以下是内容的中文翻译： 该播客节目采访了StartEngine的创始人霍华德·马克斯（Howard Marks），重点讲述了他丰富的创业历程以及股权众筹（equity crowdfunding）的变革性潜力。 马克斯的职业生涯始于大学时期早期涉足Apple II的软件开发，这展现了他对商业和颠覆性愿景的天生倾向。他后来在动视（Activision）——一家在1990年濒临破产的上市游戏公司——的复兴中发挥了关键作用。马克斯和他的合伙人收购了动视的大量股份，并策略性地使其在1991年进入破产程序，然后从头重建。他们的远见挑战了当时流行的卡带游戏模式，预见到向CD-ROM和数字发行的转变，这后来随着索尼PlayStation和微软Xbox的出现而成为现实。这一愿景帮助动视发展成为今天的游戏巨头。在动视迎来大规模增长之前，马克斯离开了公司，去追求一项在线学习业务，并成功将其出售给Kaplan。 他的下一个重大挑战是以区区10万美元的价格从破产中收购Acclaim Games。他看到了这家公司在新兴的在线免费游戏市场中的潜力，在研究了韩国市场后，他成功实施了这一模式，使Acclaim的玩家数量增长到1700万。然而，随后将其出售给Playdom（后来被迪士尼收购）的结果对马克斯来说并不尽如人意。这次经历深刻地强调了健全财务结构对成长型公司的关键重要性，特别是风险债务的弊端。 马克斯对传统风险投资的不满，他观察到传统风投往往偏爱狭窄的人群（例如，“来自斯坦福的22岁白人男性”），这促使他寻求一种更公平的融资解决方案。他最终在2012年的《促进创业公司发展法案》（Jumpstart Our Business Startups, JOBS Act）中找到了答案，特别是其中关于股权众筹的条款。他强调了JOBS法案之前时代“不公平”之处，当时只有“合格投资者”（即人口中最富有的5%）才能投资初创公司。他引用了Oculus Rift的例子，该公司以20亿美元的价格出售给Facebook，但早期的Kickstarter支持者却没有获得任何财务回报，这进一步强调了股权众筹的必要性。 StartEngine正是在这一愿景下诞生的，它从一个加速器转型为股权众筹平台。马克斯将其视为“金融的未来”，它使所有企业家都能民主化地获得资本，并让普通公民能够投资有前景的初创公司。他强调了两项关键法规：众筹法规（Regulation Crowdfunding, Reg CF），允许公司筹集高达500万美元（最近从100万美元上调）；以及A+法规（Regulation A+, Reg A+），允许筹集高达7500万美元（从5000万美元上调），这突显了它们相对于传统融资途径的可及性。 股权众筹面临的一个重大挑战是，私募基金投资者缺乏流动性，这些公司通常需要5-7年才能“退出”（即上市或被收购）。为了解决这个问题，StartEngine开发了一个另类交易系统（Alternative Trading System, ATS）或称“二级市场”。该平台在经过3.5年的流程后于2020年4月获批，允许投资者在经过一定持有期后交易Reg CF和Reg A+公司的股票。马克斯将其描述为复制“小型企业的华尔街”，旨在释放目前由私人掌控的90%经济价值。这个市场通过点对点（peer-to-peer）操作，实现即时清算，没有做市商、卖空或衍生品，并通过可见的订单簿提供透明度——这与传统证券交易所的复杂性和低效率形成了鲜明对比。创始人也可以获得有限的流动性，这使他们能够在没有个人财务压力的情况下做出长期业务决策。 马克斯还谈到了StartEngine与《创智赢家》（Shark Tank）节目中的凯文·奥利里（Kevin O'Leary）的合作。他邀请奥利里担任战略顾问和发言人，因为奥利里拥有有效的沟通能力，并且他本人也相信股权众筹，甚至将它用于自己的公司。 对于有抱负的企业家，马克斯建议他们凭借“毅力”（grit）——激情与韧性的结合点——去追逐梦想。对于投资者，他将股权众筹定位为一种“另类资产”类别，建议将其与传统投资一同纳入多元化投资组合中。他设想股权众筹将为新经济提供动力，通过提供资本和流动性，造福企业家和投资者。

The podcast features an interview with Howard Marks, founder of StartEngine, focusing on his extensive entrepreneurial journey and the transformative potential of equity crowdfunding. Marks's career began with an early foray into software development for the Apple II while in college, showcasing his natural inclination for business and disruptive vision. He later became instrumental in the resurrection of Activision, a publicly traded gaming company on the brink of bankruptcy in 1990. Marks and his partner acquired a significant stake, strategically took Activision bankrupt in 1991, and rebuilt it from scratch. Their foresight challenged the prevailing cartridge-based gaming model, anticipating the shift to CD-ROMs and digital distribution, which later materialized with Sony's PlayStation and Microsoft's Xbox. This vision helped Activision become the gaming giant it is today. Marks left Activision before its massive growth to pursue an online learning venture, which he successfully sold to Kaplan. His next significant challenge was acquiring Acclaim Games from bankruptcy for a mere $100,000. He saw its potential in the emerging online, free-to-play gaming market, a model he successfully implemented after studying the Korean market, growing Acclaim to 17 million players. However, a subsequent sale to Playdom (later acquired by Disney) resulted in a less-than-ideal exit for Marks. This experience profoundly highlighted the critical importance of a sound financial structure for growing companies, particularly the pitfalls of venture debt. Marks’s frustration with traditional venture capital, which he observed often favored a narrow demographic (e.g., "22 white males from Stanford"), led him to seek a more equitable financing solution. He found it in the Jumpstart Our Business Startups (JOBS) Act of 2012, specifically the provisions for equity crowdfunding. He emphasizes the "unfairness" of the pre-JOBS Act era, where only "accredited investors" (the wealthiest 5% of the population) could invest in startups. He cites the Oculus Rift example, where early Kickstarter backers received no financial return despite the company's $2 billion sale to Facebook, underscoring the need for equity crowdfunding. StartEngine was born from this vision, transitioning from an accelerator to an equity crowdfunding platform. Marks sees it as the "future of finance," democratizing access to capital for all entrepreneurs and allowing everyday citizens to invest in promising startups. He highlights two key regulations: Regulation Crowdfunding (Reg CF), which allows companies to raise up to $5 million (recently increased from $1 million), and Regulation A+ (Reg A+), allowing up to $75 million (up from $50 million), emphasizing their accessibility compared to traditional funding routes. A significant challenge for equity crowdfunding has been the lack of liquidity for investors in private companies, which often take 5-7 years for an "exit" (IPO or acquisition). To address this, StartEngine developed an Alternative Trading System (ATS) or "secondary market." Approved in April 2020 after a 3.5-year process, this platform allows investors to trade shares of Reg CF and Reg A+ companies after a seasoning period. Marks describes it as replicating "Wall Street for small business," aiming to unlock the 90% of the economy currently held in private hands. This market operates peer-to-peer with instant clearing, no market makers, shorting, or derivatives, offering transparency through a visible order book – a stark contrast to the complexities and inefficiencies of traditional stock exchanges. Founders can also gain limited liquidity, allowing them to make long-term business decisions without personal financial pressure. Marks also discusses StartEngine's partnership with Kevin O'Leary of Shark Tank, whom he brought on as a strategic advisor and spokesperson due to O'Leary's ability to communicate effectively and his belief in equity crowdfunding, even using it for his own companies. For aspiring entrepreneurs, Marks advises pursuing dreams with "grit" – the intersection of passion and resilience. For investors, he positions equity crowdfunding as an "alternative asset" class, suggesting it belongs in a diversified portfolio alongside traditional investments. He envisions a future where equity crowdfunding powers a new economy, benefiting both entrepreneurs and investors by providing access to capital and liquidity.