#1258 Entrepreneurship Is Essential To A Better Future - BUILD Summit Opening Remarks

This episode contains the opening remarks from the BUILD Summit in New York. Anthony Pompliano reflects on why entrepreneurship is so important, why founders are the most important people in the world, and why capitalism is the best system ever created. ======================= Auradine, a leader in web infrastructure solutions including blockchain, AI, and privacy, has unveiled the world's first 4nm Bitcoin mining systems, featuring breakthrough EnergyTune™ technology, setting new standards in performance and energy efficiency. The Teraflux™ product line from Auradine offers best-in-class performance, efficiency, and total cost of ownership (TCO), positioning it as the optimal choice for Bitcoin mining needs. With EnergyTune™, a patent-pending technology, Auradine's Teraflux™ systems enable rapid demand response and optimal energy usage, fostering a symbiotic relationship with electrical grids, and contributing to sustainable energy practices. Designed and manufactured in the US, Auradine's Teraflux™ product line not only ensures cutting-edge technology but also mitigates supply chain risks and provides increased supply chain resiliency. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.auradine.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for more information the Teraflux bitcoin mining systems. ======================= Pomp writes a daily letter to over 250,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Anthony Pompliano?

  Today's episode's a little different than normal. These are the opening remarks that I had for the Build Summit when I brought 700 founders together in New York City. These opening remarks reflect a personal belief of mine, why entrepreneurship is so important, why founders are the most important people in the world, and how the system of capitalism is the best system that we've ever created. I hope that you enjoy these opening remarks, and they serve as motivation for why you, as a founder or someone who works at a startup, has the responsibility to continue to build your product, to solve problems, and to ultimately help build a better society and an economy. Here are the opening remarks from the Build Summit.

• 0:42Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 1:06Anthony Pompliano?

  This episode is brought to you by Auradine. They are a brand-new startup led by a number of Silicon Valley legends who just raised $81 million to build the future of internet infrastructure. You're probably wondering what that means. Let me explain. There are numerous new disruptive technologies that are being adopted simultaneously, from blockchain to artificial intelligence to zero-knowledge technologies. In order to ensure that these technologies thrive in this new world, we need new infrastructure, and that is where Auradine comes in. They just launched their first product line called Terraflux, which is a Bitcoin miner powered by the world's first 4-nanometer silicon chip technology. These air-cooled, single-phase, and dual-phase immersion cooling miners have unrivaled speed and efficiency.

• 1:49Anthony Pompliano?

  They have superior uptime, and they leverage a brand-new innovation called Energy Tune that allows miners to dynamically adjust the energy consumption and Bitcoin hash rate based on demand response needs of the electrical grids. Auradine is an ambitious company working on hard problems. I'm really impressed with them, and if you want to check out more, you can go to auradine.com. That's A-U-R-A-D-I-N-E dot com. Go check them out at auradine.com today.

• 2:17Speaker 02

  I want to talk for a second as to why founders are so important in this world. And this is something that is really important to me. I've pretty much dedicated my life to making sure that what I'm about to talk about comes to fruition. And ultimately, I believe that incentives drive the world. And if you think about incentives, there's no greater incentive than money. We need money to eat, to live, to do the things that make us happy, to travel, to see our families, our friends, go see amazing places. Money quite literally runs the world. And in order for those incentives to have the impact that we want,

• 3:00Speaker 02

  there's a group of people hundreds of years ago that created a capitalistic system. And regardless of what you read in the mainstream media, capitalism is still the single best system we've ever invented. There's no one who has ever created a better system. And it's because ultimately, it allows the free market to determine the winners. It is all about competition, and competition drives improvement. But the reason why that's important and why I wanted all of you here in this room is because ultimately, I believe that the people in this room are the single most important people in the world. If you think about it, a founder has a much higher probability of changing the world than anyone else that lives on this earth.

• 3:44Speaker 02

  You're more important than the politicians, you're more important than the finance and banking people, you're more important than the average citizen, you're more important than literally anyone. And the reason is because entrepreneurs built every single thing around you. This building was built by an entrepreneur. The road outside, although the government paid for it, was built by an entrepreneur. The healthcare you receive could have been provided in the private market or through public funding, but an entrepreneur gave you that healthcare. Every single thing in your life, an entrepreneur provided. And it's because entrepreneurship, at the pure essence, is to solve problems.

• 4:27Speaker 02

  Think about solving problems. We live in a world where there's a ton of problems that are still yet unsolved. And the reason why that's important is because here in the United States, there's now a huge group of people who continue to rage against the tech industry, against entrepreneurship, against small businesses, and against capitalism. And they are on the wrong side of history. And they will remain on the wrong side of history. And these people for centuries have existed, and they've been on the wrong side of history. But the thing is that each one of you in this room, ultimately, if you want to build a business, you have to pick a big problem and you have to go solve it.

• 5:11Speaker 02

  But while you do that, it's hard enough to build a product. It's hard enough to build something that people actually want, to go find those customers, to get the funding, to go get the talent, to go do all of the things that go into building a business. It's incredibly difficult. It's one of the hardest things you can do in the world. You literally are creating something from scratch and then going to convince millions of people that they want it. As you do that, there is one major threat that you will constantly, constantly face. And every single person in this room is going to face the same threat at the same time. You will have people in your life that tell you to be realistic, that ambition is bad. They will constantly tell you to tone it down, to be nice, get along with everyone,

• 5:55Speaker 02

  do what's best for everyone else. And what you need to do is tell them no. The single greatest trait an entrepreneur can have is to disagree with the people that are okay with the status quo. The only thing that matters when you're building a company is that you find truth. And truth in the free market is providing a solution for a problem. But the reason why that problem doesn't exist is because every single other person who's seen that problem, they think it's okay. They think it's natural for the problem to exist and to persist. And so what we need in the tech community, what we need in entrepreneurship, what we need with small businesses, and what we need as a society and an economy,

• 6:40Speaker 02

  is we need more people who are ambitious. We need more people who are courageous enough to go do what everyone else thinks is nearly impossible. Every single one of you has a family friend. They've got somebody that they went to school with. They've got a family member, someone that they met at a party. They'll tell you about the idea they have. But the idea isn't the solution. Acting is ultimately the only thing that you can do in order to actually drive towards the solution. And so the reason why all of you are here and the reason why I say that this is the most important group of people in the world is that someone in this room is going to build the next Amazon, the next Google, the next Uber, the next Microsoft,

• 7:25Speaker 02

  go all the way down the line. There are people in here today who literally are writing the first line of code of their software where they're selling the first iteration of their product. And there's people in here who have built multi-billion dollar companies and they've already exited three, four, five times. And so the task that you have over the next 48 hours is twofold. We're going to bring speakers up here who they're doing it and they've done it. These people run multi-billion dollar companies. They've invested in some of the best companies in the world and they can tell you tactically exactly what you need to be thinking about and what you need to do. One of the rules that we had when picking these speakers was no bullshit. And I kept getting told, don't put that in the marketing materials.

• 8:09Speaker 02

  Don't say that to people. It's too abrasive. People don't actually like to hear that. But again, disagreeableness is one of the single most important traits for an entrepreneur. That is what we need is we need no bullshit. And so the people who are going to come up here are going to give that information. So pay attention. But the second task is that the people who will end up being successful in five or 10 years from now will go through the list and will say, hey, who was in that room who ended up actually building a really important company in the world? They're the folks who are going to spend the time to meet everyone else in this room. You have customers for your product in this room. You have potential investors for your company in this room.

• 8:52Speaker 02

  You have people that five or 10 years from now you'll end up doing partnerships with. Somebody in this room may buy your company in the future. Somebody in this room may actually end up selling their company to a large corporation and then convince that corporation to buy your company. Somebody in this room is running another company, but you don't know it yet. They're going to be the COO of your public company once you go public because you're going to recruit them because you met them this weekend. Every single person in this room is part of a group of people who literally are going to have to end up solving problems and changing the world. And one of the problems that I've seen is that as the tech industry has talked about changing the world, all of a sudden, there's been a second voice that's risen up.

• 9:34Speaker 02

  And it said, "Look at these people who are arrogant enough to think they can change the world." Yes, we are arrogant enough to believe that because we have example after example after example of who has done it. Today, it's the tech industry, but if you go back 50 years, it was another industry. If you go back 50 years from that, it was literally the Industrial Revolution. Entrepreneurs built every single thing around us. The chair you're sitting in, the building we're in, these lights, this stage, the food you're going to eat today, every single thing that touches your life, an entrepreneur did. And so make sure that you do not let society or anybody that you know and love, that you trust, that you think of as a mentor, convince you that you're dreaming too big or that you're not doing the things that are necessary

• 10:19Speaker 02

  in order to go and actually solve problems. And so over the next 48 hours, listen to the speakers, learn, and then meet people. And once you do those two things, please let us know however we can help. We know probably 60% of the people in this room before they got here. The other 40%, we're going to meet over the next 48 hours. If you need certain types of customers, let us know. We'll introduce you. If you're looking for funding, let us know and we'll try our best to get you in front of the right investors. If you're looking for partnerships, if you're trying to make a big hire, whatever problem you have, let us know and we'll do the best we can to try to go ahead and provide that solution to you. So I don't have anything else to say in terms of opening up. I think Ablock is here now and we can get started.