Scott Bessent on Markets, Policy & U.S. Future

Scott Besant talks about improving the IRS by focusing on revenue, privacy, and customer service, highlighting principles for startups.

My three goals are very simple. Revenue enhancement, privacy, and customer service... if we just fed in this entire federal tax code into these AI models... a very guaranteed resolute ability to file taxes...

• Efficiency shouldn't sacrifice customer experience.
• Technology can enhance operations and satisfaction.

Scott Besant discusses challenges in advancing nuclear energy due to regulations, analogous to startups in regulated sectors.

Nuclear is going to be a big part... but it's not gonna happen tomorrow. We got to fix the supply chain and the regulatory... we've got to decide which model are we gonna go with...

• Understand regulatory landscapes.
• Address operational challenges proactively.

Scott Besant stresses the importance of strategizing beyond immediate success, crucial for sustained growth.

Back to what was really Stan's genius... there's the move after the move... we made that much in a day, but then... we made another 20% during the rest of the year.

• Plan for next steps beyond success.
• Continuous strategy fuels growth.

Scott Besant shares an anecdote about taking calculated risks, highlighting considerations for founders making bold moves.

Stan tells this great story... George says, 'How much do you want to do?'... 'Probably 100% of the fund.'... 'Why wouldn't you do 3 times that?'

• Seize opportunities decisively.
• Be prepared to scale when confident.

Scott Besant emphasizes the role of supply chain expertise in reducing costs, relevant for founders building products.

We're gonna have an affordability czar... with a lot of experience in supply chains figuring out what are a lot of the quick fixes we can do... Affordability has gotten so away from everyone that how can we bring that down?

• Effective supply chain management reduces costs.
• Hiring experts drives efficiency.

Scott Besant notes the lack of technological change in housing, suggesting opportunities for innovation relevant to founders seeking product-market fit.

There's been no technological change in house building in 50 years... So what can we do... the more that comes out of the factory, the cheaper it will be, the faster we can...

• Traditional industries hold opportunities.
• Standardization can reduce costs.

Scott Besant shares how successful investors imagine different futures, akin to founders envisioning new possibilities.

Bruce had this saying... 'I succeeded because I could imagine a different future. And believe it could happen. So the key is to believe it could happen and then manage the risk.'

• Innovation requires envisioning new possibilities.
• Belief and risk management are essential.

Scott Besant discusses how AI is energy-intensive and why reducing energy costs is essential, highlighting considerations for startups building AI products.

...we believe we're in an existential arms race for technical supremacy, it's really on one dimension which is AI and that is so needy of energy... we need to basically take the incremental cost to zero, whatever we do...

• AI requires substantial energy.
• Reducing energy costs is crucial for competitiveness.

Scott Besant highlights the impact of bringing business leaders like Elon Musk into government efficiency initiatives, applicable to team building in startups.

Well, Doge, that's the cost-cutting and it's the first time we've really ever had business people looking at it... you've got real CEOs. You got Lutnick, you got Burgum, you got Elon.

• Involving experienced leaders drives improvements.
• Leveraging external expertise enhances efficiency.

Scott Besant discusses how AI can revolutionize tax filing, relevant for building AI products that simplify complex processes.

...if we just fed in this entire federal tax code into these AI models, what you can give to Americans is a very guaranteed resolute ability to file taxes with... no waste, fraud and abuse.

• AI simplifies complex tasks.
• Founders can use AI to enhance user experience in complex areas.