Video: Narrator: An event seen from one point of view gives one impression. Seen from another point of view, it gives quite a different impression. But it's only when you get the whole picture you can fully understand what's going on.
"Događaj viđen s jedne točke gledišta daje jedan dojam. Viđen s druge točke gledišta, pruža sasvim drukčiji dojam. No samo kada vidimo cijelu sliku, možemo u potpunosti razumjeti što se stvarno događa."
Sasha Vucinic: It's a great clip, isn't it? And I found that in 29 seconds, it tells more about the power of, and importance of, independent media than I could say in an hour. So I thought that it will be good to start with it. And also start with a little bit of statistics. According to relevant researchers, 83 percent of the population of this planet lives in the societies without independent press. Think about that number: 83 percent of the population on the whole planet does not really know what is going on in their countries. The information they get gets filtered through somebody who either twists that information, or colors that information, does something with it. So they're deprived of understanding their reality. That is just to understand how big and important this problem is. Now those of you who are lucky enough to live in those societies that represent 17 percent, I think should enjoy it until it lasts. You know, Sunday morning, you flick the paper, get your cappuccino. Enjoy it while it lasts. Because as we heard yesterday, countries can lose stars from their flags, but they can also lose press freedom, as I guess Americans among us can tell us more about. But that's totally another and separate topic. So I can go back to my story.
Odličan video, zar ne? Rekao bih da taj video u 29 sekundi govori više o moći i važnosti neovisnih medija nego što bih ja mogao reći za sat vremena. Zato sam pomislio da bi bilo dobro započeti s njim. I nešto malo statistike. Prema relevantim istraživanjima, 83% stanovništva ovog planeta živi u društvima bez neovisnih medija. Razmislite o razmjeru toga: 83% ljudi na cijelom planetu ne zna što se zapravo događa u njihovim zemljama. Informacije koje dobivaju filtrira netko tko ih ili izokreće, ili nijansira... nešto s njima napravi. Stoga im je uskraćeno razumijevanje njihove stvarnosti. Nadam se da je sada malo jasnije koliko je velik i važan ovaj problem. A vi koji ste dovoljno sretni što živite u društvima obuhvaćenim u onih 17%, mislim da biste u tome trebali uživati dok traje. Znate kako je... u nedjelju ujutro listate novine, pijuckate svoj cappuccino. Uživajte u tome dok još možete. Jer kao što smo jučer čuli, zemlje mogu izgubiti zvijezde na zastavama, no mogu izgubiti i slobodu medija, kao što to vjerojatno Amerikanci, koji su ovdje među nama, mogu posvjedočiti. Ali to je sasvim druga, zasebna tema. Vraćam se stoga svojoj priči.
My story starts -- the story I want to share -- starts in 1991. At that time I was running B92, the only independent, for that matter the only electronic media, in the country. And I guess we were sharing -- we had that regular life of the only independent media in the country, operating in hostile environment, where government really wants to make your life miserable. And there are different ways. Yeah, it was the usual cocktail: a little bit of threats, a little bit of friendly advice, a little bit of financial police, a little bit of text control, so you always have somebody who never leaves your office. But what they really do, which is very powerful, and that is what governments in the late '90s started doing if they don't like independent media companies -- you know, they threaten your advertisers. Once they threaten your advertisers, market forces are actually, you know, destroyed, and the advertisers do not want to come -- no matter how much does it make sense for them -- do not want to come and advertise. And you have a problem making ends meet.
Priča koju vam želim ispričati započinje 1991. U to sam vrijeme vodio B92, jedini neovisni elektronski... zapravo jedini neovisni medij uopće u zemlji. Mislim da smo imali... uobičajen život za jedni neovisni medij u zemlji koji posluje u neprijateljskom okruženju, u kojem su nam vlasti nastojale sve otežati najviše što mogu. A za to ima raznih načina. Da, bio je to uobičajeni koktel: nešto prijetnji, nešto prijateljskih savjeta, nešto financijske policije, nešto cenzure. Tako da vam stalno netko od njih visi u uredu. Ali ono što stvarno rade, a što je vrlo moćno, i što su vlasti krajem 90-tih počele činiti ukoliko im se ne sviđaju neovisni mediji - oni, znate, prijete vašim oglašivačima. Nakon što zaprijete vašim oglašivačima tržišne sile su, zapravo, poništene i oglašivači više ne žele doći - koliko god da im je to u interesu - ne žele doći i oglašavati. I onda imate financijskih problema.
At that time at the beginning of the '90s, we had that problem, which was, you know, survival below one side, but what was really painful for me was, remember, the beginning of the '90s, Yugoslavia is falling apart. We were sitting over there with a country in a downfall, in a slow-motion downfall. And we all had all of that on tapes. We had the ability to understand what was going on. We were actually recording history. The problem was that we had to re-tape that history a week later; because if we did not, we could not afford enough tapes to keep archives of that history. So if I gave you that picture, I don't want to go too long on that. In that context a gentleman came to my office at that time. It was still 1991. He was running a media systems organization which is still in business, the gentleman is still in business. And what did I know at that time about media systems? I would think media systems were organizations, which means they should help you. So I prepared two plans for that meeting, two strategic plans: the small one and the big one. The small one was, I just wanted him to help us get those damn tapes, so we can keep that archive for the next 50 years. The big plan was to ask him for a 1,000,000-dollar loan. Because I thought, I still maintain, that serious and independent media companies are great business. And I thought that B92 will survive and be a great company once Milosevic is gone, which turned out to be true. It's now probably either the biggest or the second biggest media company in the country. And I thought that the only thing that we needed at that time was 1,000,000-dollar loan to take us through those hard times.
U to vrijeme, početkom 90-tih, mi smo imali taj problem, što je s jedne strane pitanje opstanka, no, ono što je za mene bilo posebno bolno, sjetite se, početkom 90-tih se raspadala Jugoslavija. I mi smo radili u zemlji koja se raspada, koja se ruši kao na usporenom filmu. I sve smo to imali snimljeno na trakama. Imali smo sposobnost razumijevanja onoga što se događa. Zapravo smo snimali povijest. Problem je bio što smo tu povijest morali za tjedan dana izbrisati, jer si nismo mogli priuštiti dovoljno traka za arhiviranje povijesti. Dakle, znate o čemu tu radi, ne želim duljiti o tome. U tom kontekstu posjetio me jedan gospodin u mom tadašnjem uredu. Bilo je to još 1991. On je vodio jednu organizaciju za pomoć medijma koja i danas posluje, taj gospodin još uvijek to radi. A što sam ja tada znao o organizacijama za pomoć medijima? Mislio sam da ako je organizacija za pomoć medijima, to znači da bi nam trebali pomagati. Stoga sam za taj sastanak pripremio dva strateška plana. Manji i veći. Manji plan je bio... samo sam htio da nam pomogne nabaviti te proklete trake, tako da možemo napraviti arhivu za idućih 50 godina. Veći plan je bio da zatražim kredit od milijun dolara. Jer mislio sam i još uvijek mislim da su ozbiljne i neovisne medijske kuće odličan posao. I smatrao sam da će B92 preživjeti i biti odlična kompanija jednom kada Milošević ode, što se poslije pokazalo istinitim. Sada je to vjerojatno najveća ili druga po veličini medijska kuća u zemlji. A ja sam onda mislio da je jedino što nam je tada trebalo bio kredit od milijun dolara pomoću kojeg ćemo proći ta teška vremena.
To make a long story short, the gentleman comes into the office, great suit and tie. I gave him what I thought was a brilliant explanation of the political situation and explained how hard and difficult the war will be. Actually, I underestimated the atrocities, I have to admit. Anyway, after that whole, big, long explanation, the only question he had for me -- and this is not a joke -- is, are we paying royalties after we broadcast music of Michael Jackson? That was really the only question he had. He left, and I remember being actually very angry at myself because I thought there must be an institution in the world that is providing loans to media companies. It's so obvious, straight in your face, and somebody must have thought of it. Somebody must have started something like that. And I thought, I'm just dumb and I cannot find it. You know, in my defense, there was no Google at that time; you could not just Google in '91. So I thought that that's actually my problem. Now we go from here, fast forward to 1995.
Da skratim priču, taj gospodin ulazi u ured, u finom odijelu i s kravatom... Dao sam mu ono što sam smatrao bilijantnim objašnjenjem političke situacije i objasnio koliko će rat biti žestok i težak. Zarpavo, moram priznati da sam podcijenio okrutnosti. No, nakon svog tog objašnjavanja nadugo i naširoko, jedino pitanje koje je imao - ovo nije šala - bilo je plaćamo li tanijeme kada emitiramo glazbu Michaela Jacksona? To je stvarno bilo jedino što ga je zanimalo. Otišao je, i sjećam se da sam bio vrlo ljut na sebe jer sam vjerovao da na ovome svijetu mora postojati neka institucija koja kreditira medijske kuće. To je toliko očito, pred nosom nam je, i netko se morao toga sjetiti. Netko je morao pokrenuti nešto slično tome. I mislio sam da sam jednostavno glup što to ne mogu pronaći. U svoju obranu mogu reći da tada nije postojao Google, jer 91. niste mogli jednostavno googlati. Stvarno sam mislio da je problem u meni. A sada premotavamo na 1995.
I have -- I left the country, I have a meeting with George Soros, trying for the third time to convince him that his foundation should invest in something that should operate like a media bank. And basically what I was saying is very simple. You know, forget about charity; it doesn't work. Forget about handouts; 20,000 dollars do not help anybody. What you should do is you should treat media companies as a business. It's business anywhere. Media business, or any other business, it needs to be capitalized. And what these guys need, actually, is access to capital. So third meeting, arguments are pretty well exercised. At the end of the meeting he says, look, it is not going to work; you will never see your money back; but my foundations will put 500,000 dollars so you can test the idea. See that it will not work. He said, I'll give you a rope to hang yourself. (Laughter) I knew two things after that meeting. First, under no circumstances I want to hang myself. And second, that I have no idea how to make it work. You see, at the level of a concept, it was a great concept. But it's one thing to have a concept; it's a totally separate thing to actually make it work.
Napustio sam zemlju. Imam sastanak sa Georgeom Sorosem, po treći puta ga pokušavam uvjeriti da bi trebao... da bi njegova fondacija trebala investirati u nešto što bi trebalo funkcionirati kao banka za medije. Ono što sam mu govorio bilo, zapravo, vrlo jednostavno. Znaš... zaboravi humanitarnu pomoć, to ne funkcionira; zaboravi donacije, s 20.000 dolara ne možeš nikome pomoći. Umjesto toga medijske kuće trebaš smatrati poduzećima. To su svugdje poduzeća. Medijsko poduzeće, kao i bilo koje drugo poduzeće, treba kapital. A ono što ti ljudi zapravo trebaju je pristup kapitalu. Dakle... na trećem smo sastanku. Argumenti su prilično iscrpljeni, na kraju sastanka on mi kaže: "Slušaj, to ne može uspjeti. Nikad nećeš dobiti svoj novac natrag, ali moja fondacija će ti dati 500.000 dolara da testiraš ideju. Tako da se možeš i sam uvjeriti da neće uspjeti." Rekao mi je: "Dat ću ti uže da se sam objesiš." (smijeh) Nakon tog sastanka znao sam dvije stvari. Prvo, ni u kojem slučaju nemam se namjeru objesiti. Drugo, da nemam pojma kako da plan uspješno izvedem. Znate, na razini koncepta sve je bilo sjajno. Ali imati koncept je jedno, ali nešto je sasvim drugo ostvariti ga.
So I had absolutely no idea how that could actually work. Had the wrong idea; I thought that we can be a bank. You see banks -- I don't know if there are any bankers over here; I apologize in advance -- but it's the best job in the world. You know, you find somebody who is respectable and has a lot of money. You give them more money; they repay you that over a time. You collect interest and do nothing in between. So I thought, why don't we get into that business? (Laughter) So here we are having our first client, brilliant. First independent newspaper in Slovakia. The government cutting them off from all the printing facilities in Bratislava. So here's the daily newspaper that has to be printed 400 kilometers away from the capital. It's a daily newspaper with a deadline of 4 p.m. That means that they have no sports; they have no latest news; circulation goes down. It's a kind of very nice, sophisticated way how to economically strangle a daily newspaper. They come to us with a request for a loan. They want to -- the only way for them to survive is to get a printing press. And we said, that's fine; let's meet; you'll bring us your business plan, which eventually they did.
Nisam imao pojma kako bi to moglo funkcionirati u stvarnosti. Imao sam krivu ideju. Mislio sam da možemo biti banka. Jer bankarstvo je - ne znam ima li bankara u dvorani, pa se unaprijed ispričavam - najbolji posao na svijetu. Pronađete nekoga tko je uspješan i ima puno novca. Date im još više novca, a oni vam ga nakon nekog vremena vrate. Dobijete kamatu i u međuvremenu ne radite ništa. Pa sam si mislio, zašto ne ući u takav jedan posao? (smijeh) I evo nas s našim prvim klijentom... sjajne, prve neovisne novine u Slovačkoj. Vlasti su im onemogućile pristup svim tiskarama u Bratislavi. To su dnevne novine koje se moraju tiskati 400 km od glavnoga grada. To su dnevne novine s rokom do 16 sati. Što znači da nemaju sportskih vijesti, da nemaju najnovije vijesti, naklada im pada. To je jedan fin, sofisticiran način za ekonomsko gušenje dnevnih novina. Dolaze nam i traže kredit. Jedini način da prežive je da kupe tiskaru. A mi kažemo - u redu, dođite na sastanak i donesite nam svoj poslovni plan, što su oni i učinili nakon nekog vremena.
We start the meeting. I get these two pieces of paper, not like this, A4 format, so it's much bigger. A lot of numbers there. A lot of numbers. But however you put it, you know, the numbers do not make any sense. And that's the best they could do. We were the best that they could do. So that is how we understood what our method is. It's not a bank. We had to actually go into these companies and earn our return by fixing them -- by establishing management systems, by providing all that knowledge, how do you run a business on one side -- while they all know how to run, how to create content.
Sastanak krene. Dobijem dva lista papira, ne ovakva već formata A4, dakle, puno veća. Na njima hrpa brojki. Puno brojki. Ali kako god da okreneš, te brojke nemaju baš nikakvog smisla. I to je najbolje što su znali napraviti. Stvarno najbolje što su mogli napraviti. Tako smo shvatili kakav treba biti naš način rada. Mi nismo banka. Mi zapravo trebamo ući u ta poduzeća i zaraditi svoj povrat novca tako što ćemo ih popravljati - uspostavom sustavnog menadžmenta, davanjem potrebnih znanja o tome kako se vodi posao s jedne strane - dok s druge strane oni znaju kako stvarati sadržaj.
Just quickly on the results. Over these 10 years, 40 million dollars in affordable financing, average interest rate five percent to six percent. Lately we are going wild, charging seven percent from time to time. We do it in 17 countries of the developing world. And here is the most stunning number. Return rate -- the one that Soros was so worried about -- 97 percent. 97 percent of all the scheduled repayments came back to us on time. What do we typically finance? We finance anything that a media company would need, from printing presses to transmitters. What is most important is we do it either in form of loans, equities, lease -- whatever is appropriate for, you know, supporting anybody. But what is most important here is, who do we finance? We believe that in the last 10 years companies that we've financed are actually the best media companies in the developing world. That is a "Who is Who" list. And I could spend hours talking about them, because they're all kind of heroes. And I can, but I'll give you just, maybe one, and depending on time I may give you two examples who we work with.
Samo na brzinu o rezultatima. U ovih 10 godina, 40 milijuna dolara povoljnog financiranja, prosječna kamatna stopa od 5 do 6%. U posljednje vrijeme smo poludjeli, povremeno naplatimo 7%. Radimo u 17 zemalja u razvoju. A evo i najupečatljivije brojke. Stopa povrata - za što je Soros bio toliko zabrinut - 97% Čak 97% svih otplata plaćuju nam na vrijeme. Što obično financiramo? Financiramo bilo što potrebno medijskoj kući, od tiskara do odašiljača. Ono što je najvažnije je da to radimo ili u obliku kredita, udjela, lizinga - koji god je oblik primjeren za davanje podrške. Ali najvažnije je pitanje - koga mi to financiramo? Vjerujemo da su medijske kuće koje smo financirali posljednjih 10 godina, zapravo najbolje medijske kuće u zemljama u razvoju. To je pravi popis "Tko je tko". I mogao bih satima pričati o njima, jer među njima ima svakojakih junaka. Ali dat ću vam samo jedan primjer, ili dva, bude li dovoljno vremena, s kime mi to radimo.
You see we started working in Eastern and Central Europe, and moved to Russia. Our first loan in Russia was in Chelyabinsk. I'll bet half of you have never heard of that place. In the south of Russia there's a guy called Boris Nikolayevich Kirshin, who is running an independent newspaper there. The city was closed until early '90s because, of all things, they were producing glass for Tupolev planes. Anyway, he's running independent newspaper there. After two years working with us, he becomes the most respected newspaper in that small place. Governor comes to him one day, actually invites him to come to his office. He goes and sees the governor. The governor says, Boris Nikolayevich, I understand you are doing a great job, and you are the most respected newspaper in our district. And I want to offer you a deal. Can you please give me your newspaper for the next nine months, because I have elections -- there are elections coming up in nine months. I will not run, but it's very important for me who is going to succeed me. So give me the paper for nine months. I'll give it back to you. I have no interest in being in media business. How much would that cost? Boris Nikolayevich says, "It's not for sale." The governor says, "We will close you." Boris Nikolayevich says, "No, you cannot do it." Six months later the newspaper was closed. Luckily, we had enough time to help Boris Nikolayevich take all the assets out of that company and bring him into a new one, to get all the subscription lists, rehire staff. So what the governor got was an empty shell. But that is what happens if you're in business of independent media, and if you are a banker for independent media. So it sounds like a great story.
Počeli smo raditi u Istočnoj i Srednjoj Europi i proširili se na Rusiju. Naš prvi kredit u Rusiji otišao je u Čeljabinsk. Kladim se da pola vas nije nikada prije čulo za taj grad. Na jugu Rusije živi čovjek koji se zove Boris Nikolajevič Kiršin i on tamo vodi neovisne novine. Taj je grad bio zatvoren do početka 90-tih jer, od svega mogućeg, tamo su proizvodili stakla za avione marke Tupoljev. On, dakle, tamo vodi neovisne novine. Nakon što je dvije godine radio s nama, njegove novine postaju najuglednije u tom malom gradu. Jednoga dana dođe mu guverner, zapravo pozove ga u svoj ured. On se ode naći s guvernerom, koji kaže, Borise Nikolajeviču, znam da radite odličan posao i da imate najuglednije novine u našem okrugu. Želim vam dati ponudu. Možete li mi dati svoje novine na idućih devet mjeseci, jer imam izbore - izbori su za devet mjeseci. Ja se neću kandidirati, ali mi je jako važno tko će me naslijediti. Dajte mi, dakle, svoje novine na devet mjeseci, ja ću vam ih vratiti, mene ne zanima medijski biznis. Koliko bi to moglo koštati? Boris Nikolajevič kaže, "Nije na prodaju." Guverner kaže, "Zatvorit ćemo vas." Boris Nikolajevič kaže, "Nećete. Ne možete to učiniti." U roku od šest mjeseci novine su bile zatvorene. Na sreću, imali smo dovoljno vremena da Borisu Nikolajeviču pomognemo da svu imovinu iznese iz tog poduzeća i unese u novo, da izvuče popis pretplatnika, preuzme radnike. Tako da je guverner dobio samo praznu ljusku. No, to se događa kada se bavite neovisnim medijima, ili kada ste bankar neovisnih medija. Dakle... Sve to zvuči kao sjajna priča.
Somewhere down the road we opened a media management center. We started our media lab, sounds like a real great story. But there is a second angle to that. The second angle, like in this clip. If you take the camera above, you start thinking about these numbers again. 40 million dollars over 10 years spread over 17 countries. That is not too much, is it? It's actually just a drop in the sea. Because when you think about the importance, some of the issues that we were talking about last night -- this last session we had about Africa and his hypothetical 50 billion dollars destined for Africa. All of those, not all, half of those problems mentioned last night -- government accountability, corruption, how do you fight corruption, giving voice to unheard, to poor -- it's why independent media is in business. And it's why it was invented. So from that perspective, what we did is just really one drop in the sea of that need that we can identify. Now ours is just one story.
Nešto kasnije otvorili smo Centar za medijski menadžment, pokrenuli smo medijske radionice... Doima se izvrsno, zar ne? Ali evo i drugog kuta gledanja. Drugo gledište, baš kao i u videu na početku. Ako kameru podignete tako da obuhvati cijelu sliku, počnete opet razmišljati o tim brojkama. 40 milijuna dolara u 10 godina na 17 zemalja. To baš i nije puno, zar ne? Zapravo, to je samo kap u moru. Jer kada promislite o važnosti, o onim temama o kojima smo sinoć razgovarali - kada smo govorili o Africi i tih hipotetskih 50 milijardi dolara namijenjenih Africi. Sve to... ne sve, ali pola tih problema o kojima smo sinoć razgovarali - odgovornost vlasti, korupcija, kako se boriti protiv korupcije, davanje glasa nečujnima, siromašnima - to su razlozi zbog kojih neovisni mediji djeluju. Zbog toga su izmišljeni. Dakle, s tog gledišta, ono što smo napravili je stvarno samo kap u moru potreba na koje nailazimo. Naša priča je jedna od mnogih.
I'm sure that in this room there are, like, 15 other wonderful stories of nonprofits doing spectacular work. Here is where the problem is, and I'll explain to you as well as I can what the problem is. And it's called fundraising. Imagine that this third of this room is filled with people who represent different foundations. Imagine two thirds over here running excellent organizations, doing very important work. Now imagine that every second person over here is deaf, does not hear, and switch the lights off. Now that is how difficult it is to match people from this side of the room with people of that side of the room. So we thought that some kind of a big idea is needed to reform, to totally rethink fundraising. You know, instead of people running in this dark, trying to find their own match, who will be willing, who has the same goals. Instead of all of that we thought there is -- something new needs to be invented. And we came up with this idea of issuing bonds, press freedom bonds. If there are investors willing to finance U.S. government budget deficit, why wouldn't we find investors willing to finance press freedom deficit? We've decided to do it this fall; we will issue them, probably in denominations of 1,000 dollars. I don't want to advertise them too much; that's not the point. But the point is, if we ever survive to actually issue them, find enough investors that this can be considered a success, there's nothing stopping the next organization to start to issue bonds next spring. And those can be environmental bonds. And then two weeks later, Iqbal Quadir can issue his electricity in Bangladesh bonds. And before you know it, any social cause can be actually financed in this way.
Siguran sam da u ovoj dvorani ima barem 15 drugih prekrasnih priča o neprofitnim organizacija koje rade spektakularne stvari. Evo u čemu je problem, objasnit ću vam to najbolje što mogu. Zove se prikupljanje sredstava. Zamislite da je ova trećina dvorane ispunjena ljudima koji predstavljaju različite fondacije. Zamislite da preostale dvije trećine vode izvrsne organizacije, koje rade vrlo važan posao. Sada zamislite da je na ovoj strani svaka druga osoba gluha, da ne čuje, pa onda još i ugasite svjetlo. Toliko je teško povezati ljude o ove strane dvorane s ljudima na ovoj strani dvorane. Zato smatramo da je potrebna nekakva velika ideja za reformiranje, potpuno novo promišljanje prikupljanja sredstava. Umjesto da ljudi trče u mraku, pokušavajući pronaći svog partnera, nekoga tko će ih podržati, tko ima iste ciljeve... umjesto svega toga što sada postoji - potrebno je izmisliti nešto novo. I došli smo na ideju da izdajemo obveznice, obveznice za neovisne medije. Ukoliko postoje investitori koji su spremni financirati budžetski deficit Vlade SAD, zašto ne bismo potražili investitore voljne financirati deficit medijskih sloboda? Odlučili smo to učiniti ove jeseni. Izdat ćemo ih, vjerojatno po nominalnoj vrijednosti od 1.000 dolara. Ne bih htio to sada reklamirati, nije u tome poanta. No poanta je, ako uopće preživimo dok ih stvarno ne izdamo, pronađemo li dovoljno investitora da bi se to moglo smatrati uspjehom, ništa neće spriječavati neku drugu organizaciju da počne izdavati obveznice idućeg proljeća. A to bi mogle biti obveznice za okoliš. Pa bi dva tjedna kasnije, Iqbal Quadir mogao izdati svoje obveznice za elektrifikaciju Bangladeša. I nedugo zatim, bilo koji društveni cilj mogao bi se, zapravo, financirati na ovaj način.
Now we do daydreaming in 11:30 with 55 seconds left. But let's take the idea further. You do it, you start it in the States, because it's, you know, concepts are very, very close to American minds. But you can actually bring it to Europe, too. You can bring it to Asia. You can, once you have all of those different points, you can make it easy for investors. Put all of those bonds at one place and they sit down and click. Once you have more than 10 of them you have to develop some kind of a matrix. What do investors get? On one side financial, on the other side social. So that brings the idea of some kind of rating agency, Morningstar type. It says, you know, social impact over here is spectacular, five stars. Financial, they give you one percent, only one star. Now take it to the last step. Once you have all of that put together, there's not one reason why you couldn't actually have a marketplace for all of that, where you cannot dispose of all of those bonds in a pretty quick way. And in that way you organize the financing so there are no dark rooms, no blind people running around to find each other.
Mi, evo, sanjarimo u 11:30 sati, a ostalo mi je samo 55 sekundi. No, krenimo korak dalje s ovom idejom. Vi to napravite, počnete u Americi, jer to je... koncept vrlo blizak američkim umovima. No, možete ga prenijeti i u Europu. Ili u Aziju. Možete, nakon što pokrijete sva ta tržišta, olakšati stvar investitorima. Možete sve te obveznice staviti na jedno mjesto i oni samo sjede i klikaju. Jednom kada ih bude više od 10 trebat će razviti neki oblik mjerenja. Što investitor dobiva? S jedne strane financijski, s druge strane društveno. To nas dovodi do ideje o agenciji za vrednovanje, u stilu Morningstara. Kaže, recimo, društveni utjecaj je ovdje spektakularan, pet zvjezdica. Financijski, daju vam jedan posto, samo jedna zvjezdica. Idemo sad do zadnje faze. Jednom kada je sve to postavljeno, nema razloga zašto ne bismo imali i tržište svega toga. Gdje se možete riješiti svih tih obveznica na prilično brz način. I tako bi se moglo organizirati financiranje bez mračnih dvorana, bez slijepaca koji trče unaokolo i traže jedni druge.
Thank you.
Zahvaljujem!