ALUMNI UPDATES: Pondera Solutions
The SACRAMENTO REGION INNOVATION AWARDS aims to shine a light on the area’s vibrant innovation community. Pondera Solutions was a 2017 WINNER in the Software category, recognized for its Government Fraud Detection as a Service (FDaaS).
In May of 2018, we asked for an update and received the following from CEO Jon Coss.
Remind us, what was the big idea behind your innovation? Pondera developed schemes analytics algorithms to find fraud patterns in government programs by predicting how fraudsters think and behave.
What’s new since your Innovation Awards recognition in 2017? So much is new since last year! We have doubled our workforce, moved offices, added multiple state agency projects, and improved the power of our system. Our analytics are more sophisticated and more statistically rigorous and, as a result, we have quadrupled our sales pipeline.
Any new innovations on the horizon, that you can share? Well, we don’t like to release too much lest the fraudsters learn of our detection methods and thus modify their approach to attempt to cheat the system. We can tell you that we are designing cutting-edge tools that leverage artificial intelligence, advanced prediction techniques, and the brightest minds in behavioral analytics. We are also using design-thinking techniques to improve the overall user experience.
What piece of advice would you give to an entrepreneur starting their first business? Make sure you are hyper-passionate about the business. This will help get you through some of the tough times that are sure to follow.
What’s your “one thing” that most drives your professional success? I constantly try to hire people who are brighter than I am. This allows me to lead rather than manage.
What’s great about doing business here? Sacramento combines great tech talent, family-friendly neighborhoods, and $198 billion organization in State government. It is the ideal place to start and operate a government technology company.
Pondera has helped our clients identify, collect, and prevent over $1 billion in fraudulent payments. Even more importantly, our analytics have helped government officials prosecute fraudsters who often target the most vulnerable populations.
Pondera Solutions is based in Sacramento County, Folsom, CA. With 65 employees and growing, the company is led by CEO Jon Coss.
MAY 2018 COVERAGE BY THE SACRAMENTO BUSINESS JOURNAL
Take a look back to the 2017 FINALISTS for Software Innovation of the Year and see Scot Sutherland’s acceptance speech:
Sacramento Region Innovation Awards 2018: Call for Entries June 1 to July 20
The 3rd Annual SACRAMENTO REGION INNOVATION AWARDS will recognize the area’s vibrant innovation community — from startups to established companies — and their breakthrough creations. Apply yourself or submit a nomination between June 1 and July 20. Eligible entries will undergo a strict evaluation process by peers and leaders from the Capital Region’s business, civic and academic communities. Pioneering innovations will be judged on novelty, market need, economic impact and disruption.
The program will accept entries for recently developed business innovations that are established in the 9-county Sacramento region. New technologies, as well as other products, services and processes, must fit within one of the eight program categories, including 1) Advanced Manufacturing; 2) Food and Agribusiness; 3) Government and Civic; 4) Hardware and Electronics; 5) Medical and Health – MedTech; 6) Medical and Health – BioPharma; 7) Software; and 8) Sustainability. Additional eligibility requirements are described on the program website at www.sacramentoinnovationawards.com/submissions.
In celebrating regional innovation, the awards aim to strengthen the Sacramento story, build the local economy, and stimulate the creative minds fueling our innovation ecosystem. Founded in 2016 by business law firm Stoel Rives LLP, the program is made possible with support from Moss Adams LLP, the Sacramento Business Journal, Five Star Bank, and the Greater Sacramento Economic Council — not to mention dozens of community partner organizations and the esteemed Selection Committee. The program is one of many corporate, civic and grassroots cohorts working to make Sacramento a recognized hub of innovation within the Northern California megaregion. Join the effort — nominate or apply before July 20, 2018! Finalists will be announced on September 19 and Winners named at the Awards Luncheon on November 1, 2018.