you truly believe that this is going to explode, you're going to change the world.

你真正相信這將會爆發，你將會改變世界。

And ours crashed and burned.

而我們的則墜落並燒燬。

Harsh Jain and Bhavit Sheth know all  about bouncing back from failure.

Harsh Jain和Bhavit Sheth對失敗後的反彈了如指掌。

We started off with a traditional  fantasy sports format.

我們以傳統的幻想體育形式開始。

We wanted to get revenue  through ads on the platform.

我們想通過平臺上的廣告獲得收入。

That was the model, which was popular  at that point in time across the globe.

這就是當時在全球範圍內流行的模式。

Over two to three years, we actually ran out of  

在兩到三年的時間裡，我們實際上用完了

all the initial funding that was  put in by my family and friends.

所有的初始資金都是由我的家人和朋友投入的。

That was 2008, when the duo were just 22 years

那是2008年，當時這對組合只有22歲。

old. But they would eventually pioneer  an industry in India worth $4 billion.

老。但他們最終將在印度開創一個價值40億美元的產業。

Today, their company, Dream Sports,  counts 10 million monthly active users.

今天，他們的公司--夢想體育，擁有1000萬月度活躍用戶。

Harsh and Bhavit are co-founders of  Dream Sports, a sports tech firm from India

Harsh和Bhavit是來自印度的體育科技公司Dream Sports的聯合創始人。

that owns one of the biggest fantasy  gaming platforms in the country: Dream11.

該公司擁有國內最大的夢幻遊戲平臺之一。Dream11。

Fantasy sports are online games where  participants can create a virtual team

夢幻體育是一種在線遊戲，參與者可以創建一個虛擬團隊

of proxies, tracking real sports players.

的代理，跟蹤真實的體育運動員。

Game participants then earn points and win cash prizes

然後遊戲參與者獲得積分並贏得現金獎勵

based on the real-world performances of these players.

基於這些球員在現實世界中的表現。

I started following football as a Manchester United fan, and went to high school in 2001, to the U.K.

我是作為曼聯球迷開始關注足球的，2001年上高中，去了英國。

Got to know about this thing called fantasy football.

得知了這個叫做夢幻足球的東西。

And I got all my friends back home hooked  onto it as well. Bhavit was one of them.

我還讓我在家鄉的所有朋友也迷上了它。Bhavit是其中之一。

What is the appeal of fantasy sports?

夢幻體育的魅力何在？

Everyone who is a sports fan has an  opinion of how sports should be played,  

每個體育迷都對體育比賽的方式有自己的看法。

or what player should be selected, whether  the strategy for that game was right or wrong.

或應該選擇什麼球員，那場比賽的策略是對還是錯。

What fantasy sports tries to do is get  that opinion into a more structured format.

幻想體育試圖做的是將這種意見納入一個更有條理的格式。

I keep comparing fantasy sports  to popcorn for your movie.

我一直把幻想體育比作你的電影的爆米花。

You have popcorn because  it makes your movie better.

你有爆米花，因為它使你的電影更精彩。

Fantasy sports does that for sports.

幻想運動對體育來說就是這樣。

It deepens your engagement and makes that  sports event 100 times more interesting.

它加深了你的參與度，並使那場體育賽事更加有趣100倍。

Harsh returned to India in 2007, and shortly  after, India's own cricket league was launched.

2007年，哈什回到了印度，不久之後，印度自己的板球聯賽啟動。

Cricket is hugely popular in India and the  Indian Premier League, or IPL, is proof of that.

板球在印度大受歡迎，印度超級聯賽，即IPL，就是證明。

The 2021 IPL season saw 660 million fans  watching on television and streaming online.

2021年的IPL賽季有6.6億球迷通過電視和在線流媒體觀看。

A five-year contract for broadcasting  rights fetched $6.2 billion in 2022, 

一份為期五年的轉播權合同在2022年拍出了62億美元。

making the IPL one of the richest  sports leagues in the world.

使得IPL成為世界上最富有的體育聯盟之一。

An avid cricket fan himself, Harsh set out to look for fantasy cricket  platforms in India,

作為一個狂熱的板球愛好者，哈什開始在印度尋找幻想的板球平臺。

but the search was fruitless.

但搜索沒有結果。

He decided to take matters into his own hands.

他決定親自出馬。

I told my friends that we  have to solve this problem.

我告訴我的朋友，我們必須解決這個問題。

There's a billion Indian cricket fans,  and they don't have fantasy cricket.

有十億印度板球球迷，他們沒有幻想中的板球。

Harsh's hunch was right. Besides being home  to hundreds of millions of sports fans,  

哈什的預感是正確的。除了是數以億計的體育迷的家。

India is also one of the fastest-growing  digital economies in the world.

印度也是世界上增長最快的數字經濟體之一。

The country is already the largest  market for mobile app downloads,  

該國已經是移動應用下載的最大市場。

with an estimated 1 billion  smartphone users by 2026.

到2026年，估計有10億智能手機用戶。

Sensing an opportunity, Harsh partnered with  his childhood friend Bhavit to launch Dream 11,

感受到機會的哈什與他的童年朋友巴維特合作，推出了《夢想11》。

providing fantasy cricket that was free to play, relying on advertisements for revenue.

提供免費玩的幻想板球，依靠廣告獲得收入。

It also enabled players to create one  fantasy team for the entire season.

它還使玩家能夠為整個賽季創建一個幻想的團隊。

The duo said they received a couple of million dollars from family and friends as starting capital,

這兩人說，他們從家人和朋友那裡得到了幾百萬美元作為啟動資金。

but in less than two years, they were strapped for cash.

但在不到兩年的時間裡，他們的現金就很緊張了。

The ad revenue wasn't coming in because  these product people in India didn't  

廣告收入沒有進來，因為印度的這些產品人員沒有

understand fantasy sports, so  they needed to be educated.

瞭解夢幻體育，所以他們需要接受教育。

At that point in time, we were  wondering, what should we do now.

在那個時候，我們在想，我們現在應該怎麼做。

We knew that fantasy sports  as a model should work, right?

我們知道，幻想體育作為一種模式應該是可行的，對嗎？

It works globally, there has to be some  format in which it should work in India,  

它在全球範圍內發揮作用，必須有一些格式，它應該在印度發揮作用。

we just didn't know what it was.

我們只是不知道那是什麼。

So at that point in time, we decided to start a  

所以在那個時候，我們決定啟動一個

digital agency through which  we could earn some revenue.

數字機構，通過它我們可以獲得一些收入。

Red Digital, eventually became one of the  largest digital agencies in India which,  

紅色數字，最終成為印度最大的數字機構之一，這。

in turn, helped to fuel Dream11's growth.

反過來，也有助於推動Dream11的增長。

By diverting revenue from Red Digital  into research and development for Dream11,  

通過將紅色數字的收入轉入Dream11的研究和開發。

Harsh and Bhavit decided to pivot  the fantasy gaming platform from  

Harsh和Bhavit決定將幻想遊戲平臺從

being reliant on ads to a “freemium” model.

從依賴廣告到 "免費 "模式。

On the monetization side, what  we did is the built in contests  

在貨幣化方面，我們所做的是內置的比賽

where you need to pay to enter the  contest, and we build a prize pool.

在這裡，你需要付費才能參加比賽，我們建立一個獎池。

And then if you win, you win prize money.

然後如果你贏了，你就會贏得獎金。

Inherently, every time someone joins a contest,  

本質上，每次有人参加比賽時。

we keep a certain percentage of the  entry amount that the user pays.

我們保留了用戶支付的參賽金額的一定比例。

They also changed Dream11 from a  per-season to a per-match format in 2012.

他們還在2012年將Dream11從每一季改為每場比賽的形式。

That actually brought down  the commitment that person  

這實際上降低了那個人的承諾

had to make from multiple months to a single day.

不得不從多個月變成一天。

Some of the times, people are interested  only in certain teams in a tournament.

有些時候，人們只對錦標賽中的某些球隊感興趣。

That strategy paid off. In 2013,  when Dream11 was taking off again, 

這一策略得到了回報。2013年，當Dream11再次起飛的時候。

the duo decided to sell their  digital agency, pumping the proceeds

兩人決定出售他們的數字機構，並將所得收入注入

back into building their fantasy sports platform.

迴歸到建立他們的幻想體育平臺。

Harsh and Bhavit began to see  the fruits of their labor.

Harsh和Bhavit開始看到他們的勞動成果。

In 2019, the Mumbai-based startup joined  the ranks of India's unicorn club.

2019年，這家位於孟買的創業公司加入了印度獨角獸俱樂部的行列。

Dream11 now offers over 10 fantasy sports, 

Dream11現在提供超過10種幻想運動。

including cricket, basketball,  football and baseball.

包括板球、籃球、足球和棒球。

There have been rival platforms in India. What makes you guys stand out?

在印度已經有了競爭對手的平臺。是什麼讓你們脫穎而出？

It's an open secret that I talk about.  I still don't play fantasy football on Dream 11.

這是我談論的一個公開的祕密。 我仍然不在《夢想11》上玩夢幻足球。

I still am committed to fantasy  football on fantasy Premier League,  

我仍然致力於幻想英超聯賽上的幻想足球。

the reason we created Dream 11.

這是我們創建 "夢想11 "的原因。

The reason I'm saying this is because of  the network effects of fantasy sports.

我之所以這樣說，是因為幻想體育的網絡效應。

Once you and your friends are playing or are  connected over one network in fantasy sports,

一旦你和你的朋友在幻想體育中進行遊戲或通過一個網絡連接。

for a rival to get you to play there, you  have to move all your friends with you.

對於對手來說，要想讓你去那裡打球，你必須把你所有的朋友都轉移到那裡。

The company's revenue model meant that it was one of the rare unicorns in India making a profit.

該公司的收入模式意味著它是印度少有的能夠盈利的獨角獸之一。

In fact, Harsh and Bhavit say that their company has been in the green since 2020.

事實上，哈什和巴維特說，他們的公司自2020年以來一直處於綠色狀態。

Most entrepreneurs forget that funding cannot be taken for granted.

大多數創業者忘記了資金不能被視為理所當然。

Every funding round that we've  ever had, has always had us 

我們的每一輪融資，總是讓我們

projecting 12 to 18 month  runway, and then flipping to

預測12至18個月的跑道，然後再翻轉到

a breakeven and profitability.

一個盈虧平衡和盈利能力。

If your unit economics don't lead to  that, then your valuation is wrong, 

如果你的組織、部門經濟效益不能導致這一點，那麼你的估價就是錯誤的。

or the amount of money you're raising is wrong,

或你所籌集的資金數額是錯誤的。

your fundamentals of your business are wrong.

你的企業的基本面是錯誤的。

We ran out of money in 2010. I think  unfortunately, that's a very hard

我們在2010年耗盡了錢。我認為不幸的是，這是一個非常艱難的

lesson to learn, which a lot of founders  need to learn that money isn't free.

要學習的教訓，很多創始人都需要學習，錢不是免費的。

This razor-sharp vision has  supercharged Dream Sports' growth.

這種銳利的眼光為夢想體育的發展提供了超強動力。

Dream Sports's investors include  Chinese tech giant Tencent,  

夢想體育的投資者包括中國科技巨頭騰訊。

American investment firms  Tiger Global and D1 Capital.

美國投資公司Tiger Global和D1 Capital。

In 2021, it raised $840 million,  valuing the company at $8 billion.

2021年，它籌集了8.4億美元，對公司的估值為80億美元。

But is fantasy sports a game of skill or luck?

但是，幻想體育是一種技巧還是運氣的遊戲？

There is growing concern among  regulators in India and other countries

印度和其他國家的監管機構越來越擔心

about fantasy sports fueling addiction, especially among its youth.

關於幻想運動助長成癮，特別是在其年輕人中。

This will shape the future of the mobile  gaming industry, including how it is taxed.

這將塑造移動遊戲行業的未來，包括如何徵稅。

The company has been embroiled in  multiple lawsuits over that question.

該公司已經因為這個問題捲入了多起訴訟。

In 2021, the Supreme Court of India ruled that  online fantasy sports are 'games of skill.'

2021年，印度最高法院裁定，在線幻想運動是 "技能遊戲"。

Despite the ruling, Dream11's  paid games are unavailable

儘管有此裁決，Dream11的付費遊戲仍無法使用

or banned in 6 states in India at the end of 2022.

或在2022年底在印度的6個邦被禁止。

A government report even noted  there were reported cases of youth

一份政府報告甚至指出，有報告稱，有青年

taking their lives over online gambling debts.

因網上賭博欠款而奪去生命。

I will relate fantasy sports to the stock market very much so, because based on past

我將把幻想體育與股票市場聯繫起來，因為根據過去的

performance of a stock and expected future  performance of a company, you're buying a stock.

如果你想了解一隻股票的表現和一家公司未來的預期表現，你就會購買一隻股票。

Now, does that guarantee you that that company  or the stock will go up or down? No it doesn't.

現在，這能保證你的公司或股票會上漲或下跌嗎？不，它不能。

Are there things that are out of  your control? Yes, all the time.

是否有一些事情是你無法控制的？是的，一直都有。

So I would say, fantasy sports is  like picking a stock portfolio,  

所以我想說，幻想體育就像挑選股票組合。

where each player is like a stock.

其中每個球員就像一隻股票。

The company claims only 20%  of its users are playing with money

該公司聲稱只有20%的用戶在玩錢

and there are safeguards in place to ensure responsible play.

並有保障措施來確保負責任的遊戲。

There are some contests with 10 million  people playing against each other.

有一些比賽有一千萬人在對戰。

We always try to make sure more than 50% of them  at least win their money back to keep it engaging.

我們總是試圖確保50%以上的人至少贏回他們的錢，以保持其吸引力。

But the first prize can win two crores  which is about $250,000 for half of $1.

但一等獎可以贏得兩個億，這大約是1美元的一半的25萬美元。

99% of our users have never won or lost more  than 10,000 rupees $120 in the entire lifetime.

我們99%的用戶在整個一生中從未贏過或輸過超過10,000盧比$120。

We have responsible play that makes sure you can  set limits, when you lose X amount to 2X amount,  

我們有負責任的遊戲，確保你可以設置限制，當你失去X金額到2X金額。

3X amount, you get a warning,  you're suggested to take a break.

3倍的金額，你會得到一個警告，建議你休息一下。

Because we're not here for making you  win or lose large amounts of money.

因為我們在這裡不是為了讓你贏或輸大筆的錢。

And that's how we scale so far, we don't  have any ads on Dream 11, we haven't had

這就是我們到目前為止的規模，我們在《夢想11》上沒有任何廣告，我們也沒有

them for the last seven years,  since we've pivoted to this model.

在過去的七年裡，自從我們轉向這種模式後，他們就開始了。

Despite the regulatory hurdles, Harsh and Bhavit  plan to continue their expansion in India.

儘管有監管方面的障礙，哈什和巴維特計劃繼續在印度擴張。

The country has the largest fantasy  sports user base in the world,  

該國擁有世界上最大的幻想體育用戶群。

and the industry is projected to be  worth an estimated $20 billion by 2025.

而且預計到2025年，該行業的價值將達到約200億美元。

We still want to focus on India, we see we  have 150 million users on dream 11 in India,  

我們仍然希望關注印度，我們看到我們在印度的夢想11有1.5億用戶。

there are 800 million online sports fans in India.

在印度有8億在線體育迷。

Maybe when the day comes in  our next couple of years, 

也許當這一天在我們未來的幾年裡到來時。

when we start hitting 300 million users in India,

當我們開始在印度達到3億用戶時。

that's a day we might look  at growing internationally.

那是我們可能會考慮在國際上發展的一天。

We started when we were 22 years old, so 

我們是在22歲時開始的，所以

we pretty much had nothing  but an engineering degree.

我們幾乎什麼都沒有，只有一個工程學位。

I think it was purely seeing a problem.

我認為這純粹是看到了一個問題。

And being extremely passionate about it yourself.

而且自己要對它有極大的熱情。

I think that's all most founders need.

我認為這就是大多數創始人所需要的一切。

Maybe the rest of it you learn along the way.

也許剩下的部分你會在路上學到。