How to Use Venture Capital for Good | Freada Kapor Klein | TED

翻译人员: Alvin Lee 校对人员: suya f.

We don't choose the circumstances of our birth,

我们无法选择我们的出身，

but our family, our neighborhood,

但我们的家庭、邻居、

our financial resources play an outsized role

经济来源，会对我们的一切遭遇，

起到非常重要的作用。

in everything that happens to us:

how long we live,

比如我们的寿命，

whether we're at risk for depression or diabetes,

我们会不会有患抑郁症 或者糖尿病的风险，

whether we have access to good role models and good schools

我们能否遇到好的榜样 和进入好的学校，

that put us on a path, perhaps to a selective college,

从而顺利地进入好的大学，

perhaps an alternative path to a great career.

走上更好的职业发展道路。

But this random birth lottery is unfair.

但这种随机的 中彩票似的出生是不公平的。

It creates wide gaps between where some of us start out

它造成了巨大的鸿沟，

有的人生来就有很大的优势，

with great advantages

and others start out with persistent barriers, obstacles,

而有的人的人生之路 荆棘满布，困难重重，

roadblocks, not of their own making.

而这些都不是他们自己造成的。

Often both personal and systemic.

交织着个人和系统的原因。

We need to close those gaps.

我们需要消除这些鸿沟。

How do we do that?

要怎么做呢？

There's certainly a role for philanthropy,

慈善肯定能发挥作用，

and structural change is also needed.

而结构性的改变也是需要的。

But I also think there's a key role

但我也认为，私人初创企业

for private-sector-backed startups.

也有关键作用。

That means, though,

这意味着，

that we have to reassess how we evaluate talent

我们要重新评估选人方式，

and how we define what constitutes a good business.

重新评估如何定义好的生意， 它由什么东西构成的。

I'm a venture capitalist, but I didn't start out that way.

我是一名风险投资人， 但我最开始干的不是这行。

I've been an activist for much of my life.

我人生的大部分时间 都是一名行动主义者。

In middle school, you could find me on the picket line

在中学，我参加过

with Cesar Chavez's farm workers.

凯撒·查韦斯的农场工人游行。

As an undergraduate,

大学期间，

you could find me working

我在美国最早一批

at one of the first rape crisis centers in the US.

强奸危机中心之一。

By the mid 1970s,

70 年代中期，

I cofounded the first group

我联合创建了美国第一个

to focus exclusively on sexual harassment

专门关注性骚扰问题

in the United States.

的团体组织。

(Applause)

（掌声）

In the 1980s,

在 80 年代，

I found myself in corporate America,

我加入了一家美国公司，

recruited by the software company Lotus,

莲花软件公司，

with a job description to help make it the most progressive employer in the US.

我的工作职责是 帮助它成为全美最先进的雇主。

So in the mid '80s,

于是在 80 年代中期，

I was working on diversity, inclusion,

我的工作就是多元化、包容、

corporate culture,

公司文化，

long before it was a thing,

这些事在当时还无关紧要，

before it grabbed headlines from people who love it

喜欢这些的人还没上头条，

痛恨这些的人也还没出现。

or now people who actually hate it.

But I wanted to get even closer to building fairness

但我想尽量做到

将公平植入到这些科技公司的核心。

into the core of tech businesses.

That's what led me to venture capital.

这一点促使我进入了风投行业。

In 2011, I cofounded Kapor Capital

2011年，我和我的丈夫， 米奇·卡普尔，

with my husband, Mitch Kapor,

联合创立了卡普尔投资，

the founder of Lotus.

他是莲花软件的创始人。

OK.

是的。

(Laughter)

（笑声）

I know what you're thinking.

我知道你们在想什么。

We were not an office romance.

我们不是办公室恋情。

He's a really smart guy,

他很聪明的，

and he would not hit on a senior management team member

他不会对公司高管下手的，

who had founded the first group on sexual harassment in the US.

更何况这个高管还创立了 美国第一个反性骚扰组织。

(Laughter)

（笑声）

So a decade after I left Lotus, we became a couple.

我们是在我离开莲花 10 年后结婚的。

We started Kapor Capital with a small team,

我们创立卡普尔投资的时候， 只有一个小团队、

our own funds and a very clear hypothesis.

我们自己的资金， 以及一个非常明确的假设。

We wanted to see if you could make "venture-scale" financial returns

我们想看看能否 通过一个特殊的投资组合

with a portfolio of companies

来获得“风险投资级别”的财务回报。

whose core business closed gaps of access,

这个组合中的公司， 其核心业务致力于

opportunity or outcome

为低收入社区和或有色人种社区

for low-income communities and/or communities of color.

缩小机会获取、发展机会 或成果方面的差距。

(Applause)

（掌声）

So we had to throw out the standard VC playbook

因此我们不能 按照传统的风投方式出牌，

必须建立新的模型。

and come up with new models.

The first barrier for a founder who cares about gap closing

对于关心如何缩小差距的 创始人而言，第一个障碍，

is how to find values-aligned teammates.

就是如何找到价值观相同的团队。

One of our founders early on, Bhavin, cofounder of Magoosh,

我们的一位早期创始人伯文， 他是 Magoosh 的联合创始人，

a very effective and affordable test prep company, said,

Magoosh 是一家非常有效 且价格实惠的考试辅导公司，

"You need to give us a seal of approval so we can find each other."

他说：“你需要给我们一种官方的认证， 这样我们才能找到彼此。”

That led to our founders commitment,

这促使我们制定了创始人承诺，

which we implemented in January of 2016.

并于 2016 年 1 月开始实施。

Since that time, we have not written a check to a founder

从那时开始，我们不再向那些

who doesn't commit to building a diverse team and inclusive culture,

不承诺建立多元团队 和包容文化的创始人投资，

and one that matches his consumers

同时要求团队的多元化 与其消费者群体

or her business model.

或商业模式相匹配。

Very important that it's not a cookie cutter exercise.

非常重要的是， 这不是一个千篇一律的练习。

It's not check-the-box.

也不仅仅是走个过场。

It's a customized approach by our great entrepreneurs.

而是我们由杰出的创业者们 采取的定制化方法。

The second barrier that our entrepreneurs face,

我们创业者面对的第二个阻碍，

how do they find us?

他们怎么找到我们？

How do they find venture capitalists

他们怎么找到愿意支持

who are willing to support gap-closing businesses?

缩小差距类企业发展的风险投资人？

Standard VC playbook?

传统的风险投资运作方式？

A warm intro.

也就是熟人引荐。

You've got to know somebody who's a partner at a VC firm.

你需要认识某家风投公司的合伙人。

Maybe it was a business-school buddy.

也许他和你是商学院同学。

Maybe you've got a rich uncle.

也许你叔叔很有钱。

Not with us.

但这不是我们。

If your business meets our investment criteria,

如果你的商业模式 符合我们的投资标准，

tech startup, gap closing,

即科技初创公司， 且致力于缩小差距，

we want to know about you.

我们就想了解你。

You submit through the website.

你可以通过网站提交申请。

That means we see about 3,000 deals a year.

这意味着我们一年 要看差不多 3000 个项目。

A lot to sift through,

有很多会被筛选掉，

but we get gems like Book Nook.

但我们也能遇到 像 Book Nook 这样的瑰宝。

None of their team overlapped at all with any of our team.

他们的团队与我们团队之间 没有任何重叠。

They're a high-impact tutoring company focusing on reading skills

他们是一家具有 很大影响力的培训公司，

for grades K-through-eight.

专注于幼儿园 到 8 年级孩子的阅读能力。

They are now in more than 7,000 schools and educational institutions.

他们目前进入了 超过 7000 所学校和教育机构。

They have more than 6,000 tutors,

他们有超过 6000 名辅导老师，

and they recently raised a funding round

最近还完成了

of 25 million dollars.

2500 万美元融资。

(Applause)

（掌声）

The next challenge for us is evaluating talent.

我们的下一个挑战是评价员工。

Being an entrepreneur is a hard and lonely journey.

成为一名创业者 是一条艰难而孤独的旅程。

Standard VC playbook?

传统的风险投资操作方式？

Credentials, pedigrees,

学历、出身、

work at a VC-backed company before.

在风投背景的公司工作过。

Not us.

不是我们要的。

We want to know your distance-traveled story.

我们想知道的是你长途旅行的故事。

We want to know where you started in life

我们想知道你生于何处，

and how far you got on your own steam.

靠自己的力量走了多远。

Let me give you an example.

让我举个例子。

Phaedra Ellis-Lamkins.

菲德拉·埃利斯-兰金斯。

She was raised by a single mom,

她由单亲妈妈抚养长大，

hard-working waitress.

她妈妈是个勤劳的服务员。

Phaedra went to her local public school

菲德拉上的是本地的公立学校，

that offered free or reduced lunch

学校为那些有困难需要支持的家庭，

for those families who needed that support.

提供免费或打折的午餐。

But at Phaedra's school,

但在菲德拉的学校，

she had to stand in a different line

她需要单独站一条队，

than the kids who walked in the door with lunch money in their pocket.

跟那些口袋里有午饭钱的孩子们分开。

That was understandably a humiliating and scarring experience.

不难理解，这是多么 令人羞耻和可怕的一种经历。

It put her on her life's path to improve the quality of life for hard-working,

这让她选择了这样一条 人生道路：提高努力工作、

low-income people,

低收入人群的生活质量，

and to treat them with respect and dignity.

给他们尊重和体面。

Her company, Promise,

她的公司，叫 Promise，

helps people who are behind on their water bills

帮助那些拖欠水费

or their utility bills.

和其他生活费用的人。

Now, if that's your situation,

如果你遇到了这种情况，

you have to take a day off of work, which you can't afford,

你可能需要请一天假， 但你负担不起请假，

might even jeopardize your job.

甚至有可能因此丢掉工作。

You stand in line with reams of paperwork

你需要带很多材料，排很久的队，

to prove that you're actually poor

来证明你生活窘迫，

and can't pay that bill.

付不起账单。

Enter Promise.

而有了 Promise，

What do you need?

你需要做什么呢？

You need your phone.

你只需要有手机。

You need to text in

你发一条短信，

how much you can reasonably afford to pay

写清楚你能承担多少费用，

and what date is the best date for you to make that payment.

哪天付款对你来说最方便。

No fees, no interest.

不收费，不收利息。

Promise gets paid from those public coffers it helps fill.

Promise 通过填补 公共资金缺口来获利。

In their pilots, in places like Louisville, Kentucky

他们在肯塔基州路易斯维尔

and Los Angeles County,

和洛杉矶郡进行了试点，

95 percent of people repaid their bills.

结果 95% 偿还了他们的账单。

(Applause)

（掌声）

What does that mean?

这说明什么？

Public coffers, cities, counties, states,

说明公共资金，无论是市、郡还是州，

got much needed revenue

都获得了他们意料之外的

they didn't know that they would have.

急需收入。

Low-income working families saw their credit scores vastly improve

而低收入工薪家庭 的信用得分得到很大提升，

and a path into the mainstream financial system.

看到了进入主流金融系统的路径。

It is entrepreneurs like Phaedra that we love to back.

我们希望支持的 就是像菲德拉这样的创业者。

Promise is now a profitable business

Promise 目前是盈利的，

拥有 1 亿美元的潜在业务。

with 100-million-dollar pipeline of business.

(Applause)

（掌声）

Phaedra's lived experience and our distance-traveled yardstick

菲德拉的亲身经历 和我们的“长途旅行”评估标准

combined to help fuel her passion

共同激发了她的热情，

for treating low-income, hard-working people

致力于以尊重和尊严

with dignity and respect

对待低收入、努力工作的人，

to build tools that improve the quality of their lives.

并为他们开发 能够改善生活质量的工具。

Most of our entrepreneurs have similar stories.

我们大多数创业者都有类似的故事。

Our entrepreneurs use their lived experience

他们通过自己的亲身经历，

to design real solutions to real problems.

为现实问题设计真正的解决方案。

Who better than those with the distance-traveled story,

有谁能比这些拥有长途旅行故事，

the intimate knowledge of those barriers,

熟悉路上阻碍的人，

who better to design effective solutions?

能设计出更好更有效的解决方案呢？

Our entrepreneurs are often greeted with doubt.

我们的创业者们经常面对质疑。

Although we often hear it's possible to do well financially

尽管我们常听说 可以在财务上取得成功，

and do good at the same time,

同时也做好事，

it's not what they encounter.

但他们遇到的情况并非如此。

They get pushback.

他们遇到阻力。

Take diversity out of your pitch deck.

把多元化从你的商业计划书中拿掉。

Take impact out of your pitch deck.

把社会影响从你的商业计划书中删掉。

Just focus on making money.

只专注于赚钱。

Well, but here's the proof.

然而，我们有例证。

A dozen years in, a couple of hundred companies,

十几年间，投资了几百家企业，

60 percent underrepresented founders,

60% 的创始人是少数群体，

Black, Latinx, LGBTQ, women of all backgrounds.

黑人、拉丁裔、 性少数群体、各阶层的妇女。

Our financial returns are top quartile.

我们的财务回报位居前四分之一。

We beat 75 percent of the other venture capital firms

我们的表现超过了 75% 同等规模和同期成立的

of our size and our vintage.

其他风险投资公司。

(Applause)

（掌声）

Not just those with the diversity lens or an impact lens.

不仅仅是那些关注多元化 或社会影响的投资公司。

We beat the greed-only set who --

我们还胜过了那些——

（掌声）

(Applause)

Who just wanted to make money.

那些只想赚钱的公司。

So there's another barrier that we wanted to challenge,

我们还有一个阻碍想要打破，

another standard practice we thought we might be able to improve,

另一个我们觉得 可能改进的标准操作，

and that's succession planning.

那就是继任计划。

Most venture capital firms don't do a very good job of it.

大部分风险投资公司 在这一点上都做得不好。

And there's all kinds of tension with the new folks and the old folks.

新老员工之间存在各种紧张关系。

We wanted to do that differently, too.

对此我们也想做出些改变。

Enter Ulili Onovakpuri

这就要提到乌利利·奥诺瓦克普里

and Brian Dixon.

和布莱恩·迪克森。

They are the new managing partners,

他们是新的管理合伙人，

co-managing partners of Kapor Capital.

卡普尔投资的联合管理合伙人。

Ulili grew up in a low-income family

乌利利成长于湾区一个低收入家庭，

in the Bay area, San Francisco Bay area,

在旧金山湾区，

worked really hard, got into UC Berkeley,

她学习非常努力， 进入了加州大学伯克利分校，

designed her own major, and then came to work with us.

选择了自己的专业， 之后跟我们一起工作。

Early on, she said,

早前，她说，

"Let's start a summer associates program

我们来做一个暑期助理项目吧，

so that other people, who don't know what venture capital is, have access."

让那些不懂风险投资的人 有机会加入。

Enter Brian Dixon.

于是就有了布莱恩·迪克森。

Our first summer associate working on his MBA,

我们的第一位暑期助理， 工商管理硕士在读。

he had a computer science undergrad degree.

他拥有计算机科学本科学位。

As a teenager, he started a custom sneaker business

在十几岁时，他就开始了 定制球鞋生意，

and he snared LeBron James as a customer.

并且把勒布朗·詹姆斯 做成了自己的客户。

So Brian and Ulili went out

于是布莱恩和乌利利一起合作，

and raised 127 million dollars,

筹集到了 1.27 亿美元资金，

making it one of the largest Black-led VC funds in the country.

做成了美国最大的 由黑人领导的风险投资基金之一。

(Applause)

（掌声）

We know that they're going to keep the core rigor of the firm.

我们知道他们将保持 这家公司的核心严谨性。

We know they're going to take the firm to all kinds of new places.

我们知道他们将带领公司 走向各种新的领域。

Ulili likes to say

乌利利喜欢说一句话，

I open doors and she puts in the door stop.

我是开门的人，她负责放下门挡。

She makes sure not only that she comes through,

她确保自己不仅走进来，

but that she's not the last one.

而且不会是最后一个。

She makes sure lots of others come after her.

她确保有很多人会跟着她走进来。

I can't wait to meet

我迫不及待地看到

all of the fabulous gap-closing entrepreneurs

众多杰出的想要缩短差距的创业者们

that are going to build great businesses

在布莱恩和乌利利的领导下，

under Brian and Ulili's leadership.

做出伟大的事业。

Thank you.

谢谢大家。

(Applause)

（掌声）