TEDGlobal 2005
Sasa Vucinic: Why we should invest in a free press
沙沙维基尼：投资新闻自由
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Readability: 3.4
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新闻自由——报纸、杂志、电台、电视台、博客——是民主社会的脊梁（也是监督商业活动的重要途径之一）。沙沙维基尼——一位来自贝尔格莱德的记者——讲述他新建的基金会如何以卖”新闻自由债券“的方式支持独立媒体。
Sasa Vucinic - Nonprofit venture capitalist
Sasa Vucinic's Media Development Loan Fund applies venture-capital principles to create a sustainable free press in developing nations and countries emerging from repressive regimes. Full bio
Sasa Vucinic's Media Development Loan Fund applies venture-capital principles to create a sustainable free press in developing nations and countries emerging from repressive regimes. Full bio
Double-click the English transcript below to play the video.
00:25
Video: Narrator: An event seen from one point of view
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（影像：旁白：同一个事件，从一个角度看
00:28
gives one impression.
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让人产生一种印象。
00:33
Seen from another point of view, it gives quite a different impression.
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从另一个角度看，又让人产生一种完全不同的印象。
00:38
But it's only when you get the whole picture you can fully understand
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但只有看到整个画面，才能了解
00:42
what's going on.
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全部真相。）
00:45
Sasha Vucinic: It's a great clip, isn't it?
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沙沙维基尼：非常好的一个短片，是不是？
00:48
And I found that in 29 seconds, it tells more about
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我发现这个短片在29秒内所表达的
00:53
the power of, and importance of, independent media
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独立媒体的威力和重要性
00:56
than I could say in an hour.
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比我讲一个小时的话还要有力。
00:59
So I thought that it will be good to start with it.
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所以我认为今天的演讲以它开头很恰当。
01:03
And also start with a little bit of statistics.
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下面我们来看一些统计数据。
01:06
According to relevant researchers, 83 percent of the population of this planet
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据有关研究表明，这个星球上83％的人口
01:12
lives in the societies without independent press.
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生活在没有独立媒体的社会中。
01:17
Think about that number: 83 percent of the population on the whole planet
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仔细想想这个数字：这个星球上83％的人
01:22
does not really know what is going on in their countries.
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并不知道他们的国家里究竟在发生什么事。
01:26
The information they get gets filtered through somebody
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他们得到的信息已经被别人
01:30
who either twists that information, or colors that information,
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以歪曲事实、添油加醋、或其他方式
01:34
does something with it.
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过滤了。
01:35
So they're deprived of understanding their reality.
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就这样，他们被剥夺了了解事实的权利。
01:40
That is just to understand how big and important this problem is.
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以上说的这些让我们了解了这个问题有多大、多重要。
01:46
Now those of you who are lucky enough to live in those societies
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那么在座的各位中生活在另外那17％的社会里的，
01:53
that represent 17 percent, I think should enjoy it until it lasts.
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希望你们在独立媒体尚存的时候好好珍惜。
01:59
You know, Sunday morning, you flick the paper, get your cappuccino.
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星期日早晨，你翻开报纸，品着咖啡，
02:03
Enjoy it while it lasts.
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在它尚存时好好珍惜。
02:04
Because as we heard yesterday, countries can lose stars from their flags,
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这么说是因为我们昨天听说了，一个国家不仅能丢掉她国旗上的星星，
02:11
but they can also lose press freedom,
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还能丢掉新闻自由，
02:14
as I guess Americans among us can tell us more about.
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我想我们中间的美国朋友们就此有很多话要讲。
02:19
But that's totally another and separate topic.
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那完全是另一个话题了。
02:22
So I can go back to my story.
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所以现在回到我自己的故事。
02:26
My story starts -- the story I want to share -- starts in 1991.
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我要讲的故事始于1991年。
02:31
At that time I was running B92, the only independent,
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那时我在办B92，是整个国家唯一的独立、
02:35
for that matter the only electronic media, in the country.
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甚至是唯一的电子媒体。
02:38
And I guess we were sharing -- we had that regular life of the only
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我想那时我们的处境——我们过的是一个国家里
02:43
independent media in the country, operating in hostile environment,
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唯一独立媒体司空见惯的生活——政府非制你于悲惨境地中不可，
02:49
where government really wants to make your life miserable.
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这样一个敌对的环境下。
02:53
And there are different ways.
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他们运用各种方式，
02:54
Yeah, it was the usual cocktail:
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也就是那些惯用伎俩：
02:55
a little bit of threats, a little bit of friendly advice,
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一点儿威胁，一点儿友善建议，
02:58
a little bit of financial police, a little bit of text control,
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一点儿经济管制，一点儿文字控制。
03:02
so you always have somebody who never leaves your office.
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所以总有这么一个人从不离开我们的办公室。
03:06
But what they really do, which is very powerful,
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但是他们真正做的一件很有威力的，
03:11
and that is what governments in the late '90s started doing
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也就是90年代后期那些政府开始做的一件事，就是
03:15
if they don't like independent media companies --
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如果他们不喜欢独立媒体公司，
03:17
you know, they threaten your advertisers.
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他们就威胁你的广告客户。
03:19
Once they threaten your advertisers, market forces are actually,
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一旦他们威胁你的广告商，
03:24
you know, destroyed, and the advertisers do not want to come --
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市场力量实际上就被毁害了，
03:29
no matter how much does it make sense for them --
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不管那些广告商有多少理由应该来，
03:32
do not want to come and advertise.
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他们都不愿再来刊登广告了。
03:34
And you have a problem making ends meet.
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这下你的生计就出问题了。
03:38
At that time at the beginning of the '90s, we had that problem,
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当时在90年代初期，我们遇到的难题
03:42
which was, you know, survival below one side,
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一方面是生存，
03:44
but what was really painful for me was,
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但最让我痛心的是我以下要讲的。
03:48
remember, the beginning of the '90s, Yugoslavia is falling apart.
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大家记得，90年代初，南斯拉夫正在瓦解。
03:51
We were sitting over there with a country in a downfall,
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我们在一旁观望一个国家垮台，
03:54
in a slow-motion downfall.
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慢动作一般的垮台。
03:58
And we all had all of that on tapes.
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我们把这一切都录了下来。
04:01
We had the ability to understand what was going on.
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我们有能力了解整个事件的过程。
04:04
We were actually recording history.
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其实就是在纪录历史。
04:06
The problem was that we had to re-tape that history a week later;
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问题是一周后，我们要重录历史，
04:11
because if we did not, we could not afford enough tapes
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因为如果不重录，我们买不起足够的录像带
04:15
to keep archives of that history.
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将那段历史存档。
04:18
So if I gave you that picture, I don't want to go too long on that.
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我只想给大家一个概况，不在说这件事上多费时间。
04:23
In that context a gentleman came to my office at that time.
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在那样一个背景下，一位先生来到我的办公室。
04:27
It was still 1991.
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当时还是1991年。
04:28
He was running a media systems organization
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那位先生在经营一家媒体管理机构，
04:31
which is still in business, the gentleman is still in business.
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这个机构现在还有生意，这位先生也还有生意。
04:34
And what did I know at that time about media systems?
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当时我哪懂什么媒体管理啊？
04:37
I would think media systems were organizations,
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我认为既然是媒体管理机构，
04:40
which means they should help you.
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就应该帮助我们。
04:44
So I prepared two plans for that meeting, two strategic plans:
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我为同先生的会议制定了两个战略方案：
04:47
the small one and the big one.
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一个小方案，一个大方案。
04:49
The small one was, I just wanted him
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小方案是：我就想让他帮我们
04:51
to help us get those damn tapes,
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把那些该死的录像带弄到手，
04:53
so we can keep that archive for the next 50 years.
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好让我们把完整的档案存放50年。
04:57
The big plan was to ask him for a 1,000,000-dollar loan.
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大的方案是找他要一百万元的贷款，
05:02
Because I thought, I still maintain,
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因为我当时——直到现在也仍然认为
05:05
that serious and independent media companies are great business.
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严肃的独立媒体是很有潜力的企业。
05:09
And I thought that B92 will survive and be a great company
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B92一定会存活下去，而且一旦米洛舍维奇下台
05:13
once Milosevic is gone, which turned out to be true.
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（后来确如我所料），B92就会成为一家优秀的企业。
05:16
It's now probably either the biggest or the second biggest
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现在B92恐怕不是那个国家最大
05:19
media company in the country.
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也是第二大的媒体公司了。
05:21
And I thought that the only thing that we needed at that time
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我当时认为我们唯一需要的就是
05:24
was 1,000,000-dollar loan to take us through those hard times.
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一百万块钱带我们度过难关。
05:28
To make a long story short, the gentleman comes into the office,
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长话短说，这位先生来到了我们的办公室，
05:32
great suit and tie.
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很漂亮的西服领带。
05:36
I gave him what I thought was a brilliant explanation
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我给了他我当时认为是很精彩的一番阐述：
05:40
of the political situation and explained how hard and difficult
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政治气候多恶劣，战争
05:45
the war will be.
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会多艰难。
05:47
Actually, I underestimated the atrocities, I have to admit.
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现在想起来，我当时还低估了暴行的残忍程度呢。
05:50
Anyway, after that whole, big, long explanation,
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总之，一番长篇阐述之后，
05:53
the only question he had for me -- and this is not a joke --
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他问的唯一一个问题是——我说的可不是笑话——
05:58
is, are we paying royalties after we broadcast music
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我们广播迈克尔·杰克逊的歌是否要交
06:02
of Michael Jackson?
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版权费？
06:06
That was really the only question he had.
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这确实是他问的唯一一个问题。
06:08
He left, and I remember being actually very angry at myself
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我记得他走后我很生我自己的气
06:15
because I thought there must be an institution in the world
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因为我觉得这个世界上肯定有一个给媒体公司
06:19
that is providing loans to media companies.
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提供贷款的机构。
06:22
It's so obvious, straight in your face,
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这个主意太显而易见了，
06:25
and somebody must have thought of it.
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一定有人已经想到了。
06:26
Somebody must have started something like that.
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一定有人已经开启了这类的先例。
06:29
And I thought, I'm just dumb and I cannot find it.
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我当时想：我这么笨，找不到这样的一个机构的。
06:33
You know, in my defense, there was no Google at that time;
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不过我也有辩词：当时没有谷歌；
06:35
you could not just Google in '91.
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91年不能用谷歌搜索。
06:38
So I thought that that's actually my problem.
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所以我当时认为是我本身有问题。
06:42
Now we go from here, fast forward to 1995.
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从这里开始，快放到1995年。
06:46
I have -- I left the country, I have a meeting with George Soros,
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我已经离开了那个国家。我要会面乔治·索罗斯，
06:52
trying for the third time to convince him that
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这是我第三次力争说服
06:58
his foundation should invest in something that should
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他的基金会投资一个类似
07:01
operate like a media bank.
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媒体银行的机构。
07:05
And basically what I was saying is very simple.
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我说的大体很简单：
07:08
You know, forget about charity; it doesn't work.
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忘掉慈善机构，行不通的；
07:09
Forget about handouts; 20,000 dollars do not help anybody.
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忘掉捐款，两万块钱帮不了任何人。
07:14
What you should do is you should treat media companies as a business.
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我们应该视媒体公司为商业机构。
07:18
It's business anywhere.
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当今，商业无处不在。
07:20
Media business, or any other business, it needs to be capitalized.
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媒体商业和其它商业一样，需要资本。
07:23
And what these guys need, actually, is access to capital.
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他们真正需要的是获取资本的途径。
07:28
So third meeting, arguments are pretty well exercised.
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这第三次会面，我的论据摆的很彻底了。
07:33
At the end of the meeting he says,
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会面将结束时他说，
07:35
look, it is not going to work; you will never see your money back;
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“我跟你说，这个想法行不通，你的投资看不见回报。
07:39
but my foundations will put 500,000 dollars so you can test the idea.
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但是我的基金会给你50万，让你验证这个主意。
07:44
See that it will not work.
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证明它不会成功。”
07:49
He said, I'll give you a rope to hang yourself.
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他说，“我等于给了你一条上吊绳。”
07:51
(Laughter)
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（笑声）
07:53
I knew two things after that meeting.
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会后我弄清了两件事。
07:56
First, under no circumstances I want to hang myself.
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第一，不论怎样我都不会上吊。
08:00
And second, that I have no idea how to make it work.
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第二，我不知道如何将我的主意付诸现实。
08:06
You see, at the level of a concept, it was a great concept.
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从理论的层面看，这是个很好的概念。
08:10
But it's one thing to have a concept;
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但是有个好概念是一回事，
08:12
it's a totally separate thing to actually make it work.
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将其付诸事实又完全是另外一回事。
08:15
So I had absolutely no idea how that could actually work.
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所以我完全不知道如何实际运作。
08:19
Had the wrong idea; I thought that we can be a bank.
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我最初的想法是错误的，以为我们可以成为银行。
08:22
You see banks -- I don't know if there are any bankers over here;
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你想想银行——不知道在座的有没有银行家，
08:25
I apologize in advance -- but it's the best job in the world.
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我提前道歉，银行家确实是世界上最好的工作了。
08:29
You know, you find somebody who is respectable
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你找到一个有名望
08:32
and has a lot of money.
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又有钱的人。
08:33
You give them more money; they repay you that over a time.
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你给他更多的钱；他在一段时间内偿还给你。
08:38
You collect interest and do nothing in between.
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在此期间，你什么都不做，只收利息。
08:40
So I thought, why don't we get into that business?
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所以我当时想：我们为什么不做这种买卖呢？
08:42
(Laughter)
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（笑声）
08:44
So here we are having our first client, brilliant.
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我们的第一个客户来了。很杰出——
08:50
First independent newspaper in Slovakia.
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斯洛伐克的第一家独立报社。
08:52
The government cutting them off
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政府不允许他们在布拉迪斯拉发
08:53
from all the printing facilities in Bratislava.
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任何一家印刷厂印刷。
08:56
So here's the daily newspaper
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这么一份日报
08:57
that has to be printed 400 kilometers away from the capital.
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要在离首都400公里外印刷。
09:01
It's a daily newspaper with a deadline of 4 p.m.
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一份每天下午4点发行的日报。
09:05
That means that they have no sports;
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这就意味着他们没有体育新闻，
09:07
they have no latest news; circulation goes down.
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没有最新报导。发行量下降。
09:10
It's a kind of very nice, sophisticated way
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这是一种非常漂亮高明的
09:13
how to economically strangle a daily newspaper.
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从经济上扼杀一份日报的方式。
09:17
They come to us with a request for a loan.
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这家报社向我们寻求贷款。
09:19
They want to -- the only way for them to survive
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目的就是要买一台印刷机——他们存活下去的
09:21
is to get a printing press.
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唯一出路。
09:23
And we said, that's fine; let's meet;
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我们说，好啊，那咱们就会面吧，
09:26
you'll bring us your business plan, which eventually they did.
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你把你的业务计划拿来。他们最终倒是拿来了。
09:30
We start the meeting.
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我们的会面开始。
09:32
I get these two pieces of paper, not like this, A4 format,
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我手里拿着两张纸，不是这样的纸，是A4的，
09:36
so it's much bigger.
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比这纸要大很多。
09:38
A lot of numbers there. A lot of numbers.
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上面有很多数字，很多数字。
09:41
But however you put it, you know, the numbers
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但是不管你横竖怎么看，都看不懂
09:43
do not make any sense.
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这些数字是什么意思。
09:45
And that's the best they could do.
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他们只能做到这个程度。
09:47
We were the best that they could do.
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他们真的只能做到这个程度。
09:48
So that is how we understood what our method is.
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所以我们就这样明白了应该如何运作。
09:50
It's not a bank. We had to actually
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我们不是银行。我们必须进入
09:53
go into these companies and earn our return
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这些公司里去挣我们的回报，
09:57
by fixing them -- by establishing management systems,
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解决他们的问题——建立管理系统，
10:00
by providing all that knowledge, how do you run a business
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提供商业运作的知识，
10:02
on one side -- while they all know how to run, how to create content.
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——而他们精通的是如何撰写报纸的内容。
10:08
Just quickly on the results.
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简短的说一下我们的成绩。
10:14
Over these 10 years, 40 million dollars in affordable financing,
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10年内，4千万元可负担贷款，
10:20
average interest rate five percent to six percent.
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平均利息5％到6％。
10:23
Lately we are going wild, charging seven percent from time to time.
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最近我们有些疯狂：有时候要7％的利息。
10:29
We do it in 17 countries of the developing world.
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我们在17个发展中国家运作。
10:33
And here is the most stunning number.
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下面是最惊人的数字。
10:36
Return rate -- the one that Soros was so worried about -- 97 percent.
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回报率——也是索罗斯最担心的——97％。
10:42
97 percent of all the scheduled repayments came back to us on time.
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97％还款按期回来了。
10:47
What do we typically finance?
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我们一般融资给那些项目？
10:48
We finance anything that a media company would need,
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一个媒体公司所需要的任何东西，
10:51
from printing presses to transmitters.
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从印刷机到发射机。
10:56
What is most important is we do it
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最重要的是我们融资的形式——
11:01
either in form of loans, equities, lease --
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贷款、入股、或租赁——
11:04
whatever is appropriate for, you know, supporting anybody.
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哪种形式适合你，我们提供哪种。
11:07
But what is most important here is, who do we finance?
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但最最重要的是，我们给谁融资？
11:12
We believe that in the last 10 years companies
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我认为过去10年内我们融资的公司
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that we've financed are actually the best media companies
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是发展中国家里最好的
11:18
in the developing world.
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媒体公司。
11:20
That is a "Who is Who" list.
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有这么一个“名人录”。
11:22
And I could spend hours talking about them,
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他们的故事我能讲几个小时，
11:27
because they're all kind of heroes.
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因为他们在某种程度上都是英雄。
11:28
And I can, but I'll give you just, maybe one,
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但是我就讲一个我们接触的例子，
11:31
and depending on time I may give you two examples
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如果时间允许，我可能讲给大家
11:34
who we work with.
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两个例子。
11:35
You see we started working in Eastern and Central Europe,
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我们起初在东欧和中欧运作，
11:37
and moved to Russia.
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然后搬到俄罗斯。
11:39
Our first loan in Russia was in Chelyabinsk.
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我们在俄罗斯的第一份贷款是在车里雅宾斯克州。
11:42
I'll bet half of you have never heard of that place.
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在座的一半恐怕根本没有听说过那个地方。
11:45
In the south of Russia there's a guy called
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在俄罗斯南部，有一个叫
11:48
Boris Nikolayevich Kirshin, who is running
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鲍里斯·尼古拉耶维奇［语音不清］的人在那儿
11:50
an independent newspaper there.
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办一份独立报纸。
11:52
The city was closed until early '90s
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这个城市直到90年代初都是封闭的
11:54
because, of all things, they were producing glass for Tupolev planes.
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因为他们恰巧给筒式［语音不清］飞机生产玻璃。
12:01
Anyway, he's running independent newspaper there.
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总之，他在那儿办一份独立报纸。
12:05
After two years working with us, he becomes
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与我们合作两年后，他的报纸在
12:07
the most respected newspaper in that small place.
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那个小城市声望最高。
12:13
Governor comes to him one day,
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有一天总督来找他，
12:15
actually invites him to come to his office.
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哦，是请他去总督的办公室。
12:17
He goes and sees the governor. The governor says,
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他去见总督。总督说：
12:20
Boris Nikolayevich, I understand you are doing a great job,
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鲍里斯·尼古拉耶维奇，我知道你的报办得很棒，
12:22
and you are the most respected newspaper in our district.
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也是我们区域里最有声望的。
12:28
And I want to offer you a deal.
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我想跟你作笔交易。
12:32
Can you please give me your newspaper for the next nine months,
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今后九个月里，请你把报纸交给我办
12:35
because I have elections --
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因为九个月后
12:37
there are elections coming up in nine months.
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我有选举。
12:40
I will not run, but it's very important for me
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我不参选，但是很重视
12:43
who is going to succeed me.
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由谁继任我。
12:45
So give me the paper for nine months. I'll give it back to you.
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所以把你的报纸交给我九个月，我再还给你，
12:47
I have no interest in being in media business.
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我没有兴趣长期待在媒体业里。
12:50
How much would that cost?
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你出个价钱？
12:53
Boris Nikolayevich says, "It's not for sale."
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鲍里斯·尼古拉耶维奇说：“我不卖。”
12:55
The governor says, "We will close you."
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总督说：“我就把你关了。”
12:58
Boris Nikolayevich says, "No, you cannot do it."
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鲍里斯·尼古拉耶维奇说：“你不能关。”
13:00
Six months later the newspaper was closed.
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六个月后报社被关掉。
13:04
Luckily, we had enough time to help Boris Nikolayevich
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但幸好我们有足够的时间帮助鲍里斯·尼古拉耶维奇
13:07
take all the assets out of that company and bring him into a new one,
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把原来公司的资本挪到一个新的公司里，
13:11
to get all the subscription lists, rehire staff.
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把订阅名单弄到手，重新招聘雇员。
13:15
So what the governor got was an empty shell.
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最后总督得到的只是个空壳。
13:18
But that is what happens if you're in business of independent media,
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在独立媒体业里干、当独立媒体业的银行家
13:22
and if you are a banker for independent media.
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就是这样。
13:26
So it sounds like a great story.
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听起来这是个很了不起的故事。
13:32
Somewhere down the road we opened a media management center.
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干了一段时间，我们开了一家媒体管理中心，
13:36
We started our media lab, sounds like a real great story.
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开创了一家媒体研究所。听起来真的很了不起。
13:39
But there is a second angle to that.
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但是这个故事还有另外一个视角。
13:42
The second angle, like in this clip.
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就像那个短片一样，另一个视角就是
13:44
If you take the camera above, you start thinking
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当你用摄像机俯视的时候，再想想
13:46
about these numbers again.
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那几个数字。
13:47
40 million dollars over 10 years spread over 17 countries.
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4千万元10年的时间再摊到17个国家里。
13:54
That is not too much, is it?
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并不很多，是不是？
13:56
It's actually just a drop in the sea.
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其实就是杯水车薪。
13:58
Because when you think about the importance,
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因为当你考虑到问题的重要性时——
14:00
some of the issues that we were talking about last night --
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昨晚我们讨论的一些问题，
14:03
this last session we had about Africa and his
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比如上一轮关于非洲的演讲以及
14:05
hypothetical 50 billion dollars destined for Africa.
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其中假想的输送给非洲的500亿元。
14:10
All of those, not all, half of those problems mentioned last night --
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昨晚提到的所有问题，至少一半问题——
14:16
government accountability, corruption, how do you fight corruption,
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政府问责制，腐败，如何反腐败，
14:21
giving voice to unheard, to poor --
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给底层人、穷人说话的机会——
14:24
it's why independent media is in business.
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这就是为什么独立媒体有市场，
14:28
And it's why it was invented.
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就是为什么当初独立媒体会诞生。
14:30
So from that perspective, what we did is just really
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所以从这个角度看，独立媒体这么大市场
14:33
one drop in the sea of that need that we can identify.
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我们做的真是微不足道。
14:40
Now ours is just one story.
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我们的故事只是一个故事。
14:43
I'm sure that in this room there are, like, 15 other wonderful stories
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我相信这间屋子里还有15个关于公益组织
14:46
of nonprofits doing spectacular work.
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大有作为的精彩故事。
14:49
Here is where the problem is,
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而这就是问题所在，
14:52
and I'll explain to you as well as I can what the problem is.
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我尽我所能给大家解释问题到底是什么。
14:58
And it's called fundraising.
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问题的名字叫筹资。
15:00
Imagine that this third of this room is filled
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设想这间屋子这三分之一坐满了
15:04
with people who represent different foundations.
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各个基金会的代表。
15:07
Imagine two thirds over here running excellent organizations,
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另外这三分之二在运作优秀的公益组织，
15:12
doing very important work.
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做着非常重要的工作。
15:15
Now imagine that every second person over here
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再设想这边有一半人
15:17
is deaf, does not hear, and switch the lights off.
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耳聋，听不见，还在黑暗之中。
15:22
Now that is how difficult it is to match people
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把屋子这边的人匹配给
15:24
from this side of the room
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屋子那边的人
15:26
with people of that side of the room.
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的难度就是这样。
15:29
So we thought that some kind of a big idea is needed
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所以我们觉得要改革、重新思考筹资，
15:34
to reform, to totally rethink fundraising.
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需要一个大创意。
15:39
You know, instead of people running in this dark,
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以不至于人人在暗中
15:41
trying to find their own match, who will be willing,
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盲目寻找志同道合的
15:44
who has the same goals.
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对象。
15:46
Instead of all of that we thought there is --
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我们认为要发明一种新的筹资方式
15:49
something new needs to be invented.
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来代替原来的方式。
15:52
And we came up with this idea of issuing bonds,
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我们想出了发行债券的主意，
15:55
press freedom bonds.
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新闻自由债券。
15:56
If there are investors willing to finance
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如果有投资者愿给美国政府预算赤字
16:03
U.S. government budget deficit,
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提供资金，
16:05
why wouldn't we find investors willing to finance
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难道我们就找不到愿给“新闻自由赤字”
16:08
press freedom deficit?
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投资的人？
16:11
We've decided to do it this fall; we will issue them,
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我们已经决定了今年秋天就开始发行
16:13
probably in denominations of 1,000 dollars.
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估计是面值1000元的债券。
16:16
I don't want to advertise them too much; that's not the point.
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我不想在这儿给债券做广告，这不是今天讲的要点。
16:18
But the point is, if we ever survive to actually issue them,
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要点是，如果我们能存活到发行债券的那一天，
16:22
find enough investors that this can be considered a success,
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找到足够的投资者而使其成功，
16:26
there's nothing stopping the next organization
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就说不定另一个组织
16:29
to start to issue bonds next spring.
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明年春天开始发行债券。
16:34
And those can be environmental bonds.
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可能是环保债券。
16:36
And then two weeks later, Iqbal Quadir can issue his
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可能再过两个星期，伊卡柏·卡迪尔开始
16:41
electricity in Bangladesh bonds.
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在孟加拉国发行他的电力债券。
16:44
And before you know it, any social cause
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不知不觉中，任何一项公益事业
16:47
can be actually financed in this way.
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都可以这样融资了。
16:50
Now we do daydreaming in 11:30 with 55 seconds left.
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现在11：30我们还有55秒的时间做白日梦。
16:55
But let's take the idea further.
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我们把这个想法再推进一步。
16:57
You do it, you start it in the States, because it's,
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我们在美国开始做这件事
17:00
you know, concepts are very, very close to American minds.
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因为这些概念很贴近美国人的思维方式。
17:03
But you can actually bring it to Europe, too.
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然而你完全可以把它带到欧洲去，
17:05
You can bring it to Asia.
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带到亚洲去。
17:07
You can, once you have all of those different points,
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当这些地方都在这样做的时候，
17:11
you can make it easy for investors.
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你可以把投资变得更简易。
17:13
Put all of those bonds at one place
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把这些债券放在一起，
17:15
and they sit down and click.
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让投资者坐下来点击。
17:17
Once you have more than 10 of them
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达到10种债券时
17:19
you have to develop some kind of a matrix.
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就得制定一些指标。
17:22
What do investors get?
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投资者获得的是什么？
17:23
On one side financial, on the other side social.
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一方面是经济利益，一方面是对社会的影响。
17:26
So that brings the idea of some kind of rating agency,
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由此产生了类似晨星的债券评级机构的
17:32
Morningstar type.
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想法。
17:34
It says, you know, social impact over here is spectacular, five stars.
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比如说，某债券对社会影响力很强，给五个星。
17:38
Financial, they give you one percent, only one star.
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经济回报1％，只给一个星。
17:42
Now take it to the last step.
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再把这个想法提升到最后一层。
17:46
Once you have all of that put together,
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一旦这些条件齐全了，
17:48
there's not one reason why you couldn't actually have
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就没有理由不能设立一个
17:53
a marketplace for all of that,
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能很快
17:55
where you cannot dispose of all of those bonds in a pretty quick way.
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将这些债券脱手的交易场所。
18:00
And in that way you organize the financing
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这样组织融资
18:03
so there are no dark rooms, no blind people
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就没有黑屋子，没有人盲目的
18:05
running around to find each other.
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互相寻找对方了。
18:07
Thank you.
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谢谢。
ABOUT THE SPEAKER
Sasa Vucinic - Nonprofit venture capitalistSasa Vucinic's Media Development Loan Fund applies venture-capital principles to create a sustainable free press in developing nations and countries emerging from repressive regimes.
Why you should listen
"We want to create a new class of media entrepreneurs," says Sasa Vucinic, whose innovative approach to incubating a free press treats independent media like startups instead of charity cases. In most of the countries where his Media Development Loan Fund is active, management skills are dramatically lacking, and too often, grants backfire by creating a dependency that cannot be sustained when the Western donors leave.
All the projects supported by MDLF espouse the reverse philosophy: It doesn't give grants. Instead, it strives to help independent media with the business of providing news. Only when a media company can sustain itself with its own revenues, says Vucinic, can it be truly independent. Vucinic comes by his free-press focus through experience; prior to founding the MDLF, he was a top editor with Belgrade opposition radio station B92. He's also worked for the Soros Foundations Network (which later became the Open Society Institute), advising the national foundations on how to support independent media.
He'll be speaking at the Global Forum for Media Development next month in Greece.
Sasa Vucinic | Speaker | TED.com