(单词翻译:单击)
You kind of wrote the book on entrepreneurship.
你写了一本关于企业家精神的书。
I mentioned it earlier on, it’s a book that still resonates today.
我早些时候提到过，这是一本至今仍能引起共鸣的书。
Did you write that with any particular audience in mind?
你在写这篇文章时有没有考虑到特定的受众？
Or is that just for all entrepreneurs?
或者这是为所有企业家写的？
I wrote it for all entrepreneurs.
我是为所有企业家写的。
And I’ll tell you a quick, interesting story.
我会给你们讲一个简短而有趣的故事。
When I went to publishers, a lot of the publishers that reached the general market said, “Kevin, we think you should change the title of your book.”
当我去找出版商时，很多进入一般市场的出版商说，“凯文，我们认为你应该改变书名。”
I said, “Oh, here it comes.”
我说，“哦，该来的还是来了。”
And they said, “Kevin, we think it should be, The Black Entrepreneur.”
他们说：“凯文，我们认为应该是《黑人企业家》”。
And that was very discouraging because I think the lessons are universal.
这非常令人沮丧，因为我认为这些教训是普遍存在的。
And ironically, I think it’s become a bestseller and continues to do well because it resonates with everybody and those lessons are universal.
具有讽刺意味的是，我认为它已经成为畅销书，并继续表现良好，因为它引起了每个人的共鸣，而且这些教训是普遍存在的。
Jo, let me ask you a little bit, as you looked more broadly at the sort of VC community, how diverse is it?
乔，让我问你一点问题，当你更广泛地审视风投社区时，它有多多样化？
Is it just a small group of people that are making all these decisions?
难道只有一小群人在做所有这些决定吗？
Or is it becoming more diverse?
或者，它正在变得更加多样化？
Or are VC firms thinking about this in an active way and taking action?
或者，风投公司是否在积极考虑这一问题并采取行动？
I would say that all firms are thinking about this because the data show very clearly that having a more diverse partnership leads to better investment outcomes.
所有的公司都在考虑这一点，因为数据非常清楚地表明，拥有更多元化的合作伙伴关系会带来更好的投资结果。
Again, just citing some work from HBS professor Paul Gompers, both on terms of internal return rates and success rates, more diverse partnerships produce better outcomes.
同样，仅引用哈佛商学院教授保罗·冈珀斯在内部回报率和成功率方面的一些研究，更多样化的合作伙伴关系会产生更好的结果。
But the challenge is that this is an industry slow to change because of structural reasons.
但挑战在于，由于结构性原因，这是一个变革缓慢的行业。
Most people don’t realize this but most venture firms are owned by one or two people, the founders of the firm.
大多数人没有意识到这一点，但大多数风险投资公司的所有者是一两个人，他们是公司的创始人。
And the legal entity that owns the firm is an LLC and these LLC structures are unique, because there are no boards of directors.
拥有这家公司的法律实体是有限责任公司，这些有限责任公司的结构是独一无二的，因为没有董事会。
There is no independent group that tells the venture firm, “It’s ridiculous that less 1% of investors are Black.” My gosh.
没有一个独立的组织告诉风险投资公司，“黑人投资者的比例不到1%，这太荒谬了。”我的天哪。
Two my students, Devon Sanford and Richard Petty wrote a great research paper showing that the percentage of women in venture capital and private equity has been going down over 30 years.
我的两名学生，德文·桑福德(Devon Sanford)和理查德·佩蒂(Richard Petty)写了一篇很棒的研究论文，显示女性在风险投资和私募股权投资领域的比例在过去30年里一直在下降。
And so it’s a structural issue.
所以这是一个结构性问题。
Everyone has good intentions but things just have not changed as quickly as I think people in the industry want.
每个人都有良好的意图，但事情并没有像我认为业内人士希望的那样迅速改变。
And I think it’s an opportunity for self reflection for investors.
我认为这是投资者自我反省的机会。
And I would say it’s interesting because if you look at established companies, they have boards of directors, they have customers who are putting the heat on them to take a careful look at this but the investors are sort of behind the curtain.
我想说这很有趣，因为如果你看看老牌公司，他们有董事会，他们有客户，要求他们仔细研究这一点，但在某种程度上投资者是在幕后的。
They’re not being held accountable in the same way. It sounds like that’s what you’re saying.
他们不会以同样的方式被追究责任。听起来你就是这个意思。
Right. And this structure by the way, is used in all private capital firms.
对。顺便说一句，所有的私人资本公司都使用这种结构。
This is how hedge funds are structured. VC firms, PE firms, these are the LLCs that own the firms and so this is a struggle that private capital in general has to deal with because again, diversity increases returns but the rank and file of people making the decisions are very few.
这就是对冲基金的结构。风险投资公司，私募股权公司，这些都是拥有这些公司的有限责任公司，所以这是一场私人资本通常必须应对的斗争，因为同样，多样性增加了回报，但做出决策的普通人员很少。
A friend of mine is Elliott Robinson, he’s a guest speaker in my class, from Bessemer Venture Partners.
我的一个朋友是埃利奥特·罗宾逊，他是我们班上的特邀演讲人，来自贝塞默风险投资伙伴公司(Bessemer Venture Partners)。
Guess how many Black partners there are at the top larger firms in the US? Four. That’s it.
猜猜在美国最大的几家大公司里有多少黑人合伙人？只有四个。
