam da sam jednostavno glup što to ne mogu pronaći.

You know, in my defense, there was no Google at that time;

U svoju obranu mogu reći da tada nije postojao Google,

you could not just Google in '91.

jer 91. niste mogli jednostavno googlati.

So I thought that that's actually my problem.

Stvarno sam mislio da je problem u meni.

Now we go from here, fast forward to 1995.

A sada premotavamo na 1995.

I have -- I left the country, I have a meeting with George Soros,

Napustio sam zemlju. Imam sastanak sa Georgeom Sorosem,

trying for the third time to convince him that

po treći puta ga pokušavam uvjeriti da bi trebao...

his foundation should invest in something that should

da bi njegova fondacija trebala investirati u nešto

operate like a media bank.

što bi trebalo funkcionirati kao banka za medije.

And basically what I was saying is very simple.

Ono što sam mu govorio bilo, zapravo, vrlo jednostavno.

You know, forget about charity; it doesn't work.

Znaš... zaboravi humanitarnu pomoć,

Forget about handouts; 20,000 dollars do not help anybody.

to ne funkcionira; zaboravi donacije, s 20.000 dolara ne možeš nikome pomoći.

What you should do is you should treat media companies as a business.

Umjesto toga medijske kuće trebaš smatrati poduzećima.

It's business anywhere.

To su svugdje poduzeća.

Media business, or any other business, it needs to be capitalized.

Medijsko poduzeće, kao i bilo koje drugo poduzeće, treba kapital.

And what these guys need, actually, is access to capital.

A ono što ti ljudi zapravo trebaju je pristup kapitalu.

So third meeting, arguments are pretty well exercised.

Dakle... na trećem smo sastanku. Argumenti su prilično iscrpljeni,

At the end of the meeting he says,

na kraju sastanka on mi kaže:

look, it is not going to work; you will never see your money back;

"Slušaj, to ne može uspjeti. Nikad nećeš dobiti svoj novac natrag,

but my foundations will put 500,000 dollars so you can test the idea.

ali moja fondacija će ti dati 500.000 dolara da testiraš ideju.

See that it will not work.

Tako da se možeš i sam uvjeriti da neće uspjeti."

He said, I'll give you a rope to hang yourself.

Rekao mi je: "Dat ću ti uže da se sam objesiš."

(Laughter)

(smijeh)

I knew two things after that meeting.

Nakon tog sastanka znao sam dvije stvari.

First, under no circumstances I want to hang myself.

Prvo, ni u kojem slučaju nemam se namjeru objesiti.

And second, that I have no idea how to make it work.

Drugo, da nemam pojma kako da plan uspješno izvedem.

You see, at the level of a concept, it was a great concept.

Znate, na razini koncepta sve je bilo sjajno.

But it's one thing to have a concept;

Ali imati koncept je jedno,

it's a totally separate thing to actually make it work.

ali nešto je sasvim drugo ostvariti ga.

So I had absolutely no idea how that could actually work.

Nisam imao pojma kako bi to moglo funkcionirati u stvarnosti.

Had the wrong idea; I thought that we can be a bank.

Imao sam krivu ideju. Mislio sam da možemo biti banka.

You see banks -- I don't know if there are any bankers over here;

Jer bankarstvo je - ne znam ima li bankara u dvorani,

I apologize in advance -- but it's the best job in the world.

pa se unaprijed ispričavam - najbolji posao na svijetu.

You know, you find somebody who is respectable

Pronađete nekoga tko je uspješan

and has a lot of money.

i ima puno novca.

You give them more money; they repay you that over a time.

Date im još više novca, a oni vam ga nakon nekog vremena vrate.

You collect interest and do nothing in between.

Dobijete kamatu i u međuvremenu ne radite ništa.

So I thought, why don't we get into that business?

Pa sam si mislio, zašto ne ući u takav jedan posao?

(Laughter)

(smijeh)

So here we are having our first client, brilliant.

I evo nas s našim prvim klijentom... sjajne,

First independent newspaper in Slovakia.

prve neovisne novine u Slovačkoj.

The government cutting them off

Vlasti su im onemogućile pristup

from all the printing facilities in Bratislava.

svim tiskarama u Bratislavi.

So here's the daily newspaper

To su dnevne novine koje se moraju tiskati

that has to be printed 400 kilometers away from the capital.

400 km od glavnoga grada.

It's a daily newspaper with a deadline of 4 p.m.

To su dnevne novine s rokom do 16 sati.

That means that they have no sports;

Što znači da nemaju sportskih vijesti,

they have no latest news; circulation goes down.

da nemaju najnovije vijesti, naklada im pada.

It's a kind of very nice, sophisticated way

To je jedan fin, sofisticiran način

how to economically strangle a daily newspaper.

za ekonomsko gušenje dnevnih novina.

They come to us with a request for a loan.

Dolaze nam i traže kredit.

They want to -- the only way for them to survive

Jedini način da prežive

is to get a printing press.

je da kupe tiskaru.

And we said, that's fine; let's meet;

A mi kažemo - u redu, dođite na sastanak

you'll bring us your business plan, which eventually they did.

i donesite nam svoj poslovni plan, što su oni i učinili nakon nekog vremena.

We start the meeting.

Sastanak krene.

I get these two pieces of paper, not like this, A4 format,

Dobijem dva lista papira, ne ovakva već formata A4,

so it's much bigger.

dakle, puno veća.

A lot of numbers there. A lot of numbers.

Na njima hrpa brojki. Puno brojki.

But however you put it, you know, the numbers

Ali kako god da okreneš, te brojke

do not make any sense.

nemaju baš nikakvog smisla.

And that's the best they could do.

I to je najbolje što su znali napraviti.

We were the best that they could do.

Stvarno najbolje što su mogli napraviti.

So that is how we understood what our method is.

Tako smo shvatili kakav treba biti naš način rada.

It's not a bank. We had to actually

Mi nismo banka. Mi zapravo trebamo

go into these companies and earn our return

ući u ta poduzeća i zaraditi svoj povrat novca

by fixing them -- by establishing management systems,

tako što ćemo ih popravljati - uspostavom sustavnog menadžmenta,

by providing all that knowledge, how do you run a business

davanjem potrebnih znanja o tome kako se vodi posao

on one side -- while they all know how to run, how to create content.

s jedne strane - dok s druge strane oni znaju kako stvarati sadržaj.

Just quickly on the results.

Samo na brzinu o rezultatima.

Over these 10 years, 40 million dollars in affordable financing,

U ovih 10 godina, 40 milijuna dolara povoljnog financiranja,

average interest rate five percent to six percent.

prosječna kamatna stopa od 5 do 6%.

Lately we are going wild, charging seven percent from time to time.

U posljednje vrijeme smo poludjeli, povremeno naplatimo 7%.

We do it in 17 countries of the developing world.

Radimo u 17 zemalja u razvoju.

And here is the most stunning number.

A evo i najupečatljivije brojke.

Return rate -- the one that Soros was so worried about -- 97 percent.

Stopa povrata - za što je Soros bio toliko zabrinut - 97%

97 percent of all the scheduled repayments came back to us on time.

Čak 97% svih otplata plaćuju nam na vrijeme.

What do we typically finance?

Što obično financiramo?

We finance anything that a media company would need,

Financiramo bilo što potrebno medijskoj kući,

from printing presses to transmitters.

od tiskara do odašiljača.

What is most important is we do it

Ono što je najvažnije je da to radimo

either in form of loans, equities, lease --

ili u obliku kredita, udjela, lizinga -

whatever is appropriate for, you know, supporting anybody.

koji god je oblik primjeren za davanje podrške.

But what is most important here is, who do we finance?

Ali najvažnije je pitanje - koga mi to financiramo?

We believe that in the last 10 years companies

Vjerujemo da su medijske kuće koje smo financirali

that we've financed are actually the best media companies

posljednjih 10 godina, zapravo najbolje medijske kuće

in the developing world.

u zemljama u razvoju.

That is a "Who is Who" list.

To je pravi popis "Tko je tko".

And I could spend hours talking about them,

I mogao bih satima pričati o njima,

because they're all kind of heroes.

jer među njima ima svakojakih junaka.

And I can, but I'll give you just, maybe one,

Ali dat ću vam samo jedan primjer,

and depending on time I may give you two examples

ili dva, bude li dovoljno vremena,

who we work with.

s kime mi to radimo.

You see we started working in Eastern and Central Europe,

Počeli smo raditi u Istočnoj i Srednjoj Europi

and moved to Russia.

i proširili se na Rusiju.

Our first loan in Russia was in Chelyabinsk.

Naš prvi kredit u Rusiji otišao je u Čeljabinsk.

I'll bet half of you have never heard of that place.

Kladim se da pola vas nije nikada prije čulo za taj grad.

In the south of Russia there's a guy called

Na jugu Rusije živi čovjek koji se zove

Boris Nikolayevich Kirshin, who is running

Boris Nikolajevič Kiršin i on tamo vodi

an independent newspaper there.

neovisne novine.

The city was closed until early '90s

Taj je grad bio zatvoren do početka 90-tih

because, of all things, they were producing glass for Tupolev planes.

jer, od svega mogućeg, tamo su proizvodili stakla za avione marke Tupoljev.

Anyway, he's running independent newspaper there.

On, dakle, tamo vodi neovisne novine.

After two years working with us, he becomes

Nakon što je dvije godine radio s nama,

the most respected newspaper in that small place.

njegove novine postaju najuglednije u tom malom gradu.

Governor comes to him one day,

Jednoga dana dođe mu guverner,

actually invites him to come to his office.

zapravo pozove ga u svoj ured.

He goes and sees the governor. The governor says,

On se ode naći s guvernerom, koji kaže,

Boris Nikolayevich, I understand you are doing a great job,

Borise Nikolajeviču, znam da radite odličan posao

and you are the most respected newspaper in our district.

i da imate najuglednije novine u našem okrugu.

And I want to offer you a deal.

Želim vam dati ponudu.

Can you please give me your newspaper for the next nine months,

Možete li mi dati svoje novine na idućih devet mjeseci,

because I have elections --

jer imam izbore -

there are elections coming up in nine months.

izbori su za devet mjeseci.

I will not run, but it's very important for me

Ja se neću kandidirati, ali mi je jako važno

who is going to succeed me.

tko će me naslijediti.

So give me the paper for nine months. I'll give it back to you.

Dajte mi, dakle, svoje novine na devet mjeseci,

I have no interest in being in media business.

ja ću vam ih vratiti, mene ne zanima medijski biznis.

How much would that cost?

Koliko bi to moglo koštati?

Boris Nikolayevich says, "It's not for sale."

Boris Nikolajevič kaže, "Nije na prodaju."

The governor says, "We will close you."

Guverner kaže, "Zatvorit ćemo vas."

Boris Nikolayevich says, "No, you cannot do it."

Boris Nikolajevič kaže, "Nećete. Ne možete to učiniti."

Six months later the newspaper was closed.

U roku od šest mjeseci novine su bile zatvorene.

Luckily, we had enough time to help Boris Nikolayevich

Na sreću, imali smo dovoljno vremena da Borisu Nikolajeviču pomognemo

take all the assets out of that company and bring him into a new one,

da svu imovinu iznese iz tog poduzeća i unese u novo,

to get all the subscription lists, rehire staff.

da izvuče popis pretplatnika, preuzme radnike.

So what the governor got was an empty shell.

Tako da je guverner dobio samo praznu ljusku.

But that is what happens if you're in business of independent media,

No, to se događa kada se bavite neovisnim medijima,

and if you are a banker for independent media.

ili kada ste bankar neovisnih medija.

So it sounds like a great story.

Dakle... Sve to zvuči kao sjajna priča.

Somewhere down the road we opened a media management center.

Nešto kasnije otvorili smo Centar za medijski menadžment,

We started our media lab, sounds like a real great story.

pokrenuli smo medijske radionice... Doima se izvrsno, zar ne?

But there is a second angle to that.

Ali evo i drugog kuta gledanja.

The second angle, like in this clip.

Drugo gledište, baš kao i u videu na početku.

If you take the camera above, you start thinking

Ako kameru podignete tako da obuhvati cijelu sliku,

about these numbers again.

počnete opet razmišljati o tim brojkama.

40 million dollars over 10 years spread over 17 countries.

40 milijuna dolara u 10 godina na 17 zemalja.

That is not too much, is it?

To baš i nije puno, zar ne?

It's actually just a drop in the sea.

Zapravo, to je samo kap u moru.

Because when you think about the importance,

Jer kada promislite o važnosti,

some of the issues that we were talking about last night --

o onim temama o kojima smo sinoć razgovarali -

this last session we had about Africa and his

kada smo govorili o Africi

hypothetical 50 billion dollars destined for Africa.

i tih hipotetskih 50 milijardi dolara namijenjenih Africi.

All of those, not all, half of those problems mentioned last night --

Sve to... ne sve, ali pola tih problema o kojima smo sinoć razgovarali -

government accountability, corruption, how do you fight corruption,

odgovornost vlasti, korupcija, kako se boriti protiv korupcije,

giving voice to unheard, to poor --

davanje glasa nečujnima, siromašnima -

it's why independent media is in business.

to su razlozi zbog kojih neovisni mediji djeluju.

And it's why it was invented.

Zbog toga su izmišljeni.

So from that perspective, what we did is just really

Dakle, s tog gledišta, ono što smo napravili je stvarno

one drop in the sea of that need that we can identify.

samo kap u moru potreba na koje nailazimo.

Now ours is just one story.

Naša priča je jedna od mnogih.

I'm sure that in this room there are, like, 15 other wonderful stories

Siguran sam da u ovoj dvorani ima barem 15 drugih prekrasnih priča

of nonprofits doing spectacular work.

o neprofitnim organizacija koje rade spektakularne stvari.

Here is where the problem is,

Evo u čemu je problem,

and I'll explain to you as well as I can what the problem is.

objasnit ću vam to najbolje što mogu.

And it's called fundraising.

Zove se prikupljanje sredstava.

Imagine that this third of this room is filled

Zamislite da je ova trećina dvorane ispunjena

with people who represent different foundations.

ljudima koji predstavljaju različite fondacije.

Imagine two thirds over here running excellent organizations,

Zamislite da preostale dvije trećine vode izvrsne organizacije,

doing very important work.

koje rade vrlo važan posao.

Now imagine that every second person over here

Sada zamislite da je na ovoj strani svaka druga osoba

is deaf, does not hear, and switch the lights off.

gluha, da ne čuje, pa onda još i ugasite svjetlo.

Now that is how difficult it is to match people

Toliko je teško povezati ljude

from this side of the room

o ove strane dvorane

with people of that side of the room.

s ljudima na ovoj strani dvorane.

So we thought that some kind of a big idea is needed

Zato smatramo da je potrebna nekakva velika ideja

to reform, to totally rethink fundraising.

za reformiranje, potpuno novo promišljanje prikupljanja sredstava.

You know, instead of people running in this dark,

Umjesto da ljudi trče u mraku,

trying to find their own match, who will be willing,

pokušavajući pronaći svog partnera,

who has the same goals.

nekoga tko će ih podržati, tko ima iste ciljeve...

Instead of all of that we thought there is --

umjesto svega toga što sada postoji -

something new needs to be invented.

potrebno je izmisliti nešto novo.

And we came up with this idea of issuing bonds,

I došli smo na ideju da izdajemo obveznice,

press freedom bonds.

obveznice za neovisne medije.

If there are investors willing to finance

Ukoliko postoje investitori koji su spremni financirati

U.S. government budget deficit,

budžetski deficit Vlade SAD,

why wouldn't we find investors willing to finance

zašto ne bismo potražili investitore voljne financirati

press freedom deficit?

deficit medijskih sloboda?

We've decided to do it this fall; we will issue them,

Odlučili smo to učiniti ove jeseni. Izdat ćemo ih,

probably in denominations of 1,000 dollars.

vjerojatno po nominalnoj vrijednosti od 1.000 dolara.

I don't want to advertise them too much; that's not the point.

Ne bih htio to sada reklamirati, nije u tome poanta.

But the point is, if we ever survive to actually issue them,

No poanta je, ako uopće preživimo dok ih stvarno ne izdamo,

find enough investors that this can be considered a success,

pronađemo li dovoljno investitora da bi se to moglo smatrati uspjehom,

there's nothing stopping the next organization

ništa neće spriječavati neku drugu organizaciju

to start to issue bonds next spring.

da počne izdavati obveznice idućeg proljeća.

And those can be environmental bonds.

A to bi mogle biti obveznice za okoliš.

And then two weeks later, Iqbal Quadir can issue his

Pa bi dva tjedna kasnije, Iqbal Quadir mogao izdati svoje

electricity in Bangladesh bonds.

obveznice za elektrifikaciju Bangladeša.

And before you know it, any social cause

I nedugo zatim, bilo koji društveni cilj

can be actually financed in this way.

mogao bi se, zapravo, financirati na ovaj način.

Now we do daydreaming in 11:30 with 55 seconds left.

Mi, evo, sanjarimo u 11:30 sati, a ostalo mi je samo 55 sekundi.

But let's take the idea further.

No, krenimo korak dalje s ovom idejom.

You do it, you start it in the States, because it's,

Vi to napravite, počnete u Americi, jer to je...

you know, concepts are very, very close to American minds.

koncept vrlo blizak američkim umovima.

But you can actually bring it to Europe, too.

No, možete ga prenijeti i u Europu.

You can bring it to Asia.

Ili u Aziju.

You can, once you have all of those different points,

Možete, nakon što pokrijete sva ta tržišta,

you can make it easy for investors.

olakšati stvar investitorima.

Put all of those bonds at one place

Možete sve te obveznice staviti na jedno mjesto

and they sit down and click.

i oni samo sjede i klikaju.

Once you have more than 10 of them

Jednom kada ih bude više od 10

you have to develop some kind of a matrix.

trebat će razviti neki oblik mjerenja.

What do investors get?

Što investitor dobiva?

On one side financial, on the other side social.

S jedne strane financijski, s druge strane društveno.

So that brings the idea of some kind of rating agency,

To nas dovodi do ideje o agenciji za vrednovanje,

Morningstar type.

u stilu Morningstara.

It says, you know, social impact over here is spectacular, five stars.

Kaže, recimo, društveni utjecaj je ovdje spektakularan, pet zvjezdica.

Financial, they give you one percent, only one star.

Financijski, daju vam jedan posto, samo jedna zvjezdica.

Now take it to the last step.

Idemo sad do zadnje faze.

Once you have all of that put together,

Jednom kada je sve to postavljeno,

there's not one reason why you couldn't actually have

nema razloga zašto ne bismo imali

a marketplace for all of that,

i tržište svega toga.

where you cannot dispose of all of those bonds in a pretty quick way.

Gdje se možete riješiti svih tih obveznica na prilično brz način.

And in that way you organize the financing

I tako bi se moglo organizirati financiranje

so there are no dark rooms, no blind people

bez mračnih dvorana, bez slijepaca

running around to find each other.

koji trče unaokolo i traže jedni druge.

Thank you.

Zahvaljujem!