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ู…ุง ูŠุฌุจ ุนู„ูŠูƒ ูุนู„ู‡ ู‡ูˆ ุงู„ุชู‘ุนุงู…ู„ ู…ุน ุดุฑูƒุงุช ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ูƒุงุณุชุซู…ุงุฑ.
What you should do is you should treat media companies as a business.
ุฅู†ู‘ู‡ ูŠู…ุซู‘ู„ ุจูƒู„ู‘ ุงู„ุญุงู„ุงุช ุงุณุชุซู…ุงุฑุง.
It's business anywhere.
ูˆุงู„ุฅุณุชุซู…ุงุฑ ููŠ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŒ ุฃูˆ ุฃูŠ ุฅุณุชุซู…ุงุฑ ุขุฎุฑุŒ ูŠู„ุฒู…ู‡ ุชู…ูˆูŠู„.
Media business, or any other business, it needs to be capitalized.
ูˆู…ุง ูŠุญุชุงุฌู‡ ู‡ุคู„ุงุก ุงู„ุฑุฌุงู„ุŒ ููŠ ุงู„ูˆุงู‚ุนุŒ ู‡ูˆ ุงู„ุญุตูˆู„ ุนู„ู‰ ุฑุฃุณ ุงู„ู…ุงู„.
And what these guys need, actually, is access to capital.
ููŠ ุงู„ุฅุฌุชู…ุงุน ุงู„ุซุงู„ุซุŒ ูƒุงู†ุช ุงู„ุญุฌุฌ ู…ุนุฑูˆุถุฉ ุจุดูƒู„ ุฌูŠู‘ุฏ.
So third meeting, arguments are pretty well exercised.
ูููŠ ู†ู‡ุงูŠุฉ ุงู„ุฌู„ุณุฉ ู‚ุงู„ : ุฃู†ุธุฑุŒ ู„ู† ูŠู†ุฌุญ ู‡ุฐุง ุงู„ุฃู…ุฑุŒ ูˆู„ู† ุชุชู…ูƒู‘ู† ู…ู† ุฅุณุชุฑุฌุงุน ุฃู…ูˆุงู„ูƒ. ูˆู„ูƒู† ู…ุคุณู‘ุณุชูŠ ุณุชุถุน ุนู„ู‰ ุฐู…ู‘ุชูƒ 500.000 ุฏูˆู„ุงุฑ ุญุชู‰ ุชุชู…ูƒู‘ู† ู…ู† ุชุฌุฑูŠุจ ู‡ุฐู‡ ุงู„ููƒุฑุฉ.
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.
ูˆุฃุฑุฏู: ุฅุฐุง ุงูƒุชุดูุช ุฃู†ู‘ ู‡ุฐุง ุงู„ุฃู…ุฑ ู„ู… ูŠู†ุฌุญ.
See that it will not work.
ุณุฃุนุทูŠูƒ ุญุจู„ุง ู„ุชุดู†ู‚ ู†ูุณูƒ.
He said, I'll give you a rope to hang yourself.
ุนุฑูุช ุดูŠุฆูŠู† ุจุนุฏ ุฐู„ูƒ ุงู„ุงุฌุชู…ุงุน.
I knew two things after that meeting.
ุงู„ุฃูˆู„ุŒ ุฃู†ู‘ูŠ ู„ุง ุฃูˆุฏู‘ ุฃู† ุฃุดู†ู‚ ู†ูุณูŠ ุชุญุช ุฃูŠ ุธุฑู ู…ู† ุงู„ุธุฑูˆู.
First, under no circumstances I want to hang myself.
ูˆุงู„ุซุงู†ูŠุŒ ุฃู†ู‘ู‡ ู„ูŠุณ ู„ุฏูŠู‘ ุฃูŠุฉ ููƒุฑุฉ ุนู† ูƒูŠููŠุฉ ุฌุนู„ู‡ ูŠู†ุฌุญ
And second, that I have no idea how to make it work.
ูƒู…ุง ุชุฑูˆู†ุŒ ูุนู„ู‰ ู…ุณุชูˆู‰ ุงู„ู…ูู‡ูˆู…ุŒ ูู‚ุฏ ูƒุงู† ู…ูู‡ูˆู…ุง ุนุธูŠู…ุง.
You see, at the level of a concept, it was a great concept.
ูˆู„ูƒู† ุฃู† ูŠูƒูˆู† ู„ุดูŠุก ู…ุง ู…ูู‡ูˆู…ุŒ ูู‡ุฐุง ุดูŠุก ู…ู†ูุตู„ ุชู…ุงู…ุง ุนู† ุฌุนู„ู‡ ูŠู†ุฌุญ.
But it's one thing to have a concept; it's a totally separate thing to actually make it work.
ูˆู„ู… ุชูƒู† ู„ูŠ ุฃูŠุฉ ููƒุฑุฉ ุนู„ู‰ ุงู„ุฅุทู„ุงู‚ ูƒูŠู ูŠู…ูƒู† ุฃู† ุฃุฌุนู„ู‡ ูŠู†ุฌุญ.
So I had absolutely no idea how that could actually work.
ูƒุงู†ุช ููƒุฑุฉ ุฎุงุทุฆุฉุŒ ุงุนุชู‚ุฏุช ุฃู†ู‡ ุจุฅู…ูƒุงู†ู†ุง ุฃู† ู†ู‚ูˆู… ุจุฏูˆุฑ ุงู„ุจู†ูƒ.
Had the wrong idea; I thought that we can be a bank.
ูƒู…ุง ุชุนู„ู…ูˆู† ุงู„ุจู†ูˆูƒุŒ ูˆุฃู†ุง ู„ุง ุฃุนุฑู ุฅุฐุง ูƒุงู† ู‡ู†ุงูƒ ู…ุตุฑููŠู‘ูˆู† ู…ู† ุจูŠู†ู†ุงุŒ ุฃู†ุง ุฃุนุชุฐุฑ ู„ู‡ู… ู…ู‚ุฏู‘ู…ุงุŒ ูˆู„ูƒู† ู‡ุฐุง ุฃูุถู„ ุนู…ู„ ููŠ ุงู„ุนุงู„ู….
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.
ุชุนู„ู…ูˆู†ุŒ ุชุฌุฏ ุดุฎุต ู…ุง ู…ุญุชุฑู…ุง ูˆ ู„ุฏูŠู‡ ุงู„ูƒุซูŠุฑ ู…ู† ุงู„ู…ุงู„.
You know, you find somebody who is respectable and has a lot of money.
ุชู…ู†ุญู‡ู… ุงู„ู…ุฒูŠุฏ ู…ู† ุงู„ู…ุงู„ุŒ ูˆูŠุณุฏู‘ุฏูˆู† ุนู„ู‰ ู…ุฏู‰ ูุชุฑุฉ ุฒู…ู†ูŠุฉ.
You give them more money; they repay you that over a time.
ูŠู…ูƒู†ูƒ ุฌู…ุน ุงู„ููˆุงุฆุฏ ุฏูˆู† ุงู„ู‚ูŠุงู… ุจุฃูŠู‘ ุนู…ู„.
You collect interest and do nothing in between.
ู„ุฐู„ูƒ ููƒุฑุชุŒ ู„ู…ุงุฐุง ู„ุง ู†ู†ุฎุฑุท ููŠ ู‡ุฐุง ุงู„ุนู…ู„ุŸ
So I thought, why don't we get into that business?
ู„ุฐู„ูƒ ุญุตู„ู†ุง ู‡ู†ุง ุนู„ู‰ ุนูŽู…ููŠู„ู†ุง ุงู„ุฃูˆู‘ู„ุŒ ูƒุงู† ุดุฎุตุง ู„ุงู…ุนุง.
So here we are having our first client, brilliant.
ุฃูˆู„ ุตุญูŠูุฉ ู…ุณุชู‚ู„ุฉ ููŠ "ุณู„ูˆูุงูƒูŠุง".
First independent newspaper in Slovakia.
ู‚ุงู…ุช ุงู„ุญูƒูˆู…ุฉ ุจุญุฑู…ุงู†ู‡ุง ู…ู† ุฌู…ูŠุน ู…ุฑุงูู‚ ุงู„ุทุจุงุนุฉ ููŠ "ุจุฑุงุชูŠุณู„ุงูุง".
The government cutting them off from all the printing facilities in Bratislava.
ูˆู„ุฐู„ูƒ ุฃุตุจุญ ู„ุฏูŠู†ุง ุตุญูŠูุฉ ูŠูˆู…ูŠุฉุŒ ูŠุฌุจ ุฃู† ุชุชู…ู‘ ุทุจุงุนุชู‡ุง ุนู„ู‰ ุจุนุฏ 400 ูƒูŠู„ูˆู…ุชุฑุง ู…ู† ุงู„ุนุงุตู…ุฉ.
So here's the daily newspaper that has to be printed 400 kilometers away from the capital.
ุฅู†ู‡ุง ุฌุฑูŠุฏุฉ ูŠูˆู…ูŠุฉ ู…ุน ู…ูˆุนุฏ ู†ู‡ุงุฆูŠ ู„ู„ุชูˆุฒูŠุน ู…ุญุฏุฏ ููŠ ุงู„ุณู‘ุงุนุฉ ุงู„ุฑู‘ุงุจุนุฉ ุตุจุงุญุง
It's a daily newspaper with a deadline of 4 p.m.
ู‡ุฐุง ูŠุนู†ูŠ ุฃู†ู‡ู… ู„ูŠุณ ู„ุฏูŠู‡ู… ุฃุฎุจุงุฑ ุงู„ุฑู‘ูŠุงุถุฉุŒ ู„ูŠุณ ู„ุฏูŠู‡ู… ุขุฎุฑ ุงู„ุฃุฎุจุงุฑุŒ ูุงู†ุฎูุถ ุชุฏุงูˆู„ู‡ุง.
That means that they have no sports; they have no latest news; circulation goes down.
ุงู†ู‡ุง ุทุฑูŠู‚ุฉ ู†ุงุนู…ุฉ ูˆ ุฐุงุช ูุงุนู„ูŠู‘ุฉ ู„ุชุถูŠูŠู‚ ุงู„ุฎู†ุงู‚ ุงู‚ุชุตุงุฏูŠุง ุนู„ู‰ ุตุญูŠูุฉ ูŠูˆู…ูŠู‘ุฉ.
It's a kind of very nice, sophisticated way how to economically strangle a daily newspaper.
ู‚ูŽุฏูู…ูˆุง ุฅู„ูŠู†ุง ุจุทู„ุจ ู„ู„ุญุตูˆู„ ุนู„ู‰ ู‚ุฑุถ.
They come to us with a request for a loan.
ุงู†ู‡ู… ูŠุฑูŠุฏูˆู† -- ุงู„ุณุจูŠู„ ุงู„ูˆุญูŠุฏ ู„ุฏูŠู‡ู… ู„ู„ุจู‚ุงุก ุนู„ู‰ ู‚ูŠุฏ ุงู„ุญูŠุงุฉ ู‡ูˆ ุงู„ุญุตูˆู„ ุนู„ู‰ ู…ุทุจุนุฉ ุฎุงุตู‘ุฉ ุจู‡ู….
They want to -- the only way for them to survive is to get a printing press.
ูˆู‚ู„ู†ุงุŒ ู‡ู†ุงูƒ -- ู‡ุฐุง ุฌูŠู‘ุฏุŒ ุฏุนูˆู†ุง ู†ุฌุชู…ุนุŒ ู‚ุฏู‘ู…ูˆุง ู„ู†ุง ุฎุทุฉ ุนู…ู„ูƒู…ุŒ ูˆู‡ุฐุง ู…ุง ูุนู„ูˆู‡ ููŠ ุงู„ู†ู‡ุงูŠุฉ.
And we said, that's fine; let's meet; you'll bring us your business plan, which eventually they did.
ุจุฏุฃู†ุง ุงู„ุฅุฌุชู…ุงุน.
We start the meeting.
ุฃุฎุฐุช ู‚ุทุนุชูŠู’ ุงู„ูˆุฑู‚ ู‡ุฐูŠู†ุŒ ูˆู„ูŠุณุง ู…ุซู„ ู‡ุฐูŠู† ุชู…ุงู…ุงุŒ ูƒุงู†ุง ุนู„ู‰ ุดูƒู„ "A4" ู„ุฐู„ูƒ ูƒุงู†ุง ุฃูƒุจุฑ ุญุฌู…ุง.
I get these two pieces of paper, not like this, A4 format, so it's much bigger.
ูƒุงู†ุช ุชุญูˆูŠ ุงู„ูƒุซูŠุฑ ู…ู† ุงู„ุฃุฑู‚ุงู…. ุงู„ูƒุซูŠุฑ ู…ู† ุงู„ุฃุฑู‚ุงู….
A lot of numbers there. A lot of numbers.
ูˆู„ูƒู† ุญุชู‘ู‰ ูˆ ุฅู† ูˆุถุนุชู‡ุงุŒ ูุฅู† ุงู„ุฃุฑู‚ุงู… ู„ุง ุชุนุทูŠ ุฃูŠู‘ ู…ุนู†ู‰.
But however you put it, you know, the numbers do not make any sense.
ูˆู‡ุฐุง ุฃูุถู„ ู…ุง ูŠู…ูƒู† ุฃู† ุชูุนู„ู‡.
And that's the best they could do.
ูƒู†ุง ุฃูุถู„ ู…ุง ูŠู…ูƒู†ู‡ู… ุงู„ู‚ูŠุงู… ุจู‡.
We were the best that they could do.
ุจุญูŠุซ ูŠู…ูƒู†ู†ุง ูู‡ู… ู…ุงู‡ูŠู‘ุฉ ุฃุณู„ูˆุจู†ุง.
So that is how we understood what our method is.
ุงู†ู‡ุง ู„ูŠุณุช ุจู†ูƒุง. ูˆูƒุงู† ุนู„ูŠู†ุง ุงู„ุฅุชู‘ุตุงู„ ุจู‡ุฐู‡ ุงู„ุดุฑูƒุงุช ูˆุงู„ู…ุทุงู„ุจุฉ ุจุนุงุฆุฏุงุชู†ุง ุนู† ุทุฑูŠู‚ ู…ุฑุงูู‚ุชู‡ู… -- ุนู† ุทุฑูŠู‚ ุฅู†ุดุงุก ู†ุธู… ุงู„ุฅุฏุงุฑุฉุŒ ุนุจุฑ ุชูˆููŠุฑ ุชู„ูƒ ุงู„ู…ุนุฑูุฉุŒ ูƒูŠู ูŠู…ูƒู† ุฅุฏุงุฑุฉ ุงู„ุฃุนู…ุงู„ ู‡ุฐุง ู…ู† ู†ุงุญูŠุฉ -- ุจูŠู†ู…ุง ุฌู…ูŠุนู‡ู… ูŠุนู„ู…ูˆู† ูƒูŠููŠุฉ ุฅุฏุงุฑุฉ ูˆ ุฅู†ุดุงุก ุงู„ู…ุญุชูˆู‰.
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.
ุณุฃู‚ูุฒ ุจุณุฑุนุฉ ู†ุญูˆ ุงู„ู†ุชุงุฆุฌ.
Just quickly on the results.
ุฎู„ุงู„ ู‡ุฐู‡ ุงู„ุณู†ูˆุงุช ุงู„ุนุดุฑุŒ ุฃู†ูู‚ู†ุง 40 ู…ู„ูŠูˆู† ุฏูˆู„ุงุฑ ููŠ ุงู„ุชู…ูˆูŠู„ ุจุฃุณุนุงุฑ ู…ุนู‚ูˆู„ุฉุŒ ู…ุชูˆุณุท ุณุนุฑ ุงู„ูุงุฆุฏุฉ ูƒุงู† 5 ุงู„ู‰ 6 ููŠ ุงู„ู…ุฆุฉ.
Over these 10 years, 40 million dollars in affordable financing, average interest rate five percent to six percent.
ู‚ู…ู†ุง ููŠ ุงู„ุขูˆู†ุฉ ุงู„ุฃุฎูŠุฑุฉ ุจุงู„ุถุบู‘ุท ู‚ู„ูŠู„ุงุŒ ูƒู†ู‘ุง ู†ุทุงู„ุจ ุจู†ุณุจุฉ 7 ููŠ ุงู„ู…ุงุฆุฉ ู…ู† ูˆู‚ุช ู„ุขุฎุฑ.
Lately we are going wild, charging seven percent from time to time.
ู‚ู…ู†ุง ุจุฐู„ูƒ ููŠ 17 ุจู„ุฏุง ู…ู† ุจู„ุฏุงู† ุงู„ุนุงู„ู… ุงู„ู†ู‘ุงู…ูŠ.
We do it in 17 countries of the developing world.
ูˆู‡ู†ุง ู„ุฏูŠู†ุง ุฃูƒุซุฑ ุนุฏุฏ ู…ุฐู‡ู„.
And here is the most stunning number.
ู…ูุนูŽุฏู‘ูŽู„ ุงู„ูŽุณู‘ูŽุฏูŽุงุฏ-- ูˆู‡ุฐุง ุฃูƒุซุฑ ู…ุง ูƒุงู† ูŠุฎุดุงู‡ "ุณูˆุฑูˆุณ" -- 97 ููŠ ุงู„ู…ุฆุฉ.
Return rate -- the one that Soros was so worried about -- 97 percent.
ูˆุญุตู„ู†ุง ุนู„ู‰ 97 ููŠ ุงู„ู…ุฆุฉ ู…ู† ู…ุจุงู„ุบ ุงู„ุชู‘ุณุฏูŠุฏ ุงู„ู…ู‚ุฑู‘ุฑุฉ ุจุฏูˆู† ุฃูŠู‘ ุชุฃุฎูŠุฑ.
97 percent of all the scheduled repayments came back to us on time.
ู…ุงุฐุง ูƒู†ู‘ุง ู†ูู…ูŽูˆู‘ูู„ู ุนุงุฏุฉุŸ
What do we typically finance?
ู†ูู…ูŽูˆู‘ูู„ ุฃูŠู‘ ุดูŠุก ูŠู…ูƒู† ุฃู† ุชุญุชุงุฌ ุฅู„ูŠู‡ ุดุฑูƒุฉ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŒ ู…ู† ุงู„ู…ุทุงุจุน ุฅู„ู‰ ุฃุฌู‡ุฒุฉ ุงู„ุฅุฑุณุงู„.
We finance anything that a media company would need, from printing presses to transmitters.
ู…ุง ู‡ูˆ ุฃูƒุซุฑ ุฃู‡ู…ูŠุฉ ู‡ูˆ ุฃู†ู†ุง ู†ู‚ูˆู… ุจุฐู„ูƒ ุฅู…ุง ููŠ ุดูƒู„ ู‚ุฑูˆุถ ุฃูˆ ุฃุณู‡ู… ุฃูˆ ุฅูŠุฌุงุฑ ู…ุงู„ูŠู‘ -- ูƒู„ ู…ุง ู‡ูˆ ู…ู†ุงุณุจ ู„ุฏุนู… ุฃูŠ ุดุฎุต.
What is most important is we do it either in form of loans, equities, lease -- whatever is appropriate for, you know, supporting anybody.
ูˆู„ูƒู† ุงู„ุฃู‡ู…ู‘ ู‡ู†ุง ู‡ูˆุŒ ู…ู† ุงู„ุฐูŠู† ู†ู‚ูˆู… ุจุชู…ูˆูŠู„ู‡ู…ุŸ
But what is most important here is, who do we finance?
ู†ุญู† ู†ุนุชู‚ุฏ ุฃู†ู‡ ููŠ ุงู„ุณู†ูˆุงุช ุงู„ุนุดุฑ ุงู„ุฃุฎูŠุฑุฉ ู…ูŽุซู‘ูŽู„ุช ุงู„ุดู‘ุฑูƒุงุช ุงู„ุชูŠ ู‚ู…ู†ุง ุจุชู…ูˆูŠู„ู‡ุง ุฃูŽูุถู„ ุดุฑูƒุงุช ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ููŠ ุงู„ุนุงู„ู… ุงู„ู†ุงู…ูŠ.
We believe that in the last 10 years companies that we've financed are actually the best media companies in the developing world.
ุฅู†ู‘ู‡ุง ุงู„ู‚ุงุฆู…ุฉ ุงู„ุฐู‡ุจูŠู‘ุฉ
That is a "Who is Who" list.
ูˆูŠู…ูƒู† ุฃู† ุฃุชุญุฏู‘ุซ ุนู†ู‡ุง ู„ุณุงุนุงุชุŒ ู„ุฃู†ู‘ู‡ู… ุฌู…ูŠุนุง ุฃุจุทุงู„.
And I could spend hours talking about them, because they're all kind of heroes.
ูˆุฃุณุชุทูŠุนุŒ ู„ูƒู†ูŠ -- ุณุฃู‚ุฏู‘ู… ู…ุซุงู„ุงุŒ ุฑุจู…ุง ูˆุงุญุฏุง ูู‚ุทุŒ ูˆุงุนุชู…ุงุฏุง ุนู„ู‰ ุงู„ูˆู‚ุช ู‚ุฏ ุฃู‚ุฏู‘ู… ู„ูƒู… ู…ุซุงู„ูŠู† ู„ู„ุฐูŠู† ู†ุนู…ู„ ู…ุนู‡ู….
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.
ุจุฏุฃู†ุง ุงู„ุนู…ู„ ููŠ ุฃูˆุฑูˆุจุง ุงู„ุดุฑู‚ูŠุฉ ูˆุงู„ูˆุณุทู‰ุŒ ูˆุงู†ุชู‚ู„ู†ุง ุงู„ู‰ ุฑูˆุณูŠุง.
You see we started working in Eastern and Central Europe, and moved to Russia.
ุงู„ู‚ุฑุถ ุงู„ุฃูˆู„ ุงู„ุฐูŠ ู‚ุฏู‘ู…ู†ุงู‡ ููŠ ุฑูˆุณูŠุง ูƒุงู† ููŠ "ุชุดูŠู„ูŠุงุจูŠู†ุณูƒ".
Our first loan in Russia was in Chelyabinsk.
ุฃุฑุงู‡ู† ุฃู†ู‘ ู†ุตููƒู… ู„ู… ูŠุณู…ุน ู…ู† ู‚ุจู„ ู‚ุท ุนู† ุฐู„ูƒ ุงู„ู…ูƒุงู†.
I'll bet half of you have never heard of that place.
ูŠูˆุฌุฏ ููŠ ุฌู†ูˆุจ ุฑูˆุณูŠุง ู‡ู†ุงูƒ ุฑุฌู„ ูŠูุฏุนู‰ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด ูƒุฑุดุงูŠู†"ุŒ ูˆุงู„ุฐูŠ ูŠูุฏูŠุฑ ุตุญูŠูุฉ ู…ุณุชู‚ู„ุฉ ู‡ู†ุงูƒ.
In the south of Russia there's a guy called Boris Nikolayevich Kirshin, who is running an independent newspaper there.
ูƒุงู†ุช ุงู„ู…ุฏูŠู†ุฉ ู…ุบู„ู‚ุฉ ุญุชู‰ ุฃูˆุงุฆู„ ุงู„ุชู‘ุณุนูŠู†ูŠุงุช ู„ุฃู† ูƒู„ ู…ุง ููŠ ุงู„ุฃู…ุฑุŒ ูƒุงู†ูˆุง ูŠูู†ุชุฌูˆู† ุฒุฌุงุฌ ุทุงุฆุฑุงุช "ุงู„ุชูˆุจูˆู„ูŠู ".
The city was closed until early '90s because, of all things, they were producing glass for Tupolev planes.
ุนู„ู‰ ุฃูŠ ุญุงู„ุŒ ุฅู†ู‡ ูŠูุฏูŠุฑ ุตุญูŠูุฉ ู…ุณุชู‚ู„ุฉ ู‡ู†ุงูƒ.
Anyway, he's running independent newspaper there.
ุจุนุฏ ุนุงู…ูŠู† ู…ู† ุงู„ุนู…ู„ ู…ุนู†ุงุŒ ุฃุตุจุญุช ุงู„ุตุญูŠูุฉ ุงู„ุฃูƒุซุฑ ุงุญุชุฑุงู…ุง ููŠ ุฐู„ูƒ ุงู„ู…ูƒุงู† ุงู„ุตุบูŠุฑ.
After two years working with us, he becomes the most respected newspaper in that small place.
ููŠ ูŠูˆู… ู…ุง ุฃุชุงู‡ ุงู„ู…ุญุงูุธุŒ ุฃูˆ ุฏุนุงู‡ ู„ู„ุญุถูˆุฑ ุฅู„ู‰ ู…ูƒุชุจู‡.
Governor comes to him one day, actually invites him to come to his office.
ุฐู‡ุจ ู„ูŠุฑู‰ ุงู„ู…ุญุงูุธ. ูู‚ุงู„ ู„ู‡ ุงู„ู…ุญุงูุธุŒ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด"ุŒ ุฃู†ุง ุฃูู‡ู… ุฃู†ู‘ูƒ ุชู‚ูˆู… ุจุนู…ู„ ุนุธูŠู…ุŒ ูˆุฃู†ู‘ูƒู… ุชู…ุซู‘ู„ูˆู† ุงู„ุตุญูŠูุฉ ุงู„ุฃูƒุซุฑ ุงุญุชุฑุงู…ุง ููŠ ู…ู‚ุงุทุนุชู†ุง.
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.
ูˆุฃุฑูŠุฏ ุฃู† ุฃู‚ุฏู‘ู… ู„ูƒ ุนุฑุถุง.
And I want to offer you a deal.
ู‡ู„ ุจุฅู…ูƒุงู†ูƒ ู…ู† ูุถู„ูƒ ุฃู† ุชุนุทูŠู†ูŠ ุตุญูŠูุชูƒ ู„ู„ุฃุดู‡ุฑ ุงู„ุชุณุนุฉ ุงู„ู…ู‚ุจู„ุฉุŒ ู„ุฃู†ู‘ ู„ุฏูŠู‘ ุฅู†ุชุฎุงุจุงุช -- ู‡ู†ุงูƒ ุฅู†ุชุฎุงุจุงุช ู‚ุงุฏู…ุฉ ููŠ ุบุถูˆู† ุชุณุนุฉ ุฃุดู‡ุฑ.
Can you please give me your newspaper for the next nine months, because I have elections -- there are elections coming up in nine months.
ุฃู†ุง ู„ู† ุฃุดุงุฑูƒ ููŠู‡ุงุŒ ูˆู„ูƒู† ู…ู† ุงู„ู…ู‡ู… ุฌุฏุง ุจุงู„ู†ุณุจุฉ ู„ูŠ ู…ู† ุงู„ุฐูŠ ุณูŽูŠูŽุฎู’ู„ูููู†ููŠ.
I will not run, but it's very important for me who is going to succeed me.
ุฅุฐู† ุฃุนุทู†ูŠ ุงู„ุฌุฑูŠุฏุฉ ู„ู…ุฏุฉ ุชุณุนุฉ ุฃุดู‡ุฑุŒ ูˆุณูˆู ุฃุนูŠุฏู‡ุง ู„ูƒ.
So give me the paper for nine months. I'll give it back to you.
ู„ูŠุณ ู„ุฏูŠ ุฃูŠู‘ ุฅู‡ุชู…ุงู… ุจุงู„ุฅู†ุถู…ุงู… ุฅู„ู‰ ุงู„ุฃุนู…ุงู„ ุงู„ุชุฌุงุฑูŠุฉ ููŠ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู….
I have no interest in being in media business.
ูƒู… ุชุทู„ุจ ุซู…ู†ุง ู„ุฐู„ูƒุŸ
How much would that cost?
ุฃุฌุงุจ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด": "ุฅู†ู‘ู‡ุง ู„ูŠุณุช ู„ู„ุจูŠุน".
Boris Nikolayevich says, "It's not for sale."
ูุฃุฌุงุจ ุงู„ู…ุญุงูุธ : "ุณูˆู ู†ูุบู„ู‚ ุงู„ุฌุฑูŠุฏุฉ".
The governor says, "We will close you."
ูุฃุฌุงุจ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด": "ู„ุงุŒ ู„ุง ูŠู…ูƒู†ูƒ ููุนู’ู„ู ุฐู„ูƒ".
Boris Nikolayevich says, "No, you cannot do it."
ุจุนุฏ ู…ูุถูŠู‘ ุณุชู‘ุฉ ุฃุดู‡ุฑ ุฃูุบู„ู‚ุช ุงู„ุตู‘ุญูŠูุฉ.
Six months later the newspaper was closed.
ู„ุญุณู† ุงู„ุญุธ ูƒุงู† ู„ุฏูŠู†ุง ู…ุง ูŠูƒููŠ ู…ู† ุงู„ูˆู‚ุช ู„ู…ุณุงุนุฏุฉ "ุจูˆุฑูŠุณ ู†ูŠูƒูˆู„ุงูŠููŠุชุด" ุญู…ู„ู†ุง ุฌู…ูŠุน ุงู„ู…ูˆุฌูˆุฏุงุช ู…ู† ุชู„ูƒ ุงู„ุดุฑูƒุฉ ูˆุฃูˆุฏุนู†ุงู‡ ุงู„ู‰ ูˆุงุญุฏุฉ ุฌุฏูŠุฏุฉุŒ ู„ู„ุญุตูˆู„ ุนู„ู‰ ูƒู„ ู‚ูˆุงุฆู… ุงู„ุฅูƒุชุชุงุจุŒ ูˆุฅุนุงุฏุฉ ุชุนูŠูŠู† ุงู„ู…ูˆุธููŠู†.
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.
ู„ุฐู„ูƒ ูƒู„ู‘ ู…ุง ุญุตู„ ุนู„ูŠู‡ ุงู„ู…ุญุงูุธ ูƒุงู† ู‡ูŠูƒู„ุง ูุงุฑุบุง.
So what the governor got was an empty shell.
ูˆู„ูƒู† ู‡ุฐุง ู…ุง ูŠุญุฏุซ ุฅุฐุง ูƒู†ุช ููŠ ู…ุฌุงู„ ุงู„ุฃุนู…ุงู„ ุงู„ุชุฌุงุฑูŠุฉ ููŠ ูˆุณุงุฆู„ ุฅุนู„ุงู… ุงู„ู…ุณุชู‚ู„ุฉุŒ ูˆุฅุฐุง ูƒู†ุช ู…ุตุฑููŠู‘ุง ู„ูˆุณุงุฆู„ ุฅุนู„ุงู… ู…ุณุชู‚ู„ุฉ.
But that is what happens if you're in business of independent media, and if you are a banker for independent media.
ู„ุฐู„ูƒ ุชุจุฏูˆ ูˆูƒุฃู†ู‡ุง ู‚ุตุฉ ูƒุจูŠุฑุฉ.
So it sounds like a great story.
ููŠ ู…ูƒุงู† ู…ุง ุนู„ู‰ ุงู„ุทุฑูŠู‚ ูุชุญู†ุง ู…ุฑูƒุฒุง ู„ุฅุฏุงุฑุฉ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู….
Somewhere down the road we opened a media management center.
ุฃู†ุดุฃู†ุง ู…ุฎุชุจุฑ ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู…ุŒ ู‡ุฐุง ูŠุจุฏูˆ ูˆูƒุฃู†ู‡ ู‚ุตุฉ ุญู‚ูŠู‚ูŠุฉ ูƒุจูŠุฑุฉ.
We started our media lab, sounds like a real great story.
ูˆู„ูƒู† ู‡ู†ุงูƒ ุฒุงูˆูŠุฉ ุซุงู†ูŠุฉ ู„ุฐู„ูƒ.
But there is a second angle to that.
ุงู„ุฒุงูˆูŠุฉ ุงู„ุซุงู†ูŠุฉุŒ ูƒู…ุง ุดุงู‡ุฐู†ุง ููŠ ู‡ุฐุง ุงู„ู…ู‚ุทุน.
The second angle, like in this clip.
ุฅุฐุง ุฃุฎุฐุช ุงู„ูƒุงู…ูŠุฑุง ุฃุนู„ุงู‡ุŒ ุนู„ูŠูƒ ุฃู† ุชุจุฏุฃ ุจุงู„ุชููƒูŠุฑ ู…ุฌุฏู‘ุฏุง ุญูˆู„ ู‡ุฐู‡ ุงู„ุฃุฑู‚ุงู….
If you take the camera above, you start thinking about these numbers again.
40 ู…ู„ูŠูˆู† ุฏูˆู„ุงุฑ ุนู„ู‰ ู…ุฏู‰ 10 ุณู†ูˆุงุช ู…ูˆุฒู‘ุนุฉ ุนู„ู‰ 17 ุจู„ุฏุง.
40 million dollars over 10 years spread over 17 countries.
ู‡ุฐุง ู„ูŠุณ ุจุงู„ูƒุซูŠุฑุŒ ุฃู„ูŠุณ ูƒุฐู„ูƒุŸ
That is not too much, is it?
ุฅู†ู‘ู‡ุง ููŠ ุงู„ูˆุงู‚ุน ู…ุฌุฑุฏ ู‚ุทุฑุฉ ููŠ ุจุญุฑ.
It's actually just a drop in the sea.
ู„ุฃู†ู‡ ุนู†ุฏู…ุง ุชูููƒุฑ ููŠ ุงู„ุฃู‡ู…ูŠุฉุŒ ุจุนุถ ุงู„ู‚ุถุงูŠุง ุงู„ุชูŠ ู†ุงู‚ุดู†ุงู‡ุง ู„ูŠู„ุฉ ุฃู…ุณ -- ู‡ุฐู‡ ุงู„ุฏูˆุฑุฉ ุงู„ุฃุฎูŠุฑุฉ ุชุญุฏู‘ุซู†ุง ุญูˆู„ ุฅูุฑูŠู‚ูŠุง ูˆ ู…ุจู„ุบ 50 ู…ู„ูŠุงุฑ ุฏูˆู„ุงุฑ ุงู„ุฅูุชุฑุงุถูŠู‘ ุงู„ู…ุฎุตู‘ุต ู„ุฅูุฑูŠู‚ูŠุง.
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.
ูˆูƒูู„ู‘ ู‡ุฐู‡ุŒ ู„ูŠุณ ูƒูู„ู‘ู‡ุงุŒ ู†ุตู ุชู„ูƒ ุงู„ู…ุดุงูƒู„ ุงู„ุชูŠ ุฐููƒูุฑุช ููŠ ุงู„ู„ูŠู„ุฉ ุงู„ู…ุงุถูŠุฉ -- ู…ุณุงุกู„ุฉ ุงู„ุญูƒูˆู…ุฉุŒ ูˆุงู„ูุณุงุฏุŒ ูˆูƒูŠู ูŠู…ูƒู† ู…ุญุงุฑุจุฉ ุงู„ูุณุงุฏุŒ ุฅุนุทุงุก ุตูˆุช ู„ู…ู† ู„ุง ุตูˆุช ู„ู‡ุŒ ู„ู„ูู‚ุฑุงุก -- ู‡ุฐุง ู‡ูˆ ุงู„ุณุจุจ ุงู„ุฐูŠ ุฃู‚ุญู… ูˆุณุงุฆู„ ุงู„ุฅุนู„ุงู… ุงู„ู…ุณุชู‚ู„ุฉ ููŠ ุฏู†ูŠุง ุงู„ุฃุนู…ุงู„.
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.
ูˆู„ู‡ุฐุง ุงู„ุณุจุจ ุชู… ุฅุฎุชุฑุงุนู‡ุง.
And it's why it was invented.
ู„ุฐู„ูƒ ู…ู† ู‡ุฐุง ุงู„ู…ู†ุธูˆุฑุŒ ู…ุง ูุนู„ู†ุงู‡ ู‡ูˆ ูู‚ุท ุญู‚ุง ู‚ุทุฑุฉ ูˆุงุญุฏุฉ ููŠ ุจุญุฑ ุงู„ุฅุญุชูŠุงุฌุงุช ุงู„ุฐูŠ ุชู…ูƒู‘ู†ุง ู…ู† ุงู„ุชุนุฑู ุนู„ูŠู‡.
So from that perspective, what we did is just really one drop in the sea of that need that we can identify.
ู‡ุฐู‡ ู…ุฌุฑู‘ุฏ ู‚ุตุฉ ูˆุงุญุฏุฉ ู„ุฏูŠู†ุง.
Now ours is just one story.
ูˆุฃู†ุง ู…ุชุฃูƒุฏ ู…ู† ุฃู† ููŠ ู‡ุฐู‡ ุงู„ู‚ุงุนุฉ ู‡ู†ุงูƒุŒ ู…ุง ูŠู‚ุงุฑุจุŒ 15 ู‚ุตู‘ุฉ ุฃุฎุฑู‰ ุฑุงุฆุนุฉ ู…ู† ุงู„ู…ู†ุธู…ุงุช ุบูŠุฑ ุงู„ุฑู‘ุจุญูŠุฉ ุงู„ุชูŠ ุชู‚ูˆู… ุจุนู…ู„ ู…ุฐู‡ู„.
I'm sure that in this room there are, like, 15 other wonderful stories of nonprofits doing spectacular work.
ูˆู‡ู†ุง ุชูƒู…ู† ุงู„ู…ุดูƒู„ุฉุŒ ูˆุณุฃุดุฑุญ ู„ูƒู…ุŒ ุจู‚ุฏุฑ ู…ุง ุฃุณุชุทูŠุน ู…ุง ู‡ูŠ ุงู„ู…ุดูƒู„ุฉ.
Here is where the problem is, and I'll explain to you as well as I can what the problem is.
ูˆู‡ูŠ ุชุฏุนู‰ ุฌู…ุน ุงู„ุชุจุฑู‘ุนุงุช.
And it's called fundraising.
ุชุตูˆู‘ุฑ ุฃู†ู‘ ู‡ุฐุง ุงู„ุซูู„ู‹ุซูŽ ู…ู† ู‡ุฐู‡ ุงู„ู‚ุงุนุฉ ู…ู„ูŠุก ุจุฃู†ุงุณ ูŠู…ุซู„ูˆู† ู…ุฎุชู„ู ุงู„ู…ุคุณุณุงุช.
Imagine that this third of this room is filled with people who represent different foundations.
ุชุฎูŠู„ ุฃู†ู‘ ุงู„ุซู‘ู„ุซูŠู† ูŠุฏูŠุฑุงู† ุชู„ูƒ ุงู„ู…ู†ุธู…ุงุช ุงู„ู…ู…ุชุงุฒุฉุŒ ุชู‚ูˆู… ุจุนู…ู„ ู…ู‡ู… ุฌุฏุง.
Imagine two thirds over here running excellent organizations, doing very important work.
ุงู„ุขู† ุชุฎูŠู„ ุฃู† ูƒู„ ุดุฎุต ู…ู† ู‡ุฐู‡ ุงู„ู†ู‘ุงุญูŠุฉ ุฃุตู…ุŒ ู„ุง ูŠุณู…ุนุŒ ูˆู‚ู… ุจุฅุทูุงุก ุงู„ู…ุตุงุจูŠุญ.
Now imagine that every second person over here is deaf, does not hear, and switch the lights off.
ู‡ุฐู‡ ู‡ูŠ ุฏุฑุฌุฉ ุตุนูˆุจุฉ ุฌู…ุน ุฃุดุฎุงุต ู…ู† ู‡ุฐุง ุงู„ุฌุงู†ุจ ู…ู† ุงู„ุบุฑูุฉ ู…ุน ุฃุดุฎุงุต ู…ู† ุฐู„ูƒ ุงู„ุฌุงู†ุจ ู…ู† ุงู„ุบุฑูุฉ.
Now that is how difficult it is to match people from this side of the room with people of that side of the room.
ูˆู„ุฐู„ูƒ ูƒู†ู‘ุง ู†ุนุชู‚ุฏ ุฃู†ู‘ ู‡ู†ุงูƒ ุญุงุฌุฉ ุฅู„ู‰ ููƒุฑุฉ ูƒุจูŠุฑุฉ ู„ุฅุตู„ุงุญุŒ ู„ุฅุนุงุฏุฉ ุงู„ู†ุธุฑ ูƒู„ูŠุง ููŠ ุฌู…ุน ุงู„ุชุจุฑุนุงุช.
So we thought that some kind of a big idea is needed to reform, to totally rethink fundraising.
ุจุฏู„ุง ู…ู† ุงู„ุญุตูˆู„ ุนู„ู‰ ู…ุดู‡ุฏ ุฃู†ุงุณ ูŠุฑูƒุถูˆู† ููŠ ู‡ุฐุง ุงู„ุธู„ุงู…ุŒ ู…ุญุงูˆู„ูŠู† ุงู„ุนุซูˆุฑ ุนู„ู‰ ุชุทุงุจู‚ ุจูŠู†ู‡ู…ุŒ ู…ู† ุงู„ุฐูŠ ุณูŠูƒูˆู† ุนู„ู‰ ุงุณุชุนุฏุงุฏุŒ ู…ู† ุงู„ุฐูŠ ู„ุฏูŠู‡ ู†ูุณ ุงู„ุฃู‡ุฏุงู
You know, instead of people running in this dark, trying to find their own match, who will be willing, who has the same goals.
ุจุฏู„ุง ู…ู† ูƒู„ ุฐู„ูƒ ูƒู†ุง ู†ุธู† ุฃู†ู‘ ู‡ู†ุงูƒ -- ุดูŠุฆุง ุฌุฏูŠุฏุง ูŠุญุชุงุฌ ู„ู„ุฅุฎุชุฑุงุน.
Instead of all of that we thought there is -- something new needs to be invented.
ูˆุชูˆุตู„ู†ุง ู…ุน ููƒุฑุฉ ุฅุตุฏุงุฑ ุงู„ุณู†ุฏุงุช ู‡ุฐู‡ุŒ ุณู†ุฏุงุช ุตุญุงูุฉ ุญุฑุฉ.
And we came up with this idea of issuing bonds, press freedom bonds.