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

譯者: Lilian Chiu 審譯者: Helen Chang

When I was raising investment for my startup,

當我在為我的新創企業募資時，

a venture capitalist said to me,

一位創業投資者對我說：

"Ashwini, I think you're going to raise a few million dollars.

「艾許維妮，我想你能 募到幾百萬美金。

And your company -- it's going to sell for 50 to 70 million.

而你的公司——將可以 賣到五千到七千萬美金。

You're going to be really excited.

你會非常興奮。

Your early investors are going to be really excited.

你的初期投資者會非常興奮。

And I'm going to be really upset.

而我會非常沮喪。

So I'm not going to invest in this deal."

所以我不打算投資這項交易。」

I remember just being dumbstruck.

我記得我當時只是呆住了。

Who would be unhappy

怎麼可能會不開心？

with putting four or five million dollars into a company

拿四、五百萬美金投資一間公司，

and having it sell for 50 to 70 million?

最後能賣到五千到七千萬耶？

I was a first-time founder.

那是我第一次成立公司。

I didn't have a wealthy network of individuals to turn to for investment,

我沒有富有的人際網路能尋求投資，

so I went to venture capitalists

所以我去找創業投資者，

the most common form of investor in a technology company.

他們是科技公司 最常找的投資者類型。

But I'd never taken the time to understand

但我從來沒有花時間去了解

what was motivating that VC to invest.

創業投資者的投資動機是什麼。

I believe we're living in a golden era of entrepreneurship.

我相信我們所處的時代 是企業家精神的黃金時代。

There is more opportunity to build companies than ever before.

現在成立公司的機會比以前更多。

But the financial systems designed to fund that innovation,

但設計來資助那種創新的財務體制，

venture capital,

風險資本，

they haven't evolved in the past 20 to 30 years.

它們在過去二十 到三十年都沒有進步。

Venture capital was designed to pour large sums of money

風險資本是設計來將大量的金錢總額

into a small number of companies that can sell for over a billion dollars.

投入可以賣超過十億美金的 少數公司用的。

It was not designed to sprinkle capital across many companies

它設計的目的並不是 要把資本分散到許多

像我的公司這種有潛力成功 但價值比較低的公司。

that have the potential to succeed but for less, like my own.

That limits the number of ideas that get funded,

於是就只有有限的想法 能夠得到資助，

the number of companies that are created

只有有限的公司能被創立，

and who can actually receive that funding to grow.

只有有限的人能得到資金來成長。

And I think it inspires a tough question:

我認為，這就帶出了 一個困難的問題：

What's our goal with entrepreneurship?

我們企業家精神的目標是什麼？

If our goal is to create a tiny number of billion-dollar companies,

如果我們的目標是要創立 少數價值十億美金的公司，

let's stick with venture capital, it's working.

那就繼續用風險資本， 那是行得通的。

But if our goal is to inspire innovation

但如果我們的目標是要鼓勵創新，

and empower more people to build companies of all sizes,

讓更多人有能力創立 各種大小的公司，

we need a new way to fund those ideas.

我們就需要新方法 來資助那些點子。

We need a more flexible system

我們需要更有彈性的體制，

that doesn't squeeze entrepreneurs and investors

它不會把企業家和投資者都塞進

into one rigid financial outcome.

一個死板的財務結果當中。

We need to democratize access to capital.

我們需要能很民主地取得資本。

In the summer of 2017, I went out to San Francisco,

2017 年夏天，我去舊金山

to join a tech accelerator with 30 other companies.

和其他三十間公司一起加入 一個創業加速育成計畫。

The accelerator was supposed to teach us how to raise venture capital.

這個加速計畫應該要教我們 如何募集風險資本。

But when I got out there,

但當我到那裡去時，

the startup community was buzzing about ICOs, or Initial Coin Offerings.

這個新創企業團體不停地談論著

首次代幣發行（ICO）。

For the first time, ICOs had raised more money for young startups

這是第一次 ICO 為年輕新創企業

募到的錢比風險資本還高。

than venture capital had.

It was the first week of the program.

那是計畫的第一週。 龍舌蘭酒星期五。

Tequila Friday.

And the founders couldn't stop talking.

這些創辦人講個不停。

"I'm going to raise an ICO."

「我要用 ICO 來募資。」

"I'm going to raise an ICO."

「我要用 ICO 來募資。」

Until one guy goes,

直到其中一個人說：

"How cool if we did this all together?

「如果我們能一起進行有多好？

We should do an ICO that combines the value of all of our companies

我們應該要以團體的形式， 為我們全部公司需要的總額，

and raise money as a group."

一併透過 ICO 來募資。」

At that point, I had to ask the obvious question,

那時，我得要問一個很明顯的問題：

"Guys, what's an ICO?"

「各位，ICO 是什麼？」

ICOs were a way for young companies to raise money

ICO 是年輕公司募資的一種方法，

by issuing a digital currency

做法是發行數位貨幣，

tied to the value and services that the company provides.

它和公司的價值 及提供的服務連結在一起。

The currency acts similar to shares in a company,

這種貨幣就類似公司的股份，

like on the public stock market,

就像在公開股票市場一樣，

increasing in value as it's traded online.

在線上交易時會增加價值。

Most important, ICOs expanded the investor pool,

最重要的是，

ICO 讓投資者的來源更廣，

from a few hundred venture capital firms

從少數幾百間風險投資公司，

to millions of everyday people, excited to invest.

擴展到數百萬名很興奮 想要投資的一般人。

This market represented more money.

這個市場代表著更多的錢。

It represented more investors.

它代表著更多的投資者。

Which meant a greater likelihood to get funded.

這就意味著更有可能 募集到需要的資金。

I was sold.

我買帳了。

The idea, though, of doing it together still seemed a little crazy.

不過，大家合作的想法 仍然看起來有點瘋狂。

Startups compete with each other for investment,

新創公司互相競爭，爭奪投資，

it takes hundreds of meetings to get a check.

會需要開數百場會議 才能拿到一張支票。

That I would spend my precious 15 minutes in front of an investor

我得要把我在投資者 面前珍貴的十五分鐘

talking not just about my own company, but all the companies in the batch,

拿來談我自己的公司 以及這群合作公司，

was unprecedented.

這是史無前例的。

But the idea caught on.

但這個想法很受大家青睞。

And we decided to cooperate, rather than compete.

我們決定要合作，不要競爭。

Every company put 10 percent of their equity into a communal pool

每間公司將 10% 的股權 投入成為公共資金，

that we then split into tradable cryptocurrency

接著我們把這筆錢 分成可交易的加密貨幣，

that investors could buy and sell.

供投資者買賣。

Six months and four law firms later --

經過了六個月和四間 法律事務所之後——

(Laughter)

（笑聲）

in January 2018, we launched the very first ICO

2018 年一月，我們推出了 第一次的 ICO 募資活動，

that represented the value of nearly 30 companies

它代表的是近三十間公司的價值，

and an entirely new way to raise capital.

以及一種全新的募資方式。

We got a lot of press.

我們受到許多媒體關注。

My favorite headline about us read,

關於我們的報導中， 我最喜歡的標題是：

"VCs, read this and weep."

「創業投資者，讀一下 這篇文章然後哭泣吧。」

(Laughter)

（笑聲）

Our fund was naturally more diverse.

我們的資金在本質上 就比較多樣化。

Twenty percent of the founders were women.

20% 的創立者是女性。

Fifty percent were international.

50% 是國際人士。

The investors were more excited, too.

投資者也很興奮。

They had a chance to get better returns,

他們有機會取得更好的報酬，

because we took out the middleman fees of venture capital.

因為我們剔除了 風險投資的中介費。

And they could take their money and reinvest it,

且他們可以拿他們 自己的錢再重新投資，

potentially funding more new ideas faster.

有可能可以更快速 投資更多新的點子。

I believe this creates a virtuous cycle of capital

我相信，這創造了 一種資本的良性循環，

that allows many more entrepreneurs to succeed.

讓更多的企業家能夠成功。

Because access to capital is access to opportunity.

因為能取得資本 就等於能取得機會。

And we have only just begun to imagine

我們才剛剛開始想像

what democratizing access to capital will do.

若能夠民主地取得資本， 會有多大的能耐。

I would have never thought that my own search for funding

我從來沒有想到 原本只是我在尋找資金，

would lead me to this stage,

卻引領我站上這個舞台，

having helped nearly 30 companies get investment.

並已經協助了 近三十間公司獲得投資。

Imagine if other entrepreneurs tried to invent new ways to access capital

想像一下，如果其他企業家

試圖發明新方式來取得資本，

rather than following the traditional route.

不再遵循傳統的方式。

It would change what gets built, who builds it

這將會改變「什麼得以被建造」、

「由誰來建造」，

and the long-term impact on the economy.

以及對於經濟的長期影響。

And I believe that's way more exciting

我相信那遠比只是試著投資 下一間十億美金新創企業

than just trying to invest in the next billion-dollar startup.

要來得更讓人興奮許多。

Thank you.

謝謝。

(Applause)

（掌聲）