Vladimir Lenin besonte se nj\u00eb pararoj\u00eb e vog\u00ebl n\u00ebp\u00ebrmjet forc\u00ebs s\u00eb vullnetit, mund t\u00eb shfryt\u00ebzonte historin\u00eb p\u00ebr t\u00eb transformuar m\u00ebnyr\u00ebn se si funksionon kapitalizmi global. Ai kishte t\u00eb drejt\u00eb. Megjithat\u00eb, revolucionar\u00ebt nuk kan\u00eb qen\u00eb bolshevik\u00eb me mjek\u00ebr, por disa mij\u00ebra investitor\u00eb, kryesisht t\u00eb vendosur n\u00eb Silicon Valley, q\u00eb zot\u00ebrojn\u00eb m\u00eb pak se 2% t\u00eb aseteve institucionale t\u00eb bot\u00ebs. N\u00eb pes\u00eb dekadat e fundit, industria e kapitaleve sip\u00ebrmarr\u00ebse (VC) ka financuar ide apo iniciativa q\u00eb kan\u00eb vazhduar t\u00eb transformojn\u00eb biznesin global dhe ekonomin\u00eb bot\u00ebrore. Shtat\u00eb nga dhjet\u00eb firmat m\u00eb t\u00eb m\u00ebdha n\u00eb bot\u00eb u mb\u00ebshtet\u00ebn nga VC. Parat\u00eb e VC kan\u00eb financuar kompanit\u00eb q\u00eb q\u00ebndrojn\u00eb pas motor\u00ebve t\u00eb k\u00ebrkimit, iPhone, makinave elektrike dhe vaksinave mRNA.<\/p>\n\n\n\n

Tani makina e \u00ebndrrave t\u00eb kapitalizmit po rritet dhe transformohet. Ky turbocharging i bot\u00ebs s\u00eb sip\u00ebrmarrjes sjell rreziqe t\u00eb konsiderueshme, nga themeluesit egomaniak\u00eb q\u00eb djegin para t\u00eb thata deri tek kursimet e pensioneve q\u00eb shp\u00ebrdorohen p\u00ebr startup-et. Por n\u00eb planin afatgjat\u00eb, kapitalizmi gjithashtu premton ta b\u00ebj\u00eb industrin\u00eb m\u00eb globale, t\u00eb kanalizoj\u00eb kapitalin e rrezikut n\u00eb nj\u00eb gam\u00eb m\u00eb t\u00eb gjer\u00eb industrish dhe ta b\u00ebj\u00eb VC m\u00eb t\u00eb aksesueshme p\u00ebr investitor\u00ebt e thjesht\u00eb. Nj\u00eb grup m\u00eb i madh kapitali q\u00eb i shkon pas nj\u00eb grupi t\u00eb madh idesh,  do t\u00eb nxis\u00eb konkurrenc\u00ebn dhe ka t\u00eb ngjar\u00eb t\u00eb nxis\u00eb inovacionin, duke \u00e7uar n\u00eb nj\u00eb form\u00eb m\u00eb dinamike t\u00eb kapitalizmit.<\/p>\n\n\n\n

Skena VC i ka rr\u00ebnj\u00ebt n\u00eb vitet 1960 dhe ka qen\u00eb e pap\u00ebrshtatshme n\u00eb bot\u00ebn financiare. Ndryshe nga kostumet, sofistikimet dhe pallatet e Hamptons t\u00eb \u00cball Street-it, kapitali sip\u00ebrmarr\u00ebs preferon thjesht\u00ebsit\u00eb, mendjeleht\u00ebt dhe vilat kaliforniane. Ve\u00e7antia e tij \u00ebsht\u00eb intelekti.<\/p>\n\n\n\n

Financat jan\u00eb rritur n\u00eb mas\u00eb e sasi dhe po p\u00ebrshtaten me flukset monetare t\u00eb aseteve t\u00eb maturuara. VC ka mbetur nj\u00eb industri q\u00eb financon sip\u00ebrmarr\u00ebs t\u00eb \u00e7uditsh\u00ebm.<\/p>\n\n\n\n

Rezultatet kan\u00eb qen\u00eb befasuese. Pavar\u00ebsisht investimit t\u00eb shumave relativisht modeste gjat\u00eb dekadave, fondet e VC t\u00eb Amerik\u00ebs kan\u00eb krijuar firma q\u00eb sot vlejn\u00eb t\u00eb pakt\u00ebn 18 trilion\u00eb dollar\u00eb t\u00eb tregut total publik. Ky rekord pasqyron rritjen marramend\u00ebse t\u00eb platformave t\u00eb m\u00ebdha t\u00eb teknologjis\u00eb si Google. Koh\u00ebt e fundit, start up-et e vogla t\u00eb mb\u00ebshtetur nga VC jan\u00eb b\u00ebr\u00eb dominuese n\u00eb list\u00ebn totale.<\/p>\n\n\n\n

Gjat\u00eb dekad\u00ebs s\u00eb kaluar, q\u00eb cil\u00ebsohet e art\u00eb, nj\u00eb indeks i fondeve amerikane VC, ka b\u00ebr\u00eb kthime vjetore t\u00eb p\u00ebrb\u00ebr\u00eb prej 17%. Disa kan\u00eb b\u00ebr\u00eb shum\u00eb m\u00eb mir\u00eb se kaq.<\/p>\n\n\n\n

Ky sukses tani po p\u00ebrhapet me shpejt\u00ebsi. Si\u00e7 listojn\u00eb firmat e mb\u00ebshtetura nga VC, fitimi i papritur q\u00eb rezulton po rishp\u00ebrndahet n\u00eb fonde t\u00eb reja. Nd\u00ebrkoh\u00eb, me normat e interesit ende t\u00eb ul\u00ebta, skemat e pensioneve, automjetet dhe kompanit\u00eb me pasuri sovrane jan\u00eb ziliqare dhe po p\u00ebrpiqen t\u00eb ndajn\u00eb m\u00eb shum\u00eb para p\u00ebr fondet e dedikuara ose t\u00eb krijojn\u00eb fondet e tyre t\u00eb dedikuara. Deri m\u00eb tani, brenda 2021-shit jan\u00eb shp\u00ebrndar\u00eb 600 mld lek\u00eb.  <\/p>\n\n\n\n

Nd\u00ebrsa parat\u00eb derdhen, VC po dep\u00ebrton ekonomin\u00eb m\u00eb thell\u00eb dhe m\u00eb gjer\u00eb. Ajo q\u00eb dikur ishte nj\u00eb \u00e7\u00ebshtje amerikane, tani \u00ebsht\u00eb nj\u00eb \u00e7\u00ebshtje globale, me 51% t\u00eb marr\u00ebveshjeve n\u00eb vitin 2021, jasht\u00eb Amerik\u00ebs. Skena e VC n\u00eb Kin\u00eb \u00ebsht\u00eb zvog\u00ebluar koh\u00ebt e fundit p\u00ebr shkak t\u00eb nj\u00eb goditjeje t\u00eb teknologjis\u00eb s\u00eb konsumatorit nga Xi Jinping, presidenti i vendit. Megjithat\u00eb, industria po lul\u00ebzon n\u00eb pjes\u00ebn tjet\u00ebr t\u00eb Azis\u00eb dhe pas dekadash gjumi, inovacioni n\u00eb Europ\u00eb po zgjohet, me 65 qytete q\u00eb presin start ups.<\/p>\n\n\n\n

Lul\u00ebzimi i kapitalit sip\u00ebrmarr\u00ebs deri m\u00eb tani \u00ebsht\u00eb fokusuar n\u00eb nj\u00eb grup t\u00eb ngusht\u00eb firmash t\u00eb teknologjis\u00eb s\u00eb konsumatorit, si Airbnb dhe Deliveroo. K\u00ebt\u00eb vit investimet n\u00eb energjin\u00eb e past\u00ebr, hap\u00ebsir\u00eb dhe bioteknologji ishin dyfishi i atyre t\u00eb vitit 2019.<\/p>\n\n\n\n

Industria po b\u00ebhet m\u00eb e hapur. Nd\u00ebrsa dikur nj\u00eb elit\u00eb komode fondesh kishte fuqi t\u00eb pazakont\u00eb, tani firmat kryesore financiare jan\u00eb t\u00eb p\u00ebrfshira dhe ka mjete q\u00eb lejojn\u00eb investitor\u00ebt e zakonsh\u00ebm t\u00eb ekspozohen me pak para. Konkurrenca po i detyron VC-t\u00eb e t\u00eb gjitha llojeve t\u00eb eksperimentojn\u00eb me strategji t\u00eb reja, duke p\u00ebrfshir\u00eb ndjekjen e karrier\u00ebs s\u00eb krijuesve individual\u00eb.<\/p>\n\n\n\n

Natyrisht, ka rreziqe. Nj\u00ebra \u00ebsht\u00eb se parat\u00eb korruptojn\u00eb individ\u00eb. Rritja e vler\u00ebsimeve dhe kapitali i bollsh\u00ebm mund t’i b\u00ebjn\u00eb firmat dhe mb\u00ebshtet\u00ebsit e tyre t\u00eb vet\u00ebk\u00ebnaqen. Nga 100 firmat kryesore t\u00eb listuara n\u00eb 2021, 54 jan\u00eb n\u00eb t\u00eb kuqe, me 71 miliard\u00eb dollar\u00eb humbje kumulative. Qeverisja mund t\u00eb jet\u00eb e paimagjinueshme. Fondi i Vizionit prej 100 miliard\u00eb dollar\u00ebsh i SoftBank, q\u00eb shkruan \u00e7eqet p\u00ebr startup-et , \u00ebsht\u00eb p\u00ebrfshir\u00eb nga konfliktet e interesit. Themeluesit largohen nga drejt\u00ebsia.<\/p>\n\n\n\n

Nj\u00eb rrezik tjet\u00ebr \u00ebsht\u00eb se, si n\u00eb \u00e7do klas\u00eb aktivesh, kthimet zvog\u00eblohen me derdhjen e parave. Fondet kryesore mund t\u00eb zbulojn\u00eb se, p\u00ebrve\u00e7se duhet t\u00eb p\u00ebrballen me lul\u00ebzimin dhe rr\u00ebnimin fam\u00ebkeq t\u00eb VC-s\u00eb, kthimet afatgjata jan\u00eb m\u00eb t\u00eb ul\u00ebta se sa shpresonin.<\/p>\n\n\n\n

Megjithat\u00eb, ajo q\u00eb \u00ebsht\u00eb e v\u00ebshtir\u00eb p\u00ebr investitor\u00ebt mund t\u00eb jet\u00eb ende e mir\u00eb p\u00ebr ekonomin\u00eb. \u00cbsht\u00eb m\u00eb mir\u00eb q\u00eb nj\u00eb dollar i margjinalizuar t\u00eb shkoj\u00eb p\u00ebr kompanit\u00eb e reja sesa p\u00ebr banesat luksoze ose p\u00ebr nj\u00eb treg t\u00eb p\u00ebrmbytur obligacionesh.<\/p>\n\n\n\n

Nj\u00eb p\u00ebrplasje e VC-s\u00eb e shkaktuar nga rritja e normave t\u00eb interesit nuk do t\u00eb destabilizonte sistemin financiar, sepse startup-et kan\u00eb borxhe t\u00eb ul\u00ebta. Edhe n\u00ebse firmat e mb\u00ebshtetura nga VC djegin parat\u00eb, pjesa m\u00eb e madhe e tyre do t\u00eb rrjedh\u00eb tek konsumator\u00ebt: mendoni p\u00ebr t\u00eb gjitha ato udh\u00ebtime me makin\u00eb t\u00eb subvencionuara dhe ushqime t\u00eb dor\u00ebzuara n\u00eb sht\u00ebpi. N\u00eb minimum, bumi do t\u00eb rris\u00eb konkurrenc\u00ebn. Investimi VC k\u00ebt\u00eb vit do t\u00eb tejkaloj\u00eb shpenzimet totale kapitale dhe shpenzimet p\u00ebr k\u00ebrkim-zhvillim nga pes\u00eb firmat m\u00eb t\u00eb m\u00ebdha t\u00eb teknologjis\u00eb, t\u00eb cilat gjithashtu po dekurajohen nga blerja e konkurrent\u00ebve t\u00eb mundsh\u00ebm.<\/p>\n\n\n\n

\u00c7mimi m\u00eb i madh do t\u00eb ishte m\u00eb shum\u00eb inovacion.<\/p>\n\n\n\n

NJ\u00eb sasi parash nuk mund t\u00eb krijoj\u00eb sukses pa pun\u00eb. Oferta globale e sip\u00ebrmarr\u00ebsve v\u00ebshtir\u00eb se \u00ebsht\u00eb e rregulluar dhe shum\u00eb ide mbeten t\u00eb n\u00ebnshfryt\u00ebzuara.<\/p>\n\n\n\n

Rritja e investimeve n\u00eb mbar\u00eb bot\u00ebn b\u00ebn t\u00eb mundur bashkimin e tyre jasht\u00eb Amerik\u00ebs. Barrierat p\u00ebr krijimin e bizneseve t\u00eb reja po bien, fal\u00eb digjitalizimit dhe pun\u00ebs n\u00eb distanc\u00eb.<\/p>\n\n\n\n

Kapitali sip\u00ebrmarr\u00ebs synon t\u00eb marr\u00eb idet\u00eb e mira dhe t’i b\u00ebj\u00eb ato m\u00eb t\u00eb m\u00ebdha dhe m\u00eb t\u00eb mira: \u00ebsht\u00eb e drejt\u00eb t\u00eb zbatohet kjo logjik\u00eb n\u00eb vet\u00eb industrin\u00eb.<\/p>\n\n\n\n

Burimi: The Economist\/ P\u00ebrshtati: Gazeta \u201cSi\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Vladimir Lenin besonte se nj\u00eb pararoj\u00eb e vog\u00ebl n\u00ebp\u00ebrmjet forc\u00ebs s\u00eb vullnetit, mund t\u00eb shfryt\u00ebzonte historin\u00eb p\u00ebr t\u00eb transformuar m\u00ebnyr\u00ebn se si funksionon kapitalizmi global. Ai kishte t\u00eb drejt\u00eb. Megjithat\u00eb, revolucionar\u00ebt nuk kan\u00eb qen\u00eb bolshevik\u00eb me mjek\u00ebr, por disa mij\u00ebra investitor\u00eb, kryesisht t\u00eb vendosur n\u00eb Silicon Valley, q\u00eb zot\u00ebrojn\u00eb m\u00eb pak se 2% t\u00eb aseteve […]<\/p>\n","protected":false},"author":51,"featured_media":406644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[53054,53053,53055],"acf":[],"yoast_head":"\n