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

譯者: Lilian Chiu 審譯者: Shelley Tsang 曾雯海

We don't choose the circumstances of our birth,

我們無法選擇我們出生的環境，

but our family, our neighborhood,

但我們的家庭、我們的鄰坊、

our financial resources play an outsized role

我們的財務資源，

對於在我們身上發生的一切 都扮演著重要的角色：

in everything that happens to us:

how long we live,

我們活多久、

whether we're at risk for depression or diabetes,

我們是否有憂鬱症或糖尿病的風險、

whether we have access to good role models and good schools

我們是否能接觸到好的榜樣 和讀好的學校，為我們舖路，

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

也許是通往一間精選的大學、

perhaps an alternative path to a great career.

也許是走上另一條路， 展開很棒的職涯。

But this random birth lottery is unfair.

但這隨機的出生彩券並不公平。

It creates wide gaps between where some of us start out

它造成我們一些人有 很大的落差，有人一開始

with great advantages

就有很大的優勢，

and others start out with persistent barriers, obstacles,

有些人則一開始就有 持續存在的障礙、

阻礙、

roadblocks, not of their own making.

路障，且都不是他們自己造成的。

Often both personal and systemic.

通常，個人的和體制上的都有。

We need to close those gaps.

我們得要消除這些落差。

How do we do that?

我們要怎麼做？

There's certainly a role for philanthropy,

慈善肯定扮演了一個角色，

結構上的改變也是必要的。

and structural change is also needed.

But I also think there's a key role

但我認為還有一個關鍵角色，

for private-sector-backed startups.

要由私部門所支持的 新創企業來扮演。

That means, though,

不過，這意味著，

that we have to reassess how we evaluate talent

我們必須重新評估 我們評鑑人才的方式，

and how we define what constitutes a good business.

及我們如何定義好企業的條件。

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

我是風險投資家，

但我一開始並不是。

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

我一生中大部分時間都是活動家。

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

我中學時，可以在罷工線上找到我，

with Cesar Chavez's farm workers.

支持塞薩爾‧查維斯的農場工人。

As an undergraduate,

大學時期，

you could find me working

我在美國最早的 強暴危機中心之一工作。

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

By the mid 1970s,

到了 1970 年代中期，

I cofounded the first group

我和別人共同創立了一個團體，

to focus exclusively on sexual harassment

是美國第一個完全專注在 性騷擾問題的團體。

in the United States.

(Applause)

（掌聲）

In the 1980s,

在 1980 年代，

I found myself in corporate America,

我進入美國企業界，

recruited by the software company Lotus,

被蓮花軟體公司招募，

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

工作內容是要協助該公司 成為美國最進步的雇主。

So in the mid '80s,

因此，在 80 年代中期， 我就在處理多樣性、

I was working on diversity, inclusion,

包容性、

corporate culture,

企業文化，

那時這些議題都還沒流行起來，

long before it was a thing,

before it grabbed headlines from people who love it

都還沒有喜歡這些議題的人， 或現在很討厭這些議題的人，

or now people who actually hate it.

用頭條大肆報導它們。

But I wanted to get even closer to building fairness

但我想要更進一步

把公平帶進科技企業的核心。

into the core of tech businesses.

That's what led me to venture capital.

這就是我投入創業投資的原因。

In 2011, I cofounded Kapor Capital

2011 年，

我與我丈夫米契‧卡普爾 共同創立了「卡普爾資本」，

with my husband, Mitch Kapor,

the founder of Lotus.

他是蓮花的創辦人。

OK.

好。

(Laughter)

（笑聲）

I know what you're thinking.

我知道各位在想什麼。

We were not an office romance.

我們不是辦公室戀情。

He's a really smart guy,

他一個非常聰明的人，

and he would not hit on a senior management team member

他不會去追求高階管理團隊的成員，

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

特別是這個成員還成立了 美國第一個性騷擾團體。

(Laughter)

（笑聲）

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

所以，

十年後，

我離開了蓮花，我們成了一對。

We started Kapor Capital with a small team,

我們成立卡普爾資本時 只有一個小團隊，

our own funds and a very clear hypothesis.

用我們自己的資金，

且有非常清楚的前提。

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

我們想試試

能否靠一個公司組合來達到

with a portfolio of companies

「創投級」的財務收益，

whose core business closed gaps of access,

且這些公司的核心業務

是在消除可取得性、機會， 或結果上的落差，

opportunity or outcome

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

協助低收入族群 和／或有色人種族群。

(Applause)

（掌聲）

So we had to throw out the standard VC playbook

所以我們不得不把標準 創業投資教戰守則給扔掉，

提出新的模型。

and come up with new models.

The first barrier for a founder who cares about gap closing

對於關心如何消除落差的 創辦人來說，第一個障礙

is how to find values-aligned teammates.

就是如何找到價值觀相符的隊友。

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

巴文是我們早期的創辦人之一，

他與別人共同創立了 Magoosh， 一間有效且平價的考試準備公司，

a very effective and affordable test prep company, said,

他說：

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

「你們得給我們一個認證標章，

這樣我們才能找到彼此。」

That led to our founders commitment,

這促成了我們的創始人承諾，

which we implemented in January of 2016.

我們在 2016 年一月 導入了這項承諾。

從那時起，我們就從未開支票

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

給不願承諾會打造多樣性團隊 和包容文化的創辦人，

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

and one that matches his consumers

且這些都還要符合他們的 消費者或商業模型。

or her business model.

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

非常重要的是，這不是 千篇一律的練習。

It's not check-the-box.

也不是勾選選項。

It's a customized approach by our great entrepreneurs.

而是我們的優秀企業家 所採用的客制化方法。

The second barrier that our entrepreneurs face,

我們的企業家面臨的第二個障礙：

how do they find us?

他們如何找到我們？

How do they find venture capitalists

他們如何找到願意支持 消除落差事業的

who are willing to support gap-closing businesses?

風險投資家？

Standard VC playbook?

標準創業投資教戰守則怎麼說？

A warm intro.

要靠熱情的介紹。

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

你得認識創業投資公司的合夥人。

Maybe it was a business-school buddy.

也許是你讀商學院時的好友， 也許你有個富有的叔叔。

Maybe you've got a rich uncle.

Not with us.

我們不用這種方式。

If your business meets our investment criteria,

如果你的企業符合我們的投資標準：

tech startup, gap closing,

科技新創公司，會消除落差，

we want to know about you.

我們就會想認識你。

You submit through the website.

你透過網站提交資料即可。

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

那表示我們一年要看 大約三千筆交易。

A lot to sift through,

很多要篩選的，

but we get gems like Book Nook.

但我們會挖到寶，如 Book Nook。

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

他們的團隊和我們的團隊 完全沒有任何重疊。

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

他們是一家高影響力的補習公司，

著重幼稚園到八年級 學生的閱讀技能。

for grades K-through-eight.

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

他們現在已經進入了 七千多所學校和教育機構。

They have more than 6,000 tutors,

他們有超過六千名輔導導師，

and they recently raised a funding round

他們最近的一輪融資

of 25 million dollars.

募得兩千五百萬美金。

(Applause)

（掌聲）

The next challenge for us is evaluating talent.

我們的下一個挑戰是評鑑人才。

Being an entrepreneur is a hard and lonely journey.

身為企業家要走的旅程 既艱難又孤獨。

Standard VC playbook?

標準創業投資教戰守則怎麼說？

Credentials, pedigrees,

證書、名門、曾在 創業投資支持的公司工作過。

work at a VC-backed company before.

Not us.

我們不用這一套。

We want to know your distance-traveled story.

我們想知道你的奮鬥歷程。

We want to know where you started in life

我們想知道你人生中的起點，

and how far you got on your own steam.

以及你靠自己的力量走了多遠。

Let me give you an example.

讓我舉個例子。

Phaedra Ellis-Lamkins.

菲德瑞‧艾莉絲‧蘭金斯。

She was raised by a single mom,

她由單親媽媽養大，

hard-working waitress.

她媽媽是個辛勤工作的服務生。

Phaedra went to her local public school

費德瑞去讀當地的公立學校，

that offered free or reduced lunch

該校提供免費或減價的午餐

for those families who needed that support.

給需要這類支持的家庭。

But at Phaedra's school,

但在費德瑞的學校裡，

she had to stand in a different line

她得去另一個隊伍排隊，

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

和口袋裡有午餐錢的孩子 排的隊伍不同。

That was understandably a humiliating and scarring experience.

可以理解，這是種讓人難堪 且會留下傷痕的經歷。

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

這讓她決定致力於 為勤奮工作的低收入者

改善生活品質，

low-income people,

and to treat them with respect and dignity.

給他們尊重和尊嚴。

Her company, Promise,

她的公司叫「承諾」，

helps people who are behind on their water bills

該公司會協助拖欠水電費的人。

or their utility bills.

Now, if that's your situation,

如果你拖欠水電費，

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

你得請一天假，

而請假可能會危急到你的 飯碗，這你可承擔不起。

might even jeopardize your job.

You stand in line with reams of paperwork

你要去排隊，還要帶著大量的文件

to prove that you're actually poor

來證明你真的很貧窮，

and can't pay that bill.

付不出水電費。

Enter Promise.

「承諾」登場。

What do you need?

你需要什麼？你需要你的手機。

You need your phone.

You need to text in

你需要發送簡訊，

how much you can reasonably afford to pay

說明你能合理支付的金額是多少，

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

以及對你而言哪一天 是最佳的付款日期。

No fees, no interest.

沒有費用，沒有利息。

Promise gets paid from those public coffers it helps fill.

「承諾」的報酬

來自於它協助填補的國庫。

In their pilots, in places like Louisville, Kentucky

在他們的前導測試中，

在肯塔基州路易維爾 和洛杉磯郡等地方，

and Los Angeles County,

95 percent of people repaid their bills.

95％ 的人都償還了他們的賬單。

(Applause)

（掌聲）

What does that mean?

這意味著什麼？

Public coffers, cities, counties, states,

國庫、市、郡、州，

got much needed revenue

得到了它們很需要的收益，

they didn't know that they would have.

且它們本來還不知道 它們能得到這些。

Low-income working families saw their credit scores vastly improve

低收入工薪家庭

看到自己的信用分數大幅提升，

and a path into the mainstream financial system.

也看到進入主流金融體系的機會。

It is entrepreneurs like Phaedra that we love to back.

我們想要支持的是 像費德瑞這樣的企業家。

Promise is now a profitable business

「承諾」現在是一家有獲利的企業，

擁有價值一億美金的業務項目。

with 100-million-dollar pipeline of business.

(Applause)

（掌聲）

Phaedra's lived experience and our distance-traveled yardstick

費德瑞的生活經驗和我們走過的歷程

combined to help fuel her passion

結合起來，協助助長她的熱情：

在對待低收入、勤奮工作的人時

for treating low-income, hard-working people

with dignity and respect

要給予他們尊嚴和尊重，

to build tools that improve the quality of their lives.

打造工具來改善他們的生活品質。

Most of our entrepreneurs have similar stories.

我們大多數的企業家 都有類似的故事。

Our entrepreneurs use their lived experience

我們的企業家利用他們的生活經驗

to design real solutions to real problems.

為真實的問題設計真實的解決方案。

Who better than those with the distance-traveled story,

誰比他們更適合呢？ 他們親自走過這些歷程，

the intimate knowledge of those barriers,

對那些障礙有著親身的了解，

who better to design effective solutions?

不就是設計有效 解決方案的最佳人選嗎？

Our entrepreneurs are often greeted with doubt.

我們的企業家經常被人懷疑。

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

雖然我們經常聽別人說，的確有可能

同時賺錢又做善事，

and do good at the same time,

it's not what they encounter.

但他們遇到的情況卻非如此。

They get pushback.

他們會遭到反對。

Take diversity out of your pitch deck.

把多樣性從你的簡報中拿掉。

Take impact out of your pitch deck.

把影響衝擊從你的簡報中拿掉。

Just focus on making money.

專注於賺錢就好。

Well, but here's the proof.

嗯，但證據在此。

十幾年過去，

A dozen years in, a couple of hundred companies,

幾百家公司，60% 的 創辦人是弱勢族群，

60 percent underrepresented founders,

Black, Latinx, LGBTQ, women of all backgrounds.

黑人、拉丁裔、LGBTQ、

各種背景的女性。

Our financial returns are top quartile.

我們的財務收益排名前四分之一。

We beat 75 percent of the other venture capital firms

我們打敗了 75%

和我們差不多時間成立 且規模相當的其他創投公司。

of our size and our vintage.

(Applause)

（掌聲）

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

不僅是從多元性和影響力 角度出發的那些公司。

We beat the greed-only set who --

我們也打敗了那些 只追求貪婪的人——

(Applause)

（掌聲）

Who just wanted to make money.

那些只想賺錢的人。

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

因此，

我們還想要挑戰另一個障礙，

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

另一種標準做法， 我們認為我們能夠改善它，

and that's succession planning.

那就是繼任計劃。

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

大多數風險投資公司 在這方面都沒有做得很好。

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

新人和老人之間有著各種緊張局勢。

We wanted to do that differently, too.

我們也希望採用不同的做法。

Enter Ulili Onovakpuri

烏莉莉‧奧諾瓦克普里 和布萊恩‧迪克森登場。

and Brian Dixon.

They are the new managing partners,

他們是「卡普爾資本」的

新管理合作夥件， 共同管理合作夥伴。

co-managing partners of Kapor Capital.

Ulili grew up in a low-income family

烏莉莉在一個低收入家庭長大，

in the Bay area, San Francisco Bay area,

位在舊金山灣區，

worked really hard, got into UC Berkeley,

努力發奮，進入了 加州大學柏克萊分校，

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

她設計了自己的主修專業， 接著來和我們一起工作。

Early on, she said,

在早期時，她說：

"Let's start a summer associates program

「咱們來做一個暑期助理計畫，

讓其他不知道風險投資是什麼的人

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

也有機會接觸。」

Enter Brian Dixon.

布萊恩‧迪克森登場。

Our first summer associate working on his MBA,

他是我們的第一位暑期助理， 正在攻讀企業管理碩士，

he had a computer science undergrad degree.

他有資訊科學的學士學位。

As a teenager, he started a custom sneaker business

青少年時，他就開始 做定制運動鞋生意，

and he snared LeBron James as a customer.

他網羅了拉布朗‧詹姆斯這位客戶。

So Brian and Ulili went out

於是，布萊恩和烏莉莉出去

and raised 127 million dollars,

募得了一億兩千七百萬美金，

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

讓它成為全國最大的 黑人領導風險投資基金之一。

(Applause)

（掌聲）

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

我們知道他們會維持 公司的核心嚴謹度。

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

我們知道他們會帶領公司 到各種新的領域。

Ulili likes to say

烏莉莉喜歡說：我負責打開門，

I open doors and she puts in the door stop.

且她會放門擋。

She makes sure not only that she comes through,

她不僅確保她能通過，

but that she's not the last one.

還確保她不是最後一個通過的人。

She makes sure lots of others come after her.

她確保在她之後 還有很多其他人接續著。

I can't wait to meet

我迫不及待想見到

all of the fabulous gap-closing entrepreneurs

在布萊恩和烏莉莉的領導下

that are going to build great businesses

所有會建立偉大事業的企業家。

under Brian and Ulili's leadership.

Thank you.

謝謝。

(Applause)

（掌聲）