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VentureXchange https://venturexchange.hr A Financial advisory company Sun, 09 Aug 2020 19:11:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.2 https://venturexchange.hr/wp-content/uploads/2020/04/cropped-x-32x32.png VentureXchange https://venturexchange.hr 32 32 Croatian first Unicorn https://venturexchange.hr/croatians-first-unicorn/ https://venturexchange.hr/croatians-first-unicorn/#respond Fri, 07 Aug 2020 12:30:39 +0000 https://venturexchange.hr/?p=3089

Last week’s announcement that the US private equity firm One Equity Partners is partnering with Infobip in their $200 million Series A round at a $1 billion valuation may not seem groundbreaking in the international technology market yet for a small mostly tourism-driven country like Croatia it certainly is. It is a sign for the global investment community that substantial growth on a global scale can be achieved by Croatian companies, and can pave the way for more capital commitments to Croatian equities. 

The three founders of Infobip have not just proven that global Software companies with thousands of employees can be built on the beautiful coastline of Croatia, but are a symbol for the resilient entrepreneur, as they have silently built a global powerhouse without any funding or help by the institutions which were intended to do so. Infobip’s founders have spotted the need for a Full-stack Communications Platform as a Service (CPaaS), as they describe their product, early on in 2006 when it was far from obvious that billions of SMS would have to be sent daily from Uber, Lyft, and other mobile Apps 14 years later. Today the company operates its direct communication SaaS globally with virtually every major telecom operator, offers a wide range of messaging services, and boasts clients with the likes of Uber, Burger King, and Strava. 

The funding comes a bit surprising, as the founders intended to go public without prior fundraising.  In comparison Twilio (NYSE: TWLO), Infobip’s main competitor has raised $263 million from 24 investors, amongst those global leaders such as Salesforce, Fidelity, and T. Rowe Price since its inception 2009 when they first went through the Techstars Accelerator. Today Twilio has a market cap of $38.59 billion, the $1 billion Infbip is valued at seems small compared to its biggest rival, although it is their first-ever funding round and we expect more money to be drawn to the company. 

The round’s only investor One Equity Partners, invested in Croatia for the first time, the middle-market private equity firm has $10 billion assets under management and was formed at Bank One in 2001, today it operates under the JP Morgan Chase umbrella after the latter was acquired by JPM. Interestingly One Equity Partners acquired a majority share in Ericsson media solutions in 2018, which is the media business of Ericsson composed of many previous acquisitions, yet a small part of Ericsson, which of course has its roots in the global telecom market and could pave the way for a symbiotic relationship between the two. 

The future will show how this Croatian success story will unfold, we at VentureXchange are happy that Silvio Kutic, Roberto Kutic, Izabel Jelenic have shown the world that Croatia can produce Unicorns, and hope that many more will follow their path. Congratulations Infobip.

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The most sustainable companies in Europe https://venturexchange.hr/the-most-sustainable-companies-in-europe/ https://venturexchange.hr/the-most-sustainable-companies-in-europe/#respond Fri, 07 Aug 2020 07:46:58 +0000 https://venturexchange.hr/?p=2966

Europe is front-and-centre in the tidal shift towards more sustainable business, driven by far-reaching regulations. Nearly half the world’s most sustainable companies are in Europe. France paves the way with nine sustainable companies in the ranking, followed by Finland with six companies of 100.

European countries have typically been leaders in the fight against climate change, with many ranking lowest in carbon emissions globally and highest in environmental quality. The newest trillion-euro investment plan looks to solidify Europe as the global example for combating global warming as other continents like Asia and North America continue to produce high carbon emissions and lag in renewable energy sources.

We took top 3 companies in Europe that rank high on corporate sustainability criteria. The researchers rely on readily available data for all publicly-listed companies with at least $1 billion in gross revenue (in PPP), as of the financial year 2018.

Some of the criteria used for measurement of corporate sustainability include financial management, employee management, resource management and clean revenue.

 

Ørsted A/S

Denmark’s Ørsted A/S claims the top of the leaderboard in 2020. Within a decade, the company has completely transformed its business model—shifting away from the Danish Oil and Natural Gas (DONG) company into a pure-play renewable energy company.

Ørsted A/S operates through three segments: Wind Power, Bioenergy and Thermal Power, and Distribution and Customer Solutions. According to media, they have recently signed a deal described as “the world’s largest renewables corporate power purchase agreement.” Taiwan Semiconductor Manufacturing Company – purchased all the energy produced by Orsted’s yet-to-be-built 920-megawatt offshore wind farm off Taiwan.

Nevertheless, Ørsted attributes its dramatic transformation to the societal demand for green energy and aims to be carbon-neutral by 2025.

 

Chr. Hansen Holding A/S

Chr. Hansen took second place in 2020 among the worlds most sustainable companies. Chr. Hansen’s score improved to 83.9% from 82.99%. Moreover, Ørsted A/S jumped to No. 1 in 2020 from No. 4 in 2019 as its overall score improves to 85.2% from 80.13%.

The company is developing microbial solutions for the food, nutritional, pharmaceutical and agricultural industries. Sustainability is an integral part of Chr. Hansen’s vision to improve food and health. In 2019 Chr. Hansen has ranked as the world’s most sustainable company by Corporate Knights thanks to strong sustainability efforts.

Chr. Hansen scored high marks in clean revenue, which Corporate Knights defines as the percentage of a company’s total revenue derived from products and services categorized as clean.

 

Neste Oyj

 

Neste Oyj ranked as the world’s third most sustainable company on the Corporate Knights’ Global 100 list of the world’s most sustainable corporations.

“Our company’s purpose is to create a healthier planet for our children, particularly through tackling the climate crisis. In this work, we need everyone on board. It is great to see more and more companies placing sustainability at the core of their strategies worldwide” – says Peter Vanacker, President and CEO of Neste.

Neste has gone through a comprehensive transformation over the past decade: the former local oil company’s aim is now to become a global leader in renewable and circular solutions.

The organizations that make up this list have made significant strides toward sustainability, but there’s still much work to be done, and it’s in their best interest as businesses to do it. The big takeaway when looking at Ørsted and the other companies is how the gorwth in green and sustainable development is moving forward. In this age of climate and carbon constraints and an emerging climate economy, these companies are positioned to succeed.

 

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ESG Investments Croatia https://venturexchange.hr/esg-investments-croatia/ https://venturexchange.hr/esg-investments-croatia/#respond Wed, 22 Jul 2020 13:48:28 +0000 https://venturexchange.hr/?p=2901

ESG could be defined as responsible investing strategy and practice which includes 3 key factors in investment decision making: social, environmental and governance factors.

ESG is becoming more important and present in the investing world because there is a growing number of clients who take into consideration ESG factors when deciding on which fund to invest in. 

Croatia in ESG practices

ESG investing is still at its early phases in Croatia. There is undoubtedly a higher level of ESG practices in Croatia and the future of investing.  This to some extent will come as a consequence of regulators already increasingly emphasizing that responsible investing is an integral part of asset management services.

At the EU level, asset management companies will need to start announcing how they integrate ESG factors into investment decisions. Recently, Croatia’s regulator (HANFA) announced that the International Organization of Pension Supervisors (IOPS) has adopted Supervisory Guidelines on the integration of ESG factors into investment and risk management of pension funds. Moreover, according to MSCI Croatia implemented 2 regulations by Governments with ESG practice in 2019. The regulations include slean and energy-efficient road transport vehicles. It also includes commission Decisions 2009/300/EC and 2018/59 on the ecological criteria for the award of the Community Eco-label to televisions.

Croatia has an ESG Relevance Score of 5 for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch’s SRM and are highly relevant to the rating and a key rating driver with a high weight.

Key rating drivers

Fitch forecasts the economy will contract by 5.5% in 2020, from the growth of 2.9% in 2019, due to the impact of the COVID-19 pandemic.  Croatia is highly dependent on tourism and tourism-related activities. According to Eurostat, the ratio of tourism to total domestic supply stands at 9.8%, by far the highest figure in the EU (average is 3.4%).

The hit to tourism and other services will have a significant effect on employment, consumption, investment and exports. However, it macroeconomic professionals expect the economy to recover in 2021. Moreover, the economy will expand by close to 3% on the back of service sector growth and a pick-up in exports as global demand resumes.

The chart above shows that HT leads the list with an ESG score of 61.97, followed by Ad Plastik with 45.76. The early adopters to ESG practices could possibly benefit from having high ESG scores as it might attract a new pool of investors who are seeking investments in companies with implemented ESG practices. 

Summary

Croatia is leaning towards ESG practice and many companies show deep interest in ESG topic through published articles and reports. We can clearly see that there is a better understanding of the environmental, social and governance challenges. Investors are looking to invest in companies with long term ESG strategy. Existing and future regulatory changes at EU-level (EC’s Action Plan on Sustainable Finance) provide a further decisive impetus to embrace sustainability aspects.  We can advise clients in devising the ESG strategy and communicating it to various stakeholders.  ESG strategy is not a stand-alone issue but should be integrated into the overall company’s strategy, operating environment, and business model

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Sustainable investing in the new normal https://venturexchange.hr/sustainable-investing-in-the-new-normal/ https://venturexchange.hr/sustainable-investing-in-the-new-normal/#respond Mon, 29 Jun 2020 17:21:23 +0000 https://venturexchange.hr/?p=2610

Sustainable investing is becoming part of business today as businesses face environmental and social challenges. Addressing these sustainable challenges in global markets allows for financial advisors and investors who are actively seeking places to invest their money that support their sustainable values.

Refinitiv provides a rich source of environmental, social and governance (ESG) research data, covering 80% of global market cap, spanning 76 countries. However, only 35% of companies have specific reduction targets around their emissions, meaning many are setting up policies without backing up their intentions.

Sustainable investing has become more important now more than ever. In the world of new normal, investors will look for their portfolio companies to integrate ESG objectives.

Why sustainable investing is growing?

 

The reason behind the high interest in sustainable investing starts with climate change that was most discussed theme this year in Davos. From a corporate and market perspective, that shows more opportunities for tech companies. Some of the companies that showed interest in green investing are Starbucks and Salesforce.

According to Barron’s, Salesforce.com announced it would plant a trillion trees over the next 10 years. Starbucks (SBUX) committed to a 50% reduction in emissions. That said, big companies are willing to speak loudly about climate risks in 2020. The fact that climate change was number on the topic at Davos, says a lot about how important this issue really is.

The climate solutions market could double from $1 trillion a year now to $2 trillion a year by 2025, says BofA’s Israel, including renewables, electric vehicles, batteries, biofuels, and circular economy plays.

Technology is changing what we demand and how we consume. Whether it’s driverless cars, smart metering in utilities, renewables in oil and gas, or online sales in retail, most sectors of the economy are seeing paradigm shifts in the way business is conducted.

Together these are the reasons why sustainable investing is rapidly growing. Therefore, sustainable investing has become more than a trend, it’s become the new normal.

In today’s environment where change and uncertainty seem to be the only constants, more and more investors are taking a long-term view and choosing to put their money into companies that generate a return and act responsibly. ESG investing is already reshaping global markets.

Key takeaways

 

To sum up, ESG investing is growing and it is becoming part of business today. In the recent article, we discussed the ESG legislation requirements.

Registered data on ESG investing growth showed a good path for sustainable investors and could serve as a proof point of how investors can trust ESG funds in turbulent markets.

There is no question about ESG becoming an integral part of doing business. If you are looking to integrate ESG criteria to your business strategy, we can advise you on devising the ESG strategy and communicating it to various stakeholders. 

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Why ESG is core to a venture capital success? https://venturexchange.hr/why-esg-is-core-to-a-venture-capital-success/ https://venturexchange.hr/why-esg-is-core-to-a-venture-capital-success/#respond Wed, 24 Jun 2020 10:11:02 +0000 https://venturexchange.hr/?p=2577

Venture Capital (VC) is having a transformative impact on large sections of the global economy. While ESG issues have never been greater, investors may think the ESG is less relevant for VC. Tech companies do not directly emit many greenhouse gases or pollute many rivers after all. However, ESG integration for investing can be critical to long term success of venture capital firms.

The need for sustainable investments has grown dramatically in recent years and so has the pressure on investors to integrate sustainability factors in their investments. VC mostly targets disruptive business models that often don’t have developed model of ESG issues. As companies grow, individuals within the company will have their own perceptions of appropriate behaviour and activity which will likely be divergently resulting in a loss of ESG rigour in the corporate operation.

Moreover, tech companies are often at the forefront of emerging ESG concerns. For example, the ethical issue of personal data will become major 2020s human right issue.

That said, VC investors will have greater chances to identify ESG risks with systematically integrated ESG into investment decision making. Moreover, systematic approach is particularly valuable for VC investors because they have smaller teams and bigger portfolios than their private equity peers.

The adoption of environmental, social and governance policies can help mitigate risks and provide a healthy framework for inexperienced founders. Moreover, it can be less painful for the company if ESG has been part of its culture in its early stages rather than being ‘retro-fitted’ under the pressure of investor scrutiny.

With this in mind, VC investors can set the foundations for rapid growth if their company incorporates ESG early on. A clear ESG commitment can also attract Millenials, as sustainable consciousness consumers. A 2019 Morgan Stanley Institute for Sustainable Investing survey of high net worth investors found that 95% of millennials were interested in sustainable investing.

According to MSCI, the interest from millennial investors has already helped drive the rapid growth in ESG investment. Nearly USD 4 billion flowed into ESG funds in the first three quarters of 2019. The year-end total in 2018 was USD 5.5 billion, which at the time was a calendar-year record, but sustainable funds were on track to triple that during the waning months of 2019.

The necessity of ESG due diligence is simply relative to the sector, and so different factors will be diligenced depending on the profile of the business. Therefore, due diligence and manager research teams have been leveraging ESG data to better understand the ESG characteristics of managed products and funds. ESG reporting and data may help align what managers say they are doing with ESG outcomes.

For example, where a manager says they are building a portfolio designed to minimize exposure to climate change risk, due diligence and research teams may leverage ESG reporting to measure the carbon footprint and performance on climate change risk management of a portfolio and compare it to a benchmark.

At Venturexchange, we can advise clients in devising the ESG strategy and communicating it to various stakeholders. ESG strategy is not a stand-alone issue but should be integrated into the overall company’s strategy, operating environment, and business model.

Our article does not provide all the answers that involve ESG issues, but we hope it provides a framework for VC investors to consider and manage their ESG impact.

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ESG investing: Integration of sustainability risks https://venturexchange.hr/esg-investing-integration-of-sustainability-risks/ https://venturexchange.hr/esg-investing-integration-of-sustainability-risks/#respond Fri, 19 Jun 2020 08:54:25 +0000 https://venturexchange.hr/?p=2511

Investing in sustainability is no longer a trend, the ESG considerations are becoming the norm. Growth of ESG investing in Europe became a focus for investment companies. Management companies have been typically concerned with assessing and monitoring the financial risks associated with the investments acquired by funds which they manage. However, from 10 March 2021 onwards, all management companies will be required to provide information on their websites about their policies on the integration of sustainability risks into the investment decision-making process.

During the pandemic, we experienced higher inflows from ESG investing strategies. Public scrutiny of how businesses are responding to the COVID-19 pandemic is bringing renewed attention to the importance of corporate transparency on sustainability issues.

 

ESG Legislation

 

ESG investing integration will require portfolio management teams and risk teams within management companies to assess how sustainability risks are integrated into the investment decision-making process. ESG investing decision will cover what is applicable to each fund under management and to update due diligence policies accordingly. Information on such policies must then be disclosed on the management company’s website.

Under the SDFR, all management companies (regardless of whether or not they manage ESG funds) will be required to revise their remuneration policy to explain how this policy is consistent with the integration of sustainability risks. Given the deadline of 10 March 2021 for disclosing this information on their websites, management companies should now conduct an assessment on how sustainability risks are integrated into remuneration structure.

Legislation and all the necessary information can be found on the Official journal. While legislative measures are about to take action, this is a clear indicator of how the European Commission is committed to sustainability.

According to recent research by Morningstar, over 10 years, the average annual return for a sustainable fund invested in large global companies has been 6.9% a year, while a traditionally invested fund has made 6.3% a year.
The Morningstar researchers noted that sustainable funds are longer-lasting than their peers.

 

Examples of ESG Investing Criteria

 

ESG examples are often interlinked, and it can be challenging to classify an ESG issue as only an environmental, social, or governance issue, as the table below shows.

Source: CFA Institute, illustration by Venturexchange

As more environmental, social and governance issues are arising, the modern investor will reevaluate traditional investment approaches.

 

The New Normal

 

Disclosures on ESG factors will become standardized and widespread by the end of the decade. According to Morningstar, funds that integrate environmental, social and/or governance (ESG) factors registered record growth in Q1 2020 that eclipsed the previous watershed moment in Q4 2019.

Registered data on ESG investing growth showed a good path for sustainable investors and could serve as a proof point of how investors can trust ESG funds in turbulent markets.

Within 36 months there will no longer be a perceptible distinction between sustainable and traditional investing. ESG investing transforms the way corporate sustainability is used by developing new disclosure expectations for material sustainability.

Growing research suggests that ESG factors have contributed to long-term financial performance. Therefore, incorporating Environmental, Social and Governance factors into decision-making frameworks is fundamental to managing new and emerging risks.

If you are looking for advice to incorporate ESG strategy and how to communicate it to various stakeholders, contact us. Our services include ESG due diligence, gathering sustainability and ESG key performance indicators (KPIs), industry benchmarking, identifying risks, proposing action plan, monitoring and reporting on performance.

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Foreign Direct Investment flows https://venturexchange.hr/foreign-direct-investment-flows/ https://venturexchange.hr/foreign-direct-investment-flows/#respond Wed, 10 Jun 2020 12:41:13 +0000 https://venturexchange.hr/?p=2483

During the time of COVID-19, Foreign Direct Investment flows are expected to fall by 30% in 2020. Despite the government support and policy measures to help against COVID-19 pandemic, FDI flows are expected to drop.

According to the latest report from OECD, FDI could play an important role in supporting economies during and after the crisis. The FDI help could include financial support to their affiliates, assisting governments in addressing the pandemic, and through linkages with local firms.

Public health measures have caused economic disruptions that impact the foreign direct investment decision of firms. We learned from the past crisis that small and medium-sized enterprises show greater resilience due to their linkages with the financial resources of their parent companies.

According to the OECD Investment Policy Response, FDI is expected to decline sharply as a consequence of the pandemic and the resulting supply disruptions, demand contractions, and pessimistic outlook of economic actors.

In addressing the medical supply shortage, governments should leverage investor networks and investment promotion agencies. Some governments have already embraced imports of essential good, while some businesses have started producing medical essentials such as medical masks etc.

Moving forward, cross-border partnerships and collaborations between companies can facilitate finding long-term business solutions, such as ways to resume production while protecting workers’ health.

FDI is expected to face major drops as the supply chains are facing disruption. Meanwhile, capital inflows will be impacted as companies put some mergers and acquisitions (M&As) on hold.

As an example of earning in 2020 of large MNEs are expected to fall. According to the latest statistics data gathered from Refinitiv, there will be large year-over-year drops in earnings in the energy, consumer discretionary sector, industrials, and materials sectors. On the other hand, it is expected that there will be year-over-year increases in earnings in the health care, technology, and communications sectors.

Source: OECD, from Refinitiv M&A database

The latest data from Refinitis M&A database shows a significant drop in completed M&A deals in the first quarter. However, there is no evidence on the deals withdrawn. That leads to the conclusion that investors are focused on closing deals rather than withholding from it. In the short term, equity capital flows will fall due to so many deals being put on hold, but it could mean that there will be an increase in the future as these deals are completed as the economy recovers.

To read the full report and in-dept insight into FDI investments, please visit the OECD official website.

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ESG Investing – Why Now is the Right Time? https://venturexchange.hr/esg-investing-why-now-is-the-right-time/ https://venturexchange.hr/esg-investing-why-now-is-the-right-time/#respond Fri, 05 Jun 2020 08:53:46 +0000 https://venturexchange.hr/?p=2468

Now is the right time to consider ESG investing, since the covid-19 has hit the world. Investors who can incorporate ESG, environmental, social and governance mandates into their investment portfolios will see the world embracing the goal of ESG.

Advisors’ use of funds focused on environmental, social and governance (ESG) factors is on the rise this year, with nearly four in 10 advisors (38%) indicating they’re currently using or recommending these funds in 2020. That’s up from 26% in 2018 and 2019, according to the 2020 Trends in Investing Survey by the Financial Planning Association, the Journal of Financial Planning and Janus Henderson. The survey found that nearly one-third (29%) of advisors plan to increase their use and recommendation of ESG funds over the next 12 months, up from 19% in 2019, and about 40% said that clients have asked about investing in such funds in the last six months.

According to Investment news latest article, ESG investing have emerged as the darlings of the financial markets since the start of the year. During the first quarter of the year, for example, when the S&P 500 Index was knocked off its decade-long bull market perch into bear market territory with a 23.7% decline, funds earning the highest ESG ratings by Morningstar averaged declines of 17.7%.

To align portfolios with a sustainable economic model, investors will look for low carbon volume to invest capital. Green energy think tankers report that doubling the share of renewables increases direct and indirect employment in the sector to 24.4 million by 2030. Renewable energy deployment affects the trade of energy-related equipment and services as well as of fossil fuels. Doubling the share of renewables in the global energy mix pays back in terms of economic growth, social welfare, job creation and overall trade balances.

Studies have already shown that the cost of capital is lower for companies that score well on Corporate Social Responsibility (CSR) metrics. That leads to the conclusion that companies who incorporate ESG investing communicate better with employees and have already secured more flexible and safe workplaces.

For the long term, ESG investing will lead companies for a better balance between near-term profits and long-term benefits for customers, employees, investors and the environment.

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Fundraising during the time of crisis https://venturexchange.hr/fundraising-during-the-time-of-crisis/ https://venturexchange.hr/fundraising-during-the-time-of-crisis/#respond Tue, 19 May 2020 08:56:56 +0000 https://venturexchange.hr/?p=2285

The economy is in the bad shape and the things may only get worse. Fundraising during the times of crisis can be challenging and fundraisers will look for ways to respond to the crisis.

We have to accept that the world has changed as we know it. We need to adapt to the new normal. For starters, rather than panicking, you should consider a rational way to respond to the crisis.

 

Technology as a turning point

 

You are probably working from home and adapting to the new way of working. The first thing you should accept is technology. Try to get comfortable with technology and use it for your advantage. 

Start fundraising over the phone and organize a video meeting. Now is the time to put in place online communications channels and marketing.

Connect with donors. Facilitate direct contact from the people in your organization that have influence with donors. Their influence comes from the positions they hold and the fact that they are not paid to raise money. That means, above all others, leadership volunteers and Chief Executive Officers.

The perfect time to have a call is now during the crisis. You want to make sure your donors are doing alright and you want to show concern and appreciation.

 

Be attentive to your donors

 

There are lots of ways you can cut the costs of fundraising. For example, you can stop prospecting for new donors and telemarketing efforts. You can also try to eliminate thank yous to donors.

However, you have to keep fundraising. Whatever the economic condition, business goes on. You can’t treat loyal and responsive donors like statistics. And you can’t stop building your donor database.

The only defensible, businesslike way to respond to an economic crisis is to recognize that fundraising requires both continuing investment and ongoing care.

Don’t stop talking to your donors, just because the world is shaken. Past experience shows some donors never forgive the charities that don’t reach out in times of need. In the article at Philanthropy, people who work in fundraising, technology and other businesses have shared their stories.

 

Consider fundraising online

 

Online fundraising does not represent salvation during the time of crisis and yet billions of dollars have been raised online. Fundraising online has multiple benefits for nonprofit fundraisers, most of them having little to do with money.

It could attract younger supporters, and reinforce appeals sent through the other channel. Enhanced investment in online communications will pay many dividends, reinforcing near-term fundraising efforts and laying the foundation for a more prosperous future.

You can organize a virtual event and have peer to peer fundraising campaigns.

The nonprofit reaches out to loyal supporters and asks them if they want to participate in the fundraiser. If supporters are willing to participate, they then set up their own online fundraising pages (with the nonprofit’s help). These individual pages link up to the nonprofit’s main peer-to-peer fundraising page. There are also plenty of other ideas on how to launch online fundraising.

The key takeaway of this article is to stay persistent in your fundraising and don’t forget about your donors. Have a meaningful conversation with them and express your concern about the current situation. Your donors will appreciate you more and remember you in the future.

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Vrijeme je da gradimo https://venturexchange.hr/vrijeme-je-da-gradimo/ https://venturexchange.hr/vrijeme-je-da-gradimo/#respond Wed, 13 May 2020 11:16:37 +0000 https://venturexchange.hr/?p=2059

Svaka zapadna institucija je bila nepripremljena usred koronavirus pandemije. Taj monumentalni neuspjeh institucionalne efektivnosti će se odjekivati skroz do kraja ovoga desetljeća, međutim nije pre rano da se zapitamo zašto, i što bi trebali učiniti po tom pitanju.

Mnogi od nas bi htjeli podmetnuti uzrok problema jednoj političkoj stranci ili drugoj, jednoj vladi ili nekoj trećoj. Ali surova realnost je da su svi podjednako pali ispit – niti jedna zapadna država, općina, pa čak niti jedan grad nije bio spreman – unatoč krvavog rada i truda pojedinaca u tim institucijama. Znači da je problem dublje ukopan u srž društva da bi se našao u omiljenom političkom protivniku ili u domovini.

Jasno je da je dio problema manjak predviđanja, neuspjeh maštanja o budućnosti. Međutim drugi dio problema je ono što mi kolektivno nismo *radili* prije ove situacije, i što ne uspijevamo raditi ni sada. A to je neuspjeh djelovanja, i prvenstveno naša rasprostranjena nemoć da gradimo.

Vidimo to danas sa stvarima koje hitno trebamo ali ih nemamo. Nemamo dovoljno koronavirus testova, ili materijala za testiranje – uključujući, za čudo, pamučnih briseva i običnih reagensa. Nemamo dovoljno ventilatora za disanje, soba negativnog pritiska, i bolničkih kreveta. I nemamo dovoljno maski za operacije, oklopa za oči i medicinskih haljina – dok pišem ovo, grad New York City izbacio je očajnički zahtjev za kišne kabanice, kako bi se koristile kao medicinske haljine. Kišne kabanice, u godini 2020, u Americi!

Također nemamo terapije ili cjepivo – opet, unatoč svih upozorenja i studija o opasnom koronavirusu rođenih u šišmišima.

Naši znanstvenici će nadajmo se izmisliti terapije i cjepiva, ali onda možda opet nećemo imati dovoljno tvornica za proizvodnju istih tih na masovnoj razini. I čak i tada, moramo vidjeti da li mi ljudi možemo uopće proširiti dovoljno terapija i cjepiva da bi bilo uopće značajno. Pet godina je trebalo znanstvenicima da bi dobili dozvolu testiranja s regulatorske strane za novo cjepivo protiv Ebole, nakon što je izbila 2014. godine i uzela mnoge živote.

U Americi ne postoji ni prava mogućnost podijeliti državni novac za potporu ljudima i poduzećima koji ga hitno trebaju. Više nego deset milijuna otpuštenih radnika i njihove obitelji, i nekoliko milijuna malih obrta, su u ozbiljnim nevoljama u ovome trenutku, a ne postoji direktan način kako im država može poslati novac bez mogućeg katastrofalnog zakašnjenja. Države koje skupljaju novac od svih građana i poduzeća svake godine nikada nisu napravile sistem kako distribuirati novac nazad kada ga trebamo najviše.

Zašto nemamo te stvari? Medicinska oprema i financijski cjevovodi ne obuhvaćaju nikakvu atomsku fiziku ili doktorat kvantne znanosti. Barem terapije i cjepiva jesu teška za napraviti! Proizvoditi maske i slati novac uopće nisu teške stvari. Mogli bi imati te stvari ali smo se odlučili ih ne imati – specifično smo odlučili ne imati te mehanizme, tvornice i sisteme da proizvodimo takve stvari. Odlučili smo se ne graditi.

Ne vidi se to prosto samozadovoljstvo, to pomirenje sa “Status Quo” i nevoljom za proizvodnjom, u pandemiji, ili općenito u zdravstvu. Vidi se u cijelom zapadnom društvu, i specifično u Hrvatskoj. Vidi se na zgradama i fizičkim otiskom stopala naših gradova. Nemojmo ni blizu popraviti propale zgrade ili napraviti nove u poželjnim kvartovima naših gradova – što rezultira u suludim cijenama stanovanja u starim zgradama koje se raspadnu kada dođe do potresa u Zagrebu. Kad smo se izborili za našu državu smo maštali imati svjetlucave nebodere i spektakularne arhitektonske projekte za stanovanje u svim našim lijepim gradovima na nivou daleko iznad onoga kojeg danas imamo; gdje su?

Vidimo to u obrazovanju. Imamo dobre fakultete kao na primjer Medicinu, da, ali s kapacitetom primiti mikroskopski postotak novih 18-godišnjaka svake godine. Na svjetskoj razini imamo 120 milijuna novih 18-godišnjaka, svake godine – zašto ne educirati svakog od njih? Je l’ nije to najbitnija stvar koju bi uopće morali raditi?

Zašto ne napravimo veći broj fakulteta, ili proširimo one koje imamo? Zadnja velika inovacija u 12-godišnjem školovanju je Montessori, koji je zamišljen nazad u 1960. od tada se bavimo istraživanjem u polju obrazovanja od kojeg ništa nije došlo do praktičnog korištenja u 50 godina; zašto ne napravimo više škola sa svime što u današnje doba imamo?

Znamo danas da predavanje jedan-na-jedan može povećati ishod obrazovanja za dva standardna odstupanja (Tzv. Bloom Two Sigma Efekt); imamo internet; zašto nismo napravili sisteme da spojimo svakog mladog učenika sa starijim učiteljem da bi dramatično popravili uspjeh studenata?

Vidimo to u proizvodnji. Zašto smo dopustili da skoro svaka tvornica u Republici Hrvatskoj bankrotira zbog korupcije i malverzacije sredstva? Znamo kako graditi visoko automatizirane tvornice. Znamo i za izuzetno visok broj novih visoko plaćenih radnih mjesta koja bi se stvorila kroz konceptiranje i gradnju i rad u tim tvornicama.

Znamo – a ipak vidimo sada u ovom trenutku! – stratešku problematiku kad se opustimo i samo živimo od uvoza strano proizvedenih proizvoda.

Zašto ne gradimo skoro 100 posto automatizirane tvornice, koje proizvode sve moguće proizvode, na najvećoj mogućoj kvaliteti za najnižu moguću cijenu – diljem cijele Hrvatske? Zašto imamo samo jednu firmu Rimac a ne 5.000?

Vidimo to i u transportu. Gdje su supersonični avioni? Gdje su milijuni dronova po nebu koje razvoze sve moguće stvari? Gdje su nam ultra brzi vlakovi, mostovi i tuneli koji spajaju svaki hrvatski otok s kopnom? Da li problem leži u novcu? To mi se čini teško za povjerovati dok imamo novac za financiranje besmislenih državnih agencija, spašavanje davno zastarjelih firmi, ili za kupnju naftnih polja u Siriji. Također su hrvatski mirovinski fondovi preplavljeni novcem svih građana- koji se na kraju ulaze u državne obveznice bez ikakvog značajnog dobitka.

Ja sam na strani Nicholas Sterna, kada kaže da je definicija kapitalizma način kako se brinemo za ljude koje ne znamo – sva navedena polja su već danas visoko lukrativna i trebali bi biti glavni teren za lov od ulagača. Dobra su za Investitora i za krajnjeg kupca koji bi imao bolju kvalitetu života. Da li je možda problem tehnička kompetencija? Jasno je da nije, inače ne bi imali kuće, nebodere, škole i bolnice, aute i vlakove, računala i pametne telefone.

Problem je želja. Mi moramo *željeti* te stvari. Problem je inercija. Problem je lijenost. Moramo željeti te stvari vise nego što ih želimo spriječiti. Problem je regulativa koja drži inovaciju zarobljenu na lancu. Moramo željeti nove firme da proizvedu te stvari, iako to etablirani ne vole, pa iako da prisilimo etablirane firme da se pokrenu napraviti te stvari. I problem je želja. Mi moramo izgraditi te stvari. I moramo podijeliti nužnost da izgradimo te stvari od ideologije i politike. Obje strane trebaju pridonijeti izgradnji.

Desnica kreće iz njoj više prirodnije, iako komprimirane pozicije. Desnica je generalno za proizvodnju, ali je često korumpirana od sila koje zaustavljaju kompeticiju tržišta i izgradnju novih stvari. Desnica se mora boriti žestoko protiv uhljebova, regulatornih okova, oligopolista, riskantnih prodaja domaćih firmi (INA) i uvoza, kako i prijateljskim uslugama prema etabliranim firmama.

Vrijeme je za punomasnu, beskompromisnu, političku podršku desnice za agresivne investicije u nove proizvode, nove industrije, nove tvornice, u novu znanstvenost i velike korake naprijed. Ljevica kreće s većim prednaponom prema javnom sektoru u puno od tih točaka. Čemu ja kažem, dokažite bolji model! Pokažite da javni sektor može napraviti bolje bolnice, bolje škole, bolji prijevoz, bolje gradove. Prestanite štititi staro, ukorijenjeno, ne relevantno; javni sektor od ljevice se mora kompletno predati budućnosti i graditi na njoj. Milton Friedman je davno rekao, da je velika greška javnoga sektora da sude zakone i državne programe po njihovim namjerama  a ne po rezultatima. Umjesto da ljevica to primi kao uvredu, neka uzme kao izazov – izgradite nove stvari i pokažite rezultate. Pokažite da novi modeli od zdravstvenog sustava javnoga sektora mogu biti jeftiniji a efektivniji – kako bi bilo početi s Virološkim Agencijama? Kada dođe idući koronavirus, oduševite nas!

Ja vjerujem kako kroz gradnju može zaživjeti tek hrvatski san kojega ni nemojmo još sanjati. Stvari koje na svijetu proizvodimo masovno, na primjer TV i računala, brzo padaju u cijeni. A stvari koje ne, na primjer kuće, škole i bolnice, se dižu u cijeni. Što je točno hrvatski san?

Mogućnost imati dom u svom vlasništvu, i obitelj za koju se možeš brinuti. Moramo smanjiti visoko rastuće cijene za domove, jelo i piće, i dobro obrazovanje i medicinu, da bi omogućili svakome živjeti hrvatski san, a jedini način je da počnemo graditi.

Graditi nije lagano, ili bi sada svi već to radili. Moramo zahtijevati vise od naših direktora, naših političara, naših poduzetnika, naših Investitora. Moramo zahtijevati više od naše kulture, od našeg društva. I moramo zahtijevati više jedan od drugog. Svi smo potrebni, i svi možemo pomoći graditi.Svakim korakom na tom putu, svakome oko nas, moramo postaviti pitanje: Što ti gradiš? Što ti gradiš direktno, ili pomažeš drugima da grade, ili učiš druge kako da grade, ili se brineš za ljude koji grade? Ako posao kojeg radiš ne vodi nečemu što se gradi ili pomaganju drugima direktno, iznevjerili smo te  i moramo te ubaciti u poziciju, posao, karijeru gdje možeš pomagati graditi.

Uvijek postoje izvanredni ljudi u najviše slomljenim sistemima – mi moramo dobiti sve talente koje možemo, da rade na naj većim problemima koje imamo, i da rade na odgovorima na te probleme.

Očekujem da će ovaj esej biti meta kritike. Ovdje je skroman prijedlog mojim kritičarima. Umjesto da se bacite na moje ideje što napraviti, stvorite svoje! Velika je šansa da ću se složiti s vama.

Naša domovina i naša kultura su građene na izumima i produkciji, na samoj izgradnji, bez Kravate, Vegete i Sumameda ne bi postojala Hrvatska. Naši preci su izumili struju i kemijske sastojke, i tisuće drugih stvari koje danas koristimo bez da razmišljamo o njima, koji su uvijek oko nas i definiraju nas život. Postoji samo jedan put da živimo u čast njihovog nasljedstva i da kreiramo Hrvatsku koju želimo za našu djecu i unuke, a to je da gradimo.

Original: Marc Andreesen
Preveo i adaptirao za Hrvatsku: Ivan Mišković

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