{"id":11075,"date":"2026-03-01T18:45:09","date_gmt":"2026-03-01T18:45:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/11075\/"},"modified":"2026-03-01T18:45:09","modified_gmt":"2026-03-01T18:45:09","slug":"komentar-proc-potrebujeme-andely-a-proc-trva-dlouho-nez-se-objevi","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/11075\/","title":{"rendered":"Koment\u00e1\u0159: Pro\u010d pot\u0159ebujeme and\u011bly. A\u00a0pro\u010d trv\u00e1 dlouho, ne\u017e se objev\u00ed"},"content":{"rendered":"

P\u0159edstavte si, \u017ee se p\u00ed\u0161e rok 2003\u00a0a\u00a0vy jste \u00fasp\u011b\u0161n\u00fd \u0161v\u00e9dsk\u00fd program\u00e1tor. Nebo program\u00e1torka. Pr\u00e1v\u011b jste prodali sv\u016fj pod\u00edl v\u00a0technologick\u00e9 firm\u011b. M\u00e1te na \u00fa\u010dtu p\u00e1r milion\u016f korun. St\u00e1t v\u00e1m \u0159\u00edk\u00e1: Zapla\u0165 da\u0148 z\u00a0kapit\u00e1lov\u00fdch zisk\u016f, anebo ty pen\u00edze vlo\u017e do jin\u00e9 firmy a\u00a0da\u0148 odlo\u017e\u00edme. Co ud\u011bl\u00e1te?<\/p>\n

A p\u0159esn\u011b na t\u00e9hle zd\u00e1nliv\u011b nudn\u00e9 da\u0148ov\u00e9 technik\u00e1lii stoj\u00ed cel\u00fd \u0161v\u00e9dsk\u00fd technologick\u00fd z\u00e1zrak.<\/p>\n

Luis Garicano a\u00a0Per Str\u00f6mberg to ve sv\u00e9m eseji v\u00a0newsletteru Silicon Continent<\/a> popsali s\u00a0akademickou preciznost\u00ed. \u0160v\u00e9dsko m\u00e1 deset milion\u016f obyvatel a\u00a0z\u00e1rove\u0148 48\u00a0jednoro\u017ec\u016f. P\u0159ipome\u0148me, \u017ee tento mytick\u00fd \u017eivo\u010dich ozna\u010duje firmy s\u00a0odhadovanou cenovkou nad jednu miliardu dolar\u016f.<\/p>\n

\u0160v\u00e9dsko m\u00e1 tak \u010dtvrt\u00e9 m\u00edsto na sv\u011bt\u011b v\u00a0p\u0159epo\u010dtu jednoro\u017ec\u016f na hlavu, za Izraelem, Islandem a\u00a0USA. Stockholm produkuje v\u00edc miliardov\u00fdch firem na obyvatele ne\u017e New York nebo Lond\u00fdn.<\/p>\n

Jen\u017ee: Tenhle p\u0159\u00edb\u011bh se obvykle vypr\u00e1v\u00ed \u0161patn\u011b. V\u011bt\u0161inou sly\u0161\u00edme: Chyb\u00ed pen\u00edze. Dejte n\u00e1m kapit\u00e1l, kter\u00fd maj\u00ed k\u00a0dispozici firmy t\u0159eba v\u00a0Silicon Valley nebo v\u00a0Izraeli, a\u00a0my dohon\u00edme Ameriku. Garicano a\u00a0Str\u00f6mberg p\u00ed\u0161ou: Nesmysl.<\/p>\n

<\/a><\/p>\n

Evropsk\u00fd venture kapit\u00e1l vzrostl \u010dty\u0159n\u00e1sobn\u011b. Nav\u00edc, skoro polovina investic do evropsk\u00fdch startup\u016f p\u0159ich\u00e1z\u00ed ze zahrani\u010d\u00ed. Jsme bezpe\u010dn\u00fd kontinent s\u00a0m\u00edrn\u00fdm klimatem, bez zem\u011bt\u0159esen\u00ed a\u00a0tsunami a\u00a0se skv\u011blou s\u00edt\u00ed jak nemocnic, tak kvalitn\u00edch restaurac\u00ed. Kdybychom m\u011bli firmy, do kter\u00fdch se d\u00e1 investovat, pen\u00edze by p\u0159i\u0161ly samy.<\/p>\n

Probl\u00e9m je jinde. Chyb\u00ed and\u011bl\u00e9.<\/p>\n

Venture fondy investuj\u00ed do firem, kter\u00e9 u\u017e n\u011bco maj\u00ed. My\u0161leno t\u00fdm, produkt, z\u00e1kazn\u00edky. Nemus\u00ed to b\u00fdt firmy, kter\u00e9 u\u017e vyd\u011bl\u00e1vaj\u00ed, nebo jsou dokonce v\u00a0zisku. Ale n\u011bco za sebou m\u00edt mus\u00ed.<\/p>\n

Kdo ale financuje firmu, kdy\u017e m\u00e1 jen n\u00e1pad a\u00a0dva lidi v\u00a0gar\u00e1\u017ei? Ide\u00e1ln\u011b rodina a\u00a0kamar\u00e1di. Nebo jejich kamar\u00e1di a\u00a0jejich rodiny. P\u0159\u00edpadn\u011b jejich \u2026 a\u00a0tak d\u00e1le. Ale hlavn\u011b mus\u00edte m\u00edt ve spole\u010dnosti lidi, kte\u0159\u00ed maj\u00ed pen\u00edze. Ne ledajak\u00e9 pen\u00edze, ide\u00e1ln\u011b takov\u00e9 pen\u00edze, kter\u00e9 ned\u00e1vno sami vyd\u011blali, tak\u017ee si na jejich vlastnictv\u00ed je\u0161t\u011b nesta\u010dili tak \u00fapln\u011b zvyknout.<\/p>\n

Takov\u00ed lid\u00e9 nevznikaj\u00ed z\u00a0ni\u010deho. Vznikaj\u00ed z\u00a0p\u0159edchoz\u00edch \u00fasp\u011bch\u016f.<\/p>\n

Ch\u00e1pete? Pot\u0159ebujete lidi, kte\u0159\u00ed podobn\u011b jako vy m\u011bli p\u0159ed p\u00e1r lety n\u00e1pad, usp\u011bli s\u00a0n\u00edm a\u00a0vyd\u011blali na tom pen\u00edze. Pr\u00e1v\u011b to jsou pak pen\u00edze, kter\u00e9 s\u00a0nejv\u011bt\u0161\u00ed pravd\u011bpodobnost\u00ed sm\u011b\u0159uj\u00ed k\u00a0nov\u00fdm n\u00e1pad\u016fm.<\/p>\n

Tak\u017ee zp\u00e1tky do \u0160v\u00e9dska. \u0160v\u00e9dsko m\u011blo v\u00a0prvn\u00ed vln\u011b internetu v\u00fdznamn\u00e9 firmy\u00a0\u2013 Spotify, Klarna, Skype, King, iZettle (minim\u00e1ln\u011b dv\u011b firmy z\u00a0tohoto seznamu dob\u0159e zn\u00e1te, \u017ee ano?). Dost na to, aby se vytvo\u0159ila kritick\u00e1 masa lid\u00ed, kte\u0159\u00ed pro\u0161li procesem budov\u00e1n\u00ed technologick\u00e9 firmy od nuly.<\/p>\n

Zakladatel\u00e9 a\u00a0p\u016fvodn\u00ed majitel\u00e9 t\u011bchto firem se po \u00fasp\u011b\u0161n\u00fdch exitech stali and\u011blsk\u00fdmi investory. A\u00a0za\u010dali financovat dal\u0161\u00ed generaci. Anyfin, Brite, Wise, Gilion, Stravito, Resolution Games (nezn\u00e1te \u017e\u00e1dnou, \u017ee ano?), to v\u0161echno jsou firmy zalo\u017een\u00e9 nebo financovan\u00e9 v\u00edt\u011bzi prvn\u00ed \u0161v\u00e9dsk\u00e9 tech vlny.<\/p>\n

<\/a><\/p>\n

Kl\u00ed\u010dov\u00fdm katalyz\u00e1torem byla da\u0148ov\u00e1 reforma z\u00a0roku 2003.\u00a0Firemn\u00ed da\u0148 z\u00a0kapit\u00e1lov\u00fdch zisk\u016f z\u00a0prodeje pod\u00edl\u016f v\u00a0nekotovan\u00fdch firm\u00e1ch se odkl\u00e1d\u00e1, pokud se v\u00fdt\u011b\u017eek reinvestuje do jin\u00fdch nekotovan\u00fdch firem. \u0160v\u00e9d\u0161t\u00ed zakladatel\u00e9 typicky dr\u017e\u00ed pod\u00edly p\u0159es korporace, tak\u017ee tohle vytvo\u0159ilo siln\u00fd motiv\u00e1tor recyklovat pen\u00edze zp\u011bt do ekosyst\u00e9mu.<\/p>\n

P\u0159idejte zru\u0161en\u00ed dan\u011b z\u00a0majetku v\u00a0roce 2007, d\u011bdick\u00e9 dan\u011b v\u00a0roce 2005\u00a0a\u00a0zaveden\u00ed zjednodu\u0161en\u00e9ho investi\u010dn\u00edho \u00fa\u010dtu ISK v\u00a0roce 2012.\u00a0V\u00fdsledek? \u0160v\u00e9dsk\u00e1 tr\u017en\u00ed kapitalizace dos\u00e1hla 169\u00a0procent HDP (v roce 2023). Pr\u016fm\u011br EU je 69.\u00a0Mezi lety 2016\u00a0a\u00a02023\u00a0\u0160v\u00e9dsko zaznamenalo 823\u00a0IPO\u00a0\u2013 nejv\u00edce v\u00a0cel\u00e9 EU.<\/p>\n

Bav\u00edme se o\u00a0\u0160v\u00e9dsku, o\u00a0kter\u00e9m evrop\u0161t\u00ed salonn\u00ed pravi\u010d\u00e1ci \u010dasto mluv\u00ed jako o\u00a0zemi zasl\u00edben\u00e9 socialismu. Vtipn\u00e9.<\/p>\n

Mohlo by b\u00fdt \u010cesko nov\u00e9 \u0160v\u00e9dsko? V\u00a0principu ano. Ale pot\u0159ebovalo by splnit podm\u00ednky, kter\u00e9 nemaj\u00ed rychl\u00e9 \u0159e\u0161en\u00ed. Pot\u0159ebuje prvn\u00ed generaci \u00fasp\u011b\u0161n\u00fdch tech firem, jejich\u017e zakladatel\u00e9 budou m\u00edt chu\u0165 a\u00a0mo\u017enosti investovat. Ty m\u00e1me: lidi jako Ond\u0159ej Vl\u010dek, Jan Barta, Ivo Luka\u010dovi\u010d, Tom\u00e1\u0161 \u010cupr a\u00a0mnoz\u00ed dal\u0161\u00ed.<\/p>\n

Ale to nesta\u010d\u00ed. Z\u00e1rove\u0148 pot\u0159ebujeme da\u0148ov\u00fd syst\u00e9m, kter\u00fd motivuje k\u00a0reinvestici, ne k\u00a0odchodu do zahrani\u010d\u00ed. Pot\u0159ebujeme funguj\u00edc\u00ed kapit\u00e1lov\u00fd trh s\u00a0re\u00e1ln\u00fdmi IPO. A\u00a0pot\u0159ebujeme kulturu, kde s\u00e9riov\u00e9 podnik\u00e1n\u00ed je norm\u00e1ln\u00ed, ne podez\u0159el\u00e9. Kde ne\u00fasp\u011bch nen\u00ed selh\u00e1n\u00edm, ale b\u011b\u017enou v\u011bc\u00ed. Proto\u017ee and\u011bl\u00e9 maj\u00ed v\u017edycky mnohem v\u00edc ne\u00fasp\u011bch\u016f ne\u017e \u00fasp\u011bch\u016f. And\u011bl\u00e9 funguj\u00ed proto, \u017ee uv\u011b\u0159\u00edme, \u017ee z\u00e1zraky existuj\u00ed.<\/p>\n

Proto se jim \u0159\u00edk\u00e1 and\u011bl\u00e9.<\/p>\n

Garicano a\u00a0Str\u00f6mberg to p\u00ed\u0161ou jasn\u011b: Zkratky neexistuj\u00ed. \u0160v\u00e9dsko v\u00a0roce 2003\u00a0vytvo\u0159ilo syst\u00e9m, kter\u00fd se ukazuje jako skv\u011bl\u00fd o\u00a0dv\u011b dek\u00e1dy pozd\u011bji. Zem\u011b, kter\u00e9 dnes nemaj\u00ed startupov\u00fd ekosyst\u00e9m, tuhle f\u00e1zi nem\u016f\u017eou p\u0159esko\u010dit. V\u00a0\u010dem je h\u00e1\u010dek? \u017de \u00fasp\u011bch p\u0159ijde a\u017e za tu dek\u00e1du, sp\u00ed\u0161 dv\u011b.<\/p>\n

Ot\u00e1zka pro \u010cesko tedy nezn\u00ed, jestli bychom mohli b\u00fdt nov\u00e9 \u0160v\u00e9dsko. Ot\u00e1zka zn\u00ed, jestli jsme ochotni investovat do n\u011b\u010deho, co p\u0159inese v\u00fdsledky a\u017e vl\u00e1d\u011b, jej\u00ed\u017e minist\u0159i dnes dost mo\u017en\u00e1 je\u0161t\u011b studuj\u00ed na vysok\u00e9.<\/p>\n","protected":false},"excerpt":{"rendered":"P\u0159edstavte si, \u017ee se p\u00ed\u0161e rok 2003\u00a0a\u00a0vy jste \u00fasp\u011b\u0161n\u00fd \u0161v\u00e9dsk\u00fd program\u00e1tor. Nebo program\u00e1torka. Pr\u00e1v\u011b jste prodali sv\u016fj pod\u00edl…\n","protected":false},"author":2,"featured_media":11076,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[67,68,4388,631,882,4095],"class_list":{"0":"post-11075","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-business","9":"tag-byznys","10":"tag-startup","11":"tag-svedsko","12":"tag-technologie","13":"tag-vyzkum"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/11075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=11075"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/11075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/11076"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=11075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=11075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=11075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}