How cryptocurrency can help start-ups get investment capital | Ashwini Anburajan

51,517 views ・ 2018-10-30

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翻译人员: Ying Lu 校对人员: Yinchun Rui
00:13
When I was raising investment for my startup,
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当我为我新公司融资的时候,
00:16
a venture capitalist said to me,
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一位风险投资人对我说,
00:18
"Ashwini, I think you're going to raise a few million dollars.
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“阿什维尼,我想你会融到几百万美元的资金。
00:22
And your company -- it's going to sell for 50 to 70 million.
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而你的公司——将会卖到五千到七千万美金。
00:27
You're going to be really excited.
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你会非常兴奋。
00:30
Your early investors are going to be really excited.
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你的早期投资者也会非常兴奋。
00:33
And I'm going to be really upset.
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但我将会很恼火。
00:35
So I'm not going to invest in this deal."
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所以这一单我不会投资。”
00:38
I remember just being dumbstruck.
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我记得我当时是目瞪口呆。
00:43
Who would be unhappy
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谁会对于投入四、五百万美元的公司
00:45
with putting four or five million dollars into a company
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之后能以高达五千甚至七千万美金
00:48
and having it sell for 50 to 70 million?
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卖出而感到不开心呢?
00:53
I was a first-time founder.
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我当时是第一次创业。
00:56
I didn't have a wealthy network of individuals to turn to for investment,
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也没有能为我投资的高端人脉圈,
00:59
so I went to venture capitalists
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因此我去找了风险投资人,
01:01
the most common form of investor in a technology company.
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这是科技公司中最常见投资者。
01:05
But I'd never taken the time to understand
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但是我未花时间去了解
01:08
what was motivating that VC to invest.
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怎样才能激起风险投资人的投资兴趣。
01:12
I believe we're living in a golden era of entrepreneurship.
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我相信我们生逢 一个企业家精神的黄金时代。
01:17
There is more opportunity to build companies than ever before.
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拥有比之前更多的机会来创立公司。
01:22
But the financial systems designed to fund that innovation,
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但是为了支持创新所设计的金融系统,
01:26
venture capital,
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即风险投资,
01:28
they haven't evolved in the past 20 to 30 years.
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在过去的二、三十年都没有进化。
01:32
Venture capital was designed to pour large sums of money
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风险投资是为了将大量的资金注入到
01:36
into a small number of companies that can sell for over a billion dollars.
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一小部分估值能超过 十亿美金的公司而设计的。
01:41
It was not designed to sprinkle capital across many companies
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它不是为了将资金撒向更多有成功潜力
01:46
that have the potential to succeed but for less, like my own.
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但是估值低的公司而设计, 比如说我的公司。
01:51
That limits the number of ideas that get funded,
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这也就限制了能够获得资金的项目数量,
01:55
the number of companies that are created
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限制了那些已经创立的并能够获取资金
01:57
and who can actually receive that funding to grow.
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来发展的公司数量。
02:01
And I think it inspires a tough question:
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我想这就引出了一个难题:
02:04
What's our goal with entrepreneurship?
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我们的企业家精神的目标是什么?
02:07
If our goal is to create a tiny number of billion-dollar companies,
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如果我们的目标只是创立少量十亿美元级别的公司,
02:12
let's stick with venture capital, it's working.
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那我们就把风险投资持续下去,因为它有效。
02:15
But if our goal is to inspire innovation
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但如果我们的目标是激励创新
02:19
and empower more people to build companies of all sizes,
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并赋能更多的人去创立不同规模的公司,
02:23
we need a new way to fund those ideas.
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那我们需要一个新的方式来注资这些想法。
02:25
We need a more flexible system
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我们需要一个更有弹性的系统
02:27
that doesn't squeeze entrepreneurs and investors
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而它不会用一个冷酷的财务结果
02:31
into one rigid financial outcome.
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来衡量企业家和投资者的决定。
02:35
We need to democratize access to capital.
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我们需将获取资金的方式民主化。
02:40
In the summer of 2017, I went out to San Francisco,
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2017年夏天, 我与其他30多个公司到旧金山
02:43
to join a tech accelerator with 30 other companies.
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参加了一个科技加速项目。
02:46
The accelerator was supposed to teach us how to raise venture capital.
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它本应教我们如何筹集风险投资。
02:50
But when I got out there,
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但是当我到那时,
02:52
the startup community was buzzing about ICOs, or Initial Coin Offerings.
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初创社区里都在谈论ICO,或叫首次币发行。
02:58
For the first time, ICOs had raised more money for young startups
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有史以来第一次,ICO为新初创企业
03:04
than venture capital had.
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筹集到比风险投资更多的资金。
03:07
It was the first week of the program.
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在那个项目的第一周。
03:09
Tequila Friday.
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周五的酒会上。
03:11
And the founders couldn't stop talking.
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所有的创始人都不停地在说。
03:13
"I'm going to raise an ICO."
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“我要发起一个ICO。”
03:14
"I'm going to raise an ICO."
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“我也要发起一个ICO。”
03:16
Until one guy goes,
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直到一个人说:
03:17
"How cool if we did this all together?
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“如果我们一起来做, 将是多酷的一件事?
03:20
We should do an ICO that combines the value of all of our companies
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我们应当将所有公司的 估值合在一起去发起
03:24
and raise money as a group."
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一个ICO,并且抱团来筹集资金。”
03:26
At that point, I had to ask the obvious question,
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那个时候,我不得不问一个显而易见的问题:
03:28
"Guys, what's an ICO?"
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“各位,到底什么是ICO?”
03:31
ICOs were a way for young companies to raise money
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ICO就是初创企业通过发行一种
03:35
by issuing a digital currency
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跟它们的价值和提供的 服务绑定在一起的
03:37
tied to the value and services that the company provides.
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一种数字货币来筹集资金的方式。
03:42
The currency acts similar to shares in a company,
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这种货币扮演着类似公司的股份,
03:44
like on the public stock market,
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就像在公开股市中一样,
03:46
increasing in value as it's traded online.
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通过在线交易来升值。
03:50
Most important, ICOs expanded the investor pool,
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最重要的是,ICO可以扩大投资者的范围,
03:55
from a few hundred venture capital firms
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从几百家的风险投资公司
03:58
to millions of everyday people, excited to invest.
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到数百万的对投资感兴趣的普通民众。
04:03
This market represented more money.
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这个市场代表着更多的资金。
04:06
It represented more investors.
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它也代表着更多的投资者。
04:08
Which meant a greater likelihood to get funded.
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也就意味着更容易得到投资。
04:12
I was sold.
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我被它折服了。
04:14
The idea, though, of doing it together still seemed a little crazy.
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虽然我们一起来做这件事看起来有点疯狂。
04:18
Startups compete with each other for investment,
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初创公司们在融资上是竞争关系,
04:20
it takes hundreds of meetings to get a check.
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为了拿到一张支票可能 要参加上百个会议。
04:25
That I would spend my precious 15 minutes in front of an investor
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让我愿意在一个投资者面前 用宝贵的15分钟
04:29
talking not just about my own company, but all the companies in the batch,
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不仅介绍我的公司, 还有这一批所有的公司
04:33
was unprecedented.
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这是史无前例的。
04:36
But the idea caught on.
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但这个主意实在太棒了。
04:38
And we decided to cooperate, rather than compete.
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我们决定一起合作而不是相互竞争。
04:44
Every company put 10 percent of their equity into a communal pool
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每个公司拿出10%的股份 投入到一个资金池
04:49
that we then split into tradable cryptocurrency
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然后我们将它们分成
04:52
that investors could buy and sell.
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可供投资者交易的加密货币。
04:55
Six months and four law firms later --
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历时六个月,四个律师事务所后
04:58
(Laughter)
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(笑声)
04:59
in January 2018, we launched the very first ICO
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我们终于在2018年元月发行了首个ICO
05:03
that represented the value of nearly 30 companies
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它代表着将近30个公司的价值
05:07
and an entirely new way to raise capital.
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和一个全新的融资方式。
05:11
We got a lot of press.
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我们受到许多媒体的关注。
05:13
My favorite headline about us read,
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我最喜欢的一个报道标题是:
05:15
"VCs, read this and weep."
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“风险投资者们, 读完这篇报道你们将哭泣。”
05:17
(Laughter)
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(笑声)
05:20
Our fund was naturally more diverse.
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我们的基金组成更加多元化。
05:22
Twenty percent of the founders were women.
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20%的创始人是女性。
05:24
Fifty percent were international.
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50%的创始人来自其它国家。
05:26
The investors were more excited, too.
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而投资者也更加兴奋。
05:29
They had a chance to get better returns,
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他们有机会获得更高的回报,
05:31
because we took out the middleman fees of venture capital.
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因为我们去掉了风投中间人的中介费。
05:34
And they could take their money and reinvest it,
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而他们又可以拿自己的钱再重新投资,
05:37
potentially funding more new ideas faster.
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并能更快地投资更多的新项目。
05:42
I believe this creates a virtuous cycle of capital
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我相信这创造了一个良性的资本循环
05:46
that allows many more entrepreneurs to succeed.
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可以帮助更多的企业家获得成功。
05:50
Because access to capital is access to opportunity.
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因为获得资金也意味着获得机会。
05:54
And we have only just begun to imagine
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而我们只是才刚开始想象
05:57
what democratizing access to capital will do.
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融资方式的民主化可以带来什么。
06:01
I would have never thought that my own search for funding
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我从没想过自己寻找资金的过程
06:05
would lead me to this stage,
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会将我带到这个舞台,
06:06
having helped nearly 30 companies get investment.
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并帮助将近30家公司获得投资。
06:11
Imagine if other entrepreneurs tried to invent new ways to access capital
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想象如果其他的企业家 也都尝试一种新的
06:17
rather than following the traditional route.
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融资方法而不是走老路,那将会是怎样。
06:20
It would change what gets built, who builds it
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它将会改变建造的结果,谁来建造
06:23
and the long-term impact on the economy.
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并且对我们的经济有着长远的影响。
06:26
And I believe that's way more exciting
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我相信这比起只是去投资
06:29
than just trying to invest in the next billion-dollar startup.
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下一个十亿美元级企业会更令人兴奋。
06:32
Thank you.
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谢谢。
06:33
(Applause)
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(掌声)
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