{"id":2561,"date":"2026-08-05T16:51:59","date_gmt":"2026-08-05T16:51:59","guid":{"rendered":"https:\/\/smenews.rs\/?p=2561"},"modified":"2026-08-05T16:51:59","modified_gmt":"2026-08-05T16:51:59","slug":"investment-castles-in-the-air-why-mechanical-development-doesnt-create-life","status":"publish","type":"post","link":"https:\/\/smenews.rs\/bs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/","title":{"rendered":"Investicijske kule u zraku: Za\u0161to mehani\u010dki razvoj ne stvara \u017eivot"},"content":{"rendered":"<p>Autorica (stru\u010dnjakinja): Ekaterina Leran<\/p>\n\n\n\n<p>Za: investitore, developere, bankare, ESG stru\u010dnjake<\/p>\n\n\n\n<p>Savremeni modeli planiranja investicija ne dovode do stvarnih pobolj\u0161anja. Stvarnost je daleko slo\u017eenija i vi\u0161eslojnija od svih postoje\u0107ih modela i praksi planiranja investicija. Tabele i prora\u010duni nisu beskorisni, ali ne opisuju ono \u0161to se zaista de\u0161ava.<\/p>\n\n\n\n<p>Danas je poznato vi\u0161e od dvadeset \u201etehnolo\u0161kih pristupa\u201d: ISO, Stage&amp;Gate, Six Sigma, PDCA, PMBoK, BSC, TRIZ i drugi. Svaki od ovih pristupa predstavlja alat za \u201epove\u0107anje efikasnosti procesa razvoja proizvoda\u201d i \u201eosiguravanje dosljednosti upravljanja na svim organizacijskim nivoima\u201d, pri \u010demu ispunjavanje zahtjeva koji se odnose na pokazatelje efikasnosti investicije u predinvesticijskoj fazi projektnog ciklusa, kao i odre\u0111ivanje rokova, \u010dini \u201etemelj za uspje\u0161nu provedbu investicijskog i operativnog ciklusa\u201d. Svaki tradicionalni model planiranja investicija \u2013 od UNIDO-a do Stage&amp;Gatea \u2013 polazi od jedne temeljne pretpostavke: budu\u0107nost se mo\u017ee modelirati. Ako se pravilno popune dijelovi studije izvodljivosti (op\u0107e informacije, sa\u017eetak za rukovodstvo, opis industrije, marketin\u0161ki plan, plan proizvodnje, organizacijski plan, procjena rizika, finansijski plan) te izra\u010dunaju neto sada\u0161nja vrijednost (NPV), interna stopa povrata (IRR), period povrata ulaganja (PP) i prag rentabilnosti \u2013 projekat \u0107e biti uspje\u0161an.<\/p>\n\n\n\n<p>Milioni kvadratnih metara betona, stakla i asfalta. Hiljade hektara izlivenih u tipske kalupe. Soliteri, tr\u017eni centri, saobra\u0107ajna \u010dvori\u0161ta. Sve to je izgra\u0111eno prema istim investicijskim modelima. Sve to je pro\u0161lo kroz sve faze i kontrolne ta\u010dke (tzv. \u201eStage &amp; Gate\u201c), zadovoljava kriterije neto sada\u0161nje vrijednosti (NPV) i interne stope povrata (IRR) \u2013 blistavo je i \u0161areno, poput bljeska, ali nezanimljivo. Tipi\u010dni model planiranja polazi od pretpostavke da je investicijski projekt besprijekorna tvorevina. Izgradite fabriku \u2013 ona stoji. Kreirate proizvod \u2013 on se prodaje. Razvijete podru\u010dje \u2013 ono \u017eivi. To je iluzija.<\/p>\n\n\n\n<p>Pogledajte oko sebe. Modeli postoje, ali stvarnog uspjeha nema. Tehnologije se mijenjaju, a odr\u017eavanje postignutih rezultata postalo je skuplje od same izgradnje. Gradovi duhova, podignuti prema svim pravilima investicijskog modeliranja, stoje prazni ili se pretvaraju u groblja izblijedjelih fasada i nedovr\u0161enih nebodera. To je direktna posljedica investicijskog modeliranja koje zanemaruje prirodne ritmove, stvarne potrebe, kvalitet i dru\u0161tvene u\u010dinke.<\/p>\n\n\n\n<p>Savremeno modeliranje podrazumijeva neprestani rast i utrku, prelazak sa trajnog na privremeno, te sa privremenog na jo\u0161 privremenije. Revolucionarna promjena zanemaruje kontekst i name\u0107e novu, ograni\u010denu stvarnost u kojoj postoji \u201eprakti\u010dnost\u201d, ali ne i smisao.<\/p>\n\n\n\n<p>Kada investitor gradi stambeni kompleks, on ra\u010duna: koliko stanova, kolika povr\u0161ina, koliko parking mjesta, koliki \u0107e biti prihod od prodaje. Ono \u0161to ne ra\u010duna jeste: kako \u0107e ljudi me\u0111usobno komunicirati, ho\u0107e li imati osje\u0107aj zajedni\u0161tva, ho\u0107e li se osje\u0107ati kao kod ku\u0107e ili \u0107e samo \u201etro\u0161iti kvadrate\u201d, te \u0161ta je va\u017eno lokalnom stanovni\u0161tvu koje po\u0161tuje uspomenu na ta mjesta i voli taj kraj.<\/p>\n\n\n\n<p>Kada projektant planira naselje, razmi\u0161lja o tome gdje smjestiti prodavnice, \u0161kole i igrali\u0161ta \u2013 kako bi se ispo\u0161tovali propisi. Ne razmi\u0161lja o tome ho\u0107e li se ljudi me\u0111usobno poznavati, ho\u0107e li se djeca zajedno igrati u dvori\u0161tu i ho\u0107e li stanovnici osje\u0107ati pripadnost tom mjestu.<\/p>\n\n\n\n<p>Kada urbanista planira grad, on odlu\u010duje: kuda postaviti saobra\u0107ajnice, gdje izgraditi metro, gdje smjestiti poslovne centre \u2013 kako bi optimizovao saobra\u0107ajne tokove. Ono o \u010demu ne odlu\u010duje jeste: kako \u0107e se ljudi osje\u0107ati dok \u0161etaju ulicom, ho\u0107e li prihvatiti lokalnu arhitekturu, ho\u0107e li osje\u0107ati sigurnost i \u017eelju da se vrate ku\u0107i, ili \u0107e pak izbjegavati to mjesto.<\/p>\n\n\n\n<p>A rezultat je sljede\u0107i: stanovi nisu \u201edom\u201d, ve\u0107 \u201emjesto gdje se spava\u201d; ljudi u gradovima \u017eive jedni pored drugih, a ne poznaju se jer nije sigurno, a vi\u0161e nije ni uobi\u010dajeno jednostavno pozdraviti, pogledati ili uzvratiti pozdrav. \u010cetvrti u kojima se djeca ne igraju u dvori\u0161tu jer nije sigurno, a dje\u010dije igrali\u0161te je manje od parkinga. Ulice kojima ne \u017eelite hodati jer su zagu\u0161ljive, bu\u010dne i sve iste. Gdje god da krenete, okru\u017eeni ste trgovinom. To nije stvar izbora. Zapravo, to je odsustvo izbora.<\/p>\n\n\n\n<p>Monogradovi, \u010dije su studije izvodljivosti svojevremeno pro\u0161le sve faze i kontrolne ta\u010dke procesa \u201eStage-Gate\u201d, polako odumiru kada se iscrpi le\u017ei\u0161te zbog kojeg su i nastali.<\/p>\n\n\n\n<p>Kobna promjena stani\u0161ta<\/p>\n\n\n\n<p>Pojednostavljeni modeli investicijskog planiranja i procjene proizvodnih faktora, resursa i potro\u0161nje, primijenjeni u praksi, stvorili su \u017eivot li\u0161en dubine i prolaznog karaktera. To nije \u201enuspojava\u201d razvoja. To je direktna posljedica paradigme u kojoj se teritorija kroz modele investiranja tretira kao resurs, a ne kao \u017eivotni ambijent.<\/p>\n\n\n\n<p>UNIDO model, kreiran 1978. godine za zemlje u razvoju, polazio je od pretpostavke da dr\u017eava ili me\u0111unarodna organizacija mogu kontrolisati sve varijable. To je bila pretpostavka karakteristi\u010dna za to vrijeme. Danas, u svijetu u kojem se okru\u017eenje mijenja br\u017ee nego \u0161to se izra\u0111uje studija izvodljivosti, to je postalo zamka.<\/p>\n\n\n\n<p>Savremena paradigma investicijskog modeliranja je paradigma raskida. Ona dolazi na odre\u0111eni prostor i poru\u010duje: \u201eSve \u0161to je postojalo prije nas nije va\u017eno. Izgradit \u0107emo ne\u0161to novo i to \u0107e biti napredak.\u201d Ali to nije napredak. To je amnezija. To je odbacivanje sje\u0107anja na mjesto, veze me\u0111u generacijama, a vrlo \u010desto \u2013 i samih razloga za \u017eivot.<\/p>\n\n\n\n<p>Ograni\u010davanje zona \u017eivljenja i brzo \u0161irenje istovjetnih me\u0111unarodnih rje\u0161enja guraju \u010dovje\u010danstvo u slijepu ulicu \u2013 rije\u010d je o ogromnim gradovima masovnog kretanja, psihoze, bolesti i potpunog odsustva mira, ti\u0161ine i odmora; o pogonima \u201emodernih\u201d fabrika i tr\u017enim centrima \u201enadomak ruke\u201d koji koriste zajedni\u010dku infrastrukturu, te o hiljadama hektara zemlji\u0161ta prekrivenih betonom. To su mjesta uni\u0161tene ekologije u koja se ne \u017eelite vratiti. Trka je postala prioritet, potisnuv\u0161i u drugi plan vrijednost \u017eivota i samog \u010dovjeka. \u010covjek ne postaje zdraviji, pametniji ni sretniji \u2013 postaje usamljeniji, iscrpljeniji i dezorijentisaniji.<\/p>\n\n\n\n<p>Pogledajte moderne megapolise. Zrak je prljav, zagrijan i isu\u0161en. Betonske povr\u0161ine prekrivaju tlo, uni\u0161tavaju\u0107i ga iznutra. Biljke su postale tek sitni ukras, a ne nu\u017enost. Pogledajte ljude: bude se u malim kutijama zvanim \u201estanovi\u201d, spu\u0161taju se zagu\u0161ljivim liftom, prolaze kroz prljave prolaze do metroa, a zatim svi gledaju u svoje telefone kako bi izbjegli kontakt o\u010dima s drugima. U uredima ljudi sjede u otvorenim prostorima, ali probleme s kolegama ne rje\u0161avaju bez aplikacija za dopisivanje. Ljudi se vra\u0107aju ku\u0107i, naru\u010duju hranu putem aplikacije, gledaju serije i odlaze na spavanje. To nije \u017eivot \u2013 to je imitacija.<\/p>\n\n\n\n<p>NPV ne uklju\u010duje tro\u0161ak otu\u0111enosti. IRR ne uzima u obzir porast mentalnih oboljenja. Osoba u neprirodnom okru\u017eenju postaje zatvorena, anksiozna i agresivna. Ona ne vjeruje, ne osje\u0107a i ne sanja. Ona propada. Osoba ne mari za okru\u017eenje jer ni \u201eokru\u017eenje ne mari\u201d za nju. Osoba ne razumije odgovornost jer zajedni\u010dko okru\u017eenje ne pripada njoj, \u0161to zna\u010di da je ono \u201eni\u010dije\u201d. Takva je stvarnost i to vi\u0161e ne zahtijeva dokazivanje. Ove pojave nisu \u201eproblem odgoja\u201d niti \u201eproblem kulture\u201d. Ovo je problem okru\u017eenja koje je oblikovano prisustvom isklju\u010divo finansijskih rje\u0161enja.<\/p>\n\n\n\n<p>Modeli planiranja investicija (UNIDO, Stage-Gate i drugi) posmatraju prostor kao prazan list papira. Ovi modeli ne vide \u017eivo tkivo \u017eivota \u2013 a njegovo \u201ekidanje\u201d olak\u0161ava prodor i nametanje promjena. Na primjer, neto sada\u0161nja vrijednost (NPV) ne uklju\u010duje tro\u0161ak prekinutih dru\u0161tvenih veza, dok interna stopa povrata (IRR) ne uzima u obzir gubitak smisla i sje\u0107anja vezanih za odre\u0111eno mjesto. Period povrata investicije ne mjeri razaranje \u017eivotnog ritma. Razaranje postoji i ono ima svoju cijenu. Tu cijenu ne pla\u0107aju investitori, ve\u0107 ljudi koji nastavljaju \u017eivjeti nakon provedenih promjena. Vrijedi napomenuti da je sve podlo\u017eno kvantitativnom mjerenju. Va\u017eno je vr\u0161iti analize na \u0161iri, suptilniji i precizniji na\u010din, te promi\u0161ljenije izra\u0111ivati \u200b\u200bplanove i prognoze.<\/p>\n\n\n\n<p>Izgradnja stambenog kompleksa nije samo podizanje zidova. To je zahvat koji uti\u010de na saobra\u0107ajne tokove, dru\u0161tvenu infrastrukturu, obrasce migracije i psihologiju same \u010detvrti. Pokretanje nove proizvodnje ne podrazumijeva samo instaliranje opreme i otvaranje novih radnih mjesta, ve\u0107 i promjene na tr\u017ei\u0161tu rada, u ekologiji, logistici i odnosima s lokalnom zajednicom, kao i promjene u zahtjevima i potrebama.<\/p>\n\n\n\n<p>Prelazak sa \u0161ablona na lokalne vrijednosti<\/p>\n\n\n\n<p>Alati, modeli i preporuke za planiranje ne bi trebali potisnuti sve postoje\u0107e kao bezna\u010dajno ili zastarjelo, niti bi trebali biti isklju\u010divo vanjski, odnosno \u201enametnuti\u201d. Slijepe inovacije su lo\u0161e revolucije koje se provode tiho i prikriveno, ali uvijek nose posljedice. Inovacije ne mogu postojati odvojeno od su\u0161tine onoga \u0161to se mijenja. Zanemarivanje temelja inovacija uvijek je bolno. Inovacija nije zasebna metodologija niti je univerzalna.<\/p>\n\n\n\n<p>Inovacija je ispravna kada predstavlja ne\u0161to novo ugra\u0111eno u postoje\u0107i kontekst, odnosno kada evolucijska promjena uva\u017eava okru\u017eenje u koje se uvodi. Inovacija ne uni\u0161tava temelj \u2013 ona ga ja\u010da. Novacija, s druge strane, predstavlja raskid s postoje\u0107im stanjem. Novacija ne integri\u0161e \u2013 ona zamjenjuje. Primjer za to je tipi\u010dna gradnja koja bri\u0161e lokalni duh, uni\u0161tava historijski ambijent i name\u0107e druga\u010diji ritam \u017eivota. Savremeni modeli investiranja brkaju ove pojmove; oni novaciju nazivaju inovacijom i prodaju je kao \u201enapredak\u201c. Istinski razvoj nije uni\u0161tavanje, nije ga\u017eenje prora\u010dunatom stvarno\u0161\u0107u preko onoga \u0161to je \u201estaro\u201c, niti gradnja nove ceste pored \u201estare\u201c. Razvoj je organska tranzicija i kontinuitet; to je sposobnost novog da oja\u010da staro, a ne da ga uni\u0161ti ili \u201eudvostru\u010di\u201c.<\/p>\n\n\n\n<p>Mnogi gradovi danas gube svoju kulturnu posebnost; ljudi napu\u0161taju svoja ognji\u0161ta i zaboravljaju tradicionalne na\u010dine poljoprivrede, dok se lokalna ekonomija, me\u0111uljudske veze, medicina i gastronomija uru\u0161avaju, a uvode se jedinstveni standardi potro\u0161nje i poimanja svijeta. To je uni\u0161tavanje provjerenih temelja, to je slom. To je opasno.<\/p>\n\n\n\n<p>Ve\u0107ina investicijskih modela polazi od pretpostavke da \u0107e novi projekat zamijeniti principe koji postoje vijekovima i koji \u0107e trajati vje\u010dno. To je naivno. Okru\u017eenje se mijenja. Tehnologije zastarijevaju. Zajednice se transformi\u0161u. Ono \u0161to je ju\u010de bilo investicija, sutra mo\u017ee postati teret.<\/p>\n\n\n\n<p>Prava inovacija nije inovacija koja do\u0111e i promijeni sve. Ovo je promjena koja:<\/p>\n\n\n\n<p>\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0 Integri\u0161e se u postoje\u0107i kontekst<\/p>\n\n\n\n<p>\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0 Po\u0161tuje historiju i tradiciju<\/p>\n\n\n\n<p>\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0 Ja\u010da veze, a ne uni\u0161tava ih<\/p>\n\n\n\n<p>\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0 Prilago\u0111ava se \u017eivotnom ritmu, a ne name\u0107e vlastiti<\/p>\n\n\n\n<p>\u25cf\u00a0\u00a0\u00a0\u00a0\u00a0 \u010cuva zna\u010denja, ne bri\u0161e ih<\/p>\n\n\n\n<p>Investicijski projekti nu\u017eno moraju pro\u0107i provjeru stvarne potrebe i biti razvijeni uz u\u010de\u0161\u0107e lokalnih stru\u010dnjaka \u2013 ne nu\u017eno finansijara, ekonomista ili pravnika, ve\u0107 onih koji poznaju lokalno okru\u017eenje, tradiciju i na\u010din \u017eivota. Va\u017eno je sagledati \u0161ta se mijenja i za\u0161to. \u017divot nije eksperiment i ne mo\u017ee se \u017eivjeti dvaput. \u017divot na svakom mjestu, u svakom dijelu svijeta, neprocjenjiv je i jedinstven.<\/p>\n\n\n\n<p>O\u017eivljavanje \u017eivotnog ritma<\/p>\n\n\n\n<p>Nasilje nad ritmom je ono \u0161to zagovara ve\u0107ina investicijskih projekata. Kada usporite realizaciju kako biste \u201epro\u0161li kroz sve kontrolne ta\u010dke\u201d (tzv. *gates*), propu\u0161tate povoljnu priliku. Kada ubrzate izgradnju kako biste se uklopili u rok povrata ulaganja (PP), javljaju se nedostaci. Tradicionalno modeliranje investicija opsjednuto je rokovima. Rok povrata ulaganja (PP) je rok. Period realizacije investicijske faze je rok. Svaka kontrolna ta\u010dka u procesu \u201eStage-Gate\u201d predstavlja rok.<\/p>\n\n\n\n<p>Tehnologija koju implementirate ima svoj ritam sazrijevanja. Svi \u017eivi sistemi imaju ritam. Kada zanemarite prirodni ciklus, dobijate proizvod koji je ili preuranjen ili zakasnio.<\/p>\n\n\n\n<p>Prema Leranu, princip evolucijske plasti\u010dnosti predstavlja sposobnost sistema da se mobili\u0161e za odre\u0111eni zadatak i nakon njegovog zavr\u0161etka pre\u0111e u stanje mirovanja, te da mijenja svoj oblik, mjesto i sastav. Investicijski projekt zasnovan na ovom principu odgovara nu\u017enosti i samom sebi, kao neophodnom ritmu.<\/p>\n\n\n\n<p>Kriteriji za zrelo modeliranje investicija<\/p>\n\n\n\n<p>To je temelj libertarijanske ideologije, koja tvrdi da \u0107e \u201etr\u017ei\u0161te sve rije\u0161iti bolje od dr\u017eave\u201d. Danas ve\u0107 postaje jasno: ne, ne\u0107e, jer tr\u017ei\u0161te ima druga\u010diji horizont planiranja i druga\u010dije ciljeve.<\/p>\n\n\n\n<p>Projekat zasnovan na principu prate\u0107eg okru\u017eenja nije plan, niti kruta struktura ili zahtjev u pogledu sadr\u017eaja, ve\u0107 fleksibilan okvir, arhitektura uslova i mapa mogu\u0107nosti unutar kojih se \u017eivot mo\u017ee razvijati.<\/p>\n\n\n\n<p>Direktno modeliranje podrazumijeva situaciju u kojoj investitor (ili dr\u017eava) odlu\u010duje kako bi odre\u0111ena teritorija, proizvod ili zajednica trebali izgledati za deset godina. Oni izra\u0111uju plan, raspore\u0111uju resurse, imenuju odgovorne osobe i uspostavljaju kontrolne ta\u010dke. To je UNIDO-ov model u svom \u010distom obliku. Direktno modeliranje funkcioni\u0161e samo u sterilnim uslovima. U stvarnom svijetu, taj model gubi.<\/p>\n\n\n\n<p>Kako razlikovati zreo investicijski model od nezrelog? Na osnovu nekoliko znakova:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Prisustvo parametara obnove. Ako model ne uklju\u010duje tro\u0161kove obnove \u017eivotne sredine \u2013 nezreo je.<\/li>\n\n\n\n<li>Postojanje faze zavr\u0161etka. Ako model ne predvi\u0111a plan za prestanak rada (dekomisiju) \u2013 nezreo je.<\/li>\n\n\n\n<li>Po\u0161tovanje ritma. Ako se model zasniva na rokovima, a ne na principima kvaliteta \u2013 nezreo je.<\/li>\n\n\n\n<li>Sposobnost promjene. Ako model podrazumijeva stati\u010dnu konstrukciju \u2013 nezreo je.<\/li>\n\n\n\n<li>Creation of accompanying environment. If the model tries to directly model the future\u2014it&#8217;s immature.<\/li>\n\n\n\n<li>Direktna odgovornost. Ako model podrazumijeva pla\u0107anje naknada umjesto direktne obnove \u2013 nezreo je.<\/li>\n\n\n\n<li>Uzimanje u obzir vi\u0161edimenzionalnosti. Ako model razmatra samo finansijske parametre, a izostaju prora\u010duni dru\u0161tvenih efekata \u2013 koji prema Leranu imaju devet osnova \u2013 onda je taj model nezreo.<\/li>\n<\/ol>\n\n\n\n<p>Nova logika javnog planiranja: umjesto \u201eizgradi i zaboravi\u201d \u2013 \u201ekreiraj i prilagodi\u201d.<\/p>\n\n\n\n<p>\u0160ta ovo mijenja u praksi<\/p>\n\n\n\n<p>Ako primijenite ono \u0161to je re\u010deno, slika \u0107e se radikalno promijeniti.<\/p>\n\n\n\n<p>Stambeni kompleks prestaje biti samo skup kvadratnih metara. On postaje intervencija u dru\u0161tvenom tkivu, a njegov finansijski model trebao bi obuhvatati ne samo tro\u0161kove izgradnje, ve\u0107 i tro\u0161kove integracije u postoje\u0107u infrastrukturu, tro\u0161kove stvaranja zajednice te tro\u0161kove dugoro\u010dnog odr\u017eavanja kvaliteta \u017eivotne sredine.<\/p>\n\n\n\n<p>Industrijska proizvodnja prestaje biti samo tvornica. Ona postaje element ekosistema odre\u0111ene teritorije, a njen finansijski model trebao bi obuhvatati ne samo kapitalne tro\u0161kove, ve\u0107 i tro\u0161kove obnove okoli\u0161a, obuke osoblja te izgradnje prate\u0107e infrastrukture.<\/p>\n\n\n\n<p>Tehnolo\u0161ki startup prestaje biti samo proizvod. On postaje \u017eivi organizam, a njegov finansijski model trebao bi uklju\u010divati \u200b\u200bne samo planove rasta ve\u0107 i planove za ga\u0161enje, ne samo strategije skaliranja ve\u0107 i strategije za okon\u010danje ciklusa.<\/p>\n\n\n\n<p>Teritorijalni razvoj prestaje biti samo izgradnja. On postaje stvaranje prate\u0107eg okru\u017eenja, a njegov finansijski model trebao bi obuhvatati ne samo direktne tro\u0161kove ve\u0107 i ulaganja u poslovnu autonomiju, odnosno u sposobnost za samostalan razvoj i rast. To nije anarhija; to je zrelost.<\/p>\n\n\n\n<p>Investiranje je, ba\u0161 kao i rat, zajam iz budu\u0107nosti.<\/p>\n\n\n\n<p>Danas uzimamo resurse kako bismo stvorili ne\u0161to za sutra. Taj se dug mora vratiti. To je priznanje da okoli\u0161 ima svoj ritam i da se taj ritam mora po\u0161tovati. To je priznanje da Zemlja nije tek resurs, ve\u0107 ono \u010diji nas potencijal hrani i na \u010demu stojimo.<\/p>\n\n\n\n<p>Traditional investment modeling forgot. It focused on how to take and forgot about how to return. It focused on NPV and IRR and forgot that the earth is not a line in a financial plan but a substrate that must be preserved. An investment project is a construction frozen in time, a burden on all society after quick payback.<\/p>\n\n\n\n<p>Modeliranje prate\u0107eg okru\u017eenja ne zna\u010di odbacivanje matematike niti smanjenje obima prora\u010duna. To podrazumijeva ve\u0107u odgovornost, povratak su\u0161tini i ve\u0107u plasti\u010dnost. Investicija nije mehanizam, ve\u0107 intervencija. Mudro upravljanje prepoznaje da \u201einovacija = novo + kontekst\u201d, dok \u201enovacija = novo \u2013 kontekst\u201d. Budu\u0107nost ne mo\u017eemo modelirati, ali mo\u017eemo stvoriti uslove u kojima se ona mo\u017ee razvijati. Savremeni projekat nije proces mani\u010dne izgradnje, ve\u0107 \u017eivi organizam. On zna kako da se uklju\u010di kada se za to uka\u017ee potreba i kako da se sa\u017eme kada potra\u017enja opadne. Zna se \u0161iriti kada se pojave nove prilike i mijenjati lokaciju kada se okru\u017eenje promijeni. Evolucijska plasti\u010dnost umjesto stati\u010dnog planiranja, prate\u0107e okru\u017eenje umjesto direktnog modeliranja, zemlja kao supstrat umjesto kao potro\u0161ni resurs, devet osnova dru\u0161tvenih efekata umjesto pojedina\u010dnih finansijskih pokazatelja \u2013 to je jedina iskrena investicija.<\/p>","protected":false},"excerpt":{"rendered":"<p>SME-Author: Ekaterina Leran For: Investors, developers, bankers, ESG specialists Modern investment planning models don&#8217;t lead to real improvements. Reality is far more multifaceted than all existing investment planning models and practices. Tables and calculations are not useless, but they describe not what actually happens. Today, more than twenty &#8220;technological approaches&#8221; are known: ISO, Stage&amp;Gate, Six&#8230;<\/p>","protected":false},"author":2,"featured_media":2551,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-2561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investment Castles in the Air: Why Mechanical Development Doesn&#039;t Create Life - SME News Balkan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/smenews.rs\/bs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/\" \/>\n<meta property=\"og:locale\" content=\"bs_BA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investment Castles in the Air: Why Mechanical Development Doesn&#039;t Create Life - SME News Balkan\" \/>\n<meta property=\"og:description\" content=\"SME-Author: Ekaterina Leran For: Investors, developers, bankers, ESG specialists Modern investment planning models don&#8217;t lead to real improvements. Reality is far more multifaceted than all existing investment planning models and practices. Tables and calculations are not useless, but they describe not what actually happens. Today, more than twenty &#8220;technological approaches&#8221; are known: ISO, Stage&amp;Gate, Six...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/smenews.rs\/bs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/\" \/>\n<meta property=\"og:site_name\" content=\"SME News Balkan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/share\/17fuMBqqF3\/?mibextid=wwXIfr\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-05T16:51:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/smenews.rs\/wp-content\/uploads\/2026\/07\/IMG_1679.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1169\" \/>\n\t<meta property=\"og:image:height\" content=\"1539\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ashry\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashry\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minuta\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/\"},\"author\":{\"name\":\"Ashry\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/#\\\/schema\\\/person\\\/a7b90532911b37a155504da3eeb6260a\"},\"headline\":\"Investment Castles in the Air: Why Mechanical Development Doesn&#8217;t Create Life\",\"datePublished\":\"2026-08-05T16:51:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/\"},\"wordCount\":2668,\"publisher\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/smenews.rs\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/IMG_1679.jpeg\",\"articleSection\":[\"Articles\"],\"inLanguage\":\"bs-BA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/\",\"url\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/\",\"name\":\"Investment Castles in the Air: Why Mechanical Development Doesn't Create Life - SME News Balkan\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/smenews.rs\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/IMG_1679.jpeg\",\"datePublished\":\"2026-08-05T16:51:59+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#breadcrumb\"},\"inLanguage\":\"bs-BA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"bs-BA\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#primaryimage\",\"url\":\"https:\\\/\\\/smenews.rs\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/IMG_1679.jpeg\",\"contentUrl\":\"https:\\\/\\\/smenews.rs\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/IMG_1679.jpeg\",\"width\":1169,\"height\":1539,\"caption\":\"Screenshot\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/smenews.rs\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Investment Castles in the Air: Why Mechanical Development Doesn&#8217;t Create Life\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/#website\",\"url\":\"https:\\\/\\\/smenews.rs\\\/\",\"name\":\"smenews.rs\",\"description\":\"Editor In Chief - Mohamed Elashry\",\"publisher\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/smenews.rs\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"bs-BA\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/#organization\",\"name\":\"SME News Balkan\",\"url\":\"https:\\\/\\\/smenews.rs\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"bs-BA\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/smenews.rs\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/sme_news-rs-_logo.webp\",\"contentUrl\":\"https:\\\/\\\/smenews.rs\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/sme_news-rs-_logo.webp\",\"width\":462,\"height\":134,\"caption\":\"SME News Balkan\"},\"image\":{\"@id\":\"https:\\\/\\\/smenews.rs\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/share\\\/17fuMBqqF3\\\/?mibextid=wwXIfr\",\"https:\\\/\\\/www.tiktok.com\\\/@sme.news.uk?_t=ZS-8xqxc64EpTk&_r=1\",\"https:\\\/\\\/youtube.com\\\/@smenewsuk?si=gYjeE2lL9v2Jj7sO\",\"https:\\\/\\\/www.instagram.com\\\/smenews.rs?igsh=MWhycTQxOWd6OHNsbw&utm_source=qr\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/smenews.rs\\\/#\\\/schema\\\/person\\\/a7b90532911b37a155504da3eeb6260a\",\"name\":\"Ashry\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"bs-BA\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/bee2e429459b4cb7ded11db53832c9d4f4b81f3cdaf1f5cdbf385a4451868578?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/bee2e429459b4cb7ded11db53832c9d4f4b81f3cdaf1f5cdbf385a4451868578?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/bee2e429459b4cb7ded11db53832c9d4f4b81f3cdaf1f5cdbf385a4451868578?s=96&d=mm&r=g\",\"caption\":\"Ashry\"},\"url\":\"https:\\\/\\\/smenews.rs\\\/bs\\\/author\\\/ashry\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Investment Castles in the Air: Why Mechanical Development Doesn't Create Life - SME News Balkan","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/smenews.rs\/bs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/","og_locale":"bs_BA","og_type":"article","og_title":"Investment Castles in the Air: Why Mechanical Development Doesn't Create Life - SME News Balkan","og_description":"SME-Author: Ekaterina Leran For: Investors, developers, bankers, ESG specialists Modern investment planning models don&#8217;t lead to real improvements. Reality is far more multifaceted than all existing investment planning models and practices. Tables and calculations are not useless, but they describe not what actually happens. Today, more than twenty &#8220;technological approaches&#8221; are known: ISO, Stage&amp;Gate, Six...","og_url":"https:\/\/smenews.rs\/bs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/","og_site_name":"SME News Balkan","article_publisher":"https:\/\/www.facebook.com\/share\/17fuMBqqF3\/?mibextid=wwXIfr","article_published_time":"2026-08-05T16:51:59+00:00","og_image":[{"width":1169,"height":1539,"url":"https:\/\/smenews.rs\/wp-content\/uploads\/2026\/07\/IMG_1679.jpeg","type":"image\/jpeg"}],"author":"Ashry","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ashry","Est. reading time":"12 minuta"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#article","isPartOf":{"@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/"},"author":{"name":"Ashry","@id":"https:\/\/smenews.rs\/#\/schema\/person\/a7b90532911b37a155504da3eeb6260a"},"headline":"Investment Castles in the Air: Why Mechanical Development Doesn&#8217;t Create Life","datePublished":"2026-08-05T16:51:59+00:00","mainEntityOfPage":{"@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/"},"wordCount":2668,"publisher":{"@id":"https:\/\/smenews.rs\/#organization"},"image":{"@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#primaryimage"},"thumbnailUrl":"https:\/\/smenews.rs\/wp-content\/uploads\/2026\/07\/IMG_1679.jpeg","articleSection":["Articles"],"inLanguage":"bs-BA"},{"@type":"WebPage","@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/","url":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/","name":"Investment Castles in the Air: Why Mechanical Development Doesn't Create Life - SME News Balkan","isPartOf":{"@id":"https:\/\/smenews.rs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#primaryimage"},"image":{"@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#primaryimage"},"thumbnailUrl":"https:\/\/smenews.rs\/wp-content\/uploads\/2026\/07\/IMG_1679.jpeg","datePublished":"2026-08-05T16:51:59+00:00","breadcrumb":{"@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#breadcrumb"},"inLanguage":"bs-BA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/"]}]},{"@type":"ImageObject","inLanguage":"bs-BA","@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#primaryimage","url":"https:\/\/smenews.rs\/wp-content\/uploads\/2026\/07\/IMG_1679.jpeg","contentUrl":"https:\/\/smenews.rs\/wp-content\/uploads\/2026\/07\/IMG_1679.jpeg","width":1169,"height":1539,"caption":"Screenshot"},{"@type":"BreadcrumbList","@id":"https:\/\/smenews.rs\/investment-castles-in-the-air-why-mechanical-development-doesnt-create-life\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/smenews.rs\/"},{"@type":"ListItem","position":2,"name":"Investment Castles in the Air: Why Mechanical Development Doesn&#8217;t Create Life"}]},{"@type":"WebSite","@id":"https:\/\/smenews.rs\/#website","url":"https:\/\/smenews.rs\/","name":"smenews.rs","description":"Editor In Chief - Mohamed Elashry","publisher":{"@id":"https:\/\/smenews.rs\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/smenews.rs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"bs-BA"},{"@type":"Organization","@id":"https:\/\/smenews.rs\/#organization","name":"Vijesti malih i srednjih preduze\u0107a Balkan","url":"https:\/\/smenews.rs\/","logo":{"@type":"ImageObject","inLanguage":"bs-BA","@id":"https:\/\/smenews.rs\/#\/schema\/logo\/image\/","url":"https:\/\/smenews.rs\/wp-content\/uploads\/2025\/12\/sme_news-rs-_logo.webp","contentUrl":"https:\/\/smenews.rs\/wp-content\/uploads\/2025\/12\/sme_news-rs-_logo.webp","width":462,"height":134,"caption":"SME News Balkan"},"image":{"@id":"https:\/\/smenews.rs\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/share\/17fuMBqqF3\/?mibextid=wwXIfr","https:\/\/www.tiktok.com\/@sme.news.uk?_t=ZS-8xqxc64EpTk&_r=1","https:\/\/youtube.com\/@smenewsuk?si=gYjeE2lL9v2Jj7sO","https:\/\/www.instagram.com\/smenews.rs?igsh=MWhycTQxOWd6OHNsbw&utm_source=qr"]},{"@type":"Person","@id":"https:\/\/smenews.rs\/#\/schema\/person\/a7b90532911b37a155504da3eeb6260a","name":"A\u0161ri","image":{"@type":"ImageObject","inLanguage":"bs-BA","@id":"https:\/\/secure.gravatar.com\/avatar\/bee2e429459b4cb7ded11db53832c9d4f4b81f3cdaf1f5cdbf385a4451868578?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/bee2e429459b4cb7ded11db53832c9d4f4b81f3cdaf1f5cdbf385a4451868578?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/bee2e429459b4cb7ded11db53832c9d4f4b81f3cdaf1f5cdbf385a4451868578?s=96&d=mm&r=g","caption":"Ashry"},"url":"https:\/\/smenews.rs\/bs\/author\/ashry\/"}]}},"_links":{"self":[{"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/posts\/2561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/comments?post=2561"}],"version-history":[{"count":1,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/posts\/2561\/revisions"}],"predecessor-version":[{"id":2562,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/posts\/2561\/revisions\/2562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/media\/2551"}],"wp:attachment":[{"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/media?parent=2561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/categories?post=2561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/smenews.rs\/bs\/wp-json\/wp\/v2\/tags?post=2561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}