I am often asked what motivated me to start Pondera. So… Here goes.
In 2011, after my previous company was acquired, a good friend working at Google asked me to visit their Mountain View campus. He was interested in learning how to embed Google products in large government programs like Medicaid, Unemployment Insurance, and eligibility systems.
Over the course of a couple of days, I was briefed on Google’s products and capabilities and I was struck by the massive computing power that their customers could literally “rent” as needed. Having spent over 20 years in technology, it was becoming clear to me that cloud computing was more than the latest tech buzzword. But it was during a discussion about the Google Prediction API though, that my imagination was really piqued.
With Prediction API, I realized, government organizations could analyze huge amounts of data to predict future events and identify data anomalies. All without ever buying a single piece of hardware or software. Thinking back to my time working on large government systems, I realized that this new technology had the potential to solve one of the problems that had always bothered me: fraud, waste, and abuse.
Over the years, I had worked on over 100 large government projects. And it had always amazed me that despite the fact that improper payments often exceeded 10% of program disbursements, most government bids had only a handful of requirements to address the problem. My government colleagues explained that they were under such pressure to deliver their services with such limited budgets that they simply could not invest appropriately in fraud detection.
Sitting in that room at Google headquarters, it was apparent to me that emerging technologies offered a new way to solve an old problem. One week later, I founded Pondera and set out to change the fraud detection market. Five years later, we’ve helped our clients prevent and collect hundreds of millions of dollars in improper payments. And we’re just getting started...