Using the logic that entrepreneurship is safer than an expendable corporate job, Sid Chowdhary told WashingtonExec, “I considered starting my own business as the “lowest risk” option, especially during uncertain economic times, and knew that most great companies were actually started during periods of economic downturns.” Chowdhary founded Credence Management Solutions in 2007 and is the company CEO.
Besides this refreshing attitude towards start-up companies, Chowdhary spoke with WashingtonExec about how company culture has contributed to the success of his business and how he manages federal, state, and local clients differently. Chowdhary also discussed Credence Management Solutions’ heavy involvement in nonprofit organizations, including the India Institute of Technology (Chowdhary’s alma mater) as well as his company involvement with The Network For Teaching Entrepreneurship (NFTE).
WashingtonExec: Please tell us about your path to becoming CEO of Credence Management Solutions.
Sid Chowdhary: I always wanted to own my business, and 2007 was the perfect time to launch.
With a struggling economy, reduced government budgets, and us planning for our first child, I decided the time was right for me to launch a business focused on providing trusted advisory services to government agencies.
Many factors contributed to the decision. First, my wife encouraged me to pursue my dreams. Second, I had conviction that my business model focused on our core values would succeed. Finally, I was inspired by the Alumni of the Indian Institute of Technology (my alma mater) who became early icons of the technology community.
I considered starting my own business as the “lowest risk” option, especially during uncertain economic times, and knew that most great companies were actually started during periods of economic downturns. I am thankful my instincts were correct.
We treat each customer, teaming partner, associate, and employee as a trusted partner. We ensure successful outcomes by focusing on the one measure of success that we consider to be most important – Yours.
Credence has since developed into a healthy vibrant company, growing each year in all key areas of revenue, profits, personnel, contracts, and customers.
My most important accomplishment was in leading Credence from its start-up phase to a thriving business. We’ve received achieved around 8,700% growth from 2007 to 2010, along with recognition that Credence is a fast-growing company with great potential. Based on our current backlog, we expect this strong growth to continue during 2011 and 2012.
WashingtonExec: What is something that you are most proud of as CEO of Credence Management Solutions?
Sid Chowdhary: Our corporate culture is something that drives the company, and is reflected in our name. Credence was founded on the principals of trust, partnership, and success – and we incorporate these tenets into everything we do. These principals serve as the foundation of our business model, customer engagements, employee participation, and teaming relationships.
We treat each customer, teaming partner, associate, and employee as a trusted partner. We ensure successful outcomes by focusing on the one measure of success that we consider to be most important – Yours. This is achieved through our culture of excellence, collaboration, and trust that encourages each team member to innovate and take their own initiative to facilitate successful outcomes.
Our new President, Prashant Gaur, is someone who truly embodies these principals.
WashingtonExec: You work with all levels of government and areas of industry. How does working for a local client vs a federal client differ?
Sid Chowdhary: Credence focuses solely with government agencies – Federal, State, and Local. I have been fortunate to work with all levels of government, and also volunteer in executive positions with professional/non-profit organizations. With State and Local, you are much closer to the services being provided to the citizens, so it is possible to see the direct impact of your work, which can make it meaningful. With federal, (in our case) we are working on aspects of our national security or foreign policy, where the impact of our work is much broader.
Overall, each entity has its unique culture. So it is important for Credence team members to understand our own mission—When we provide advisory services to governments, whether it is local, state, or federal, we know that our work will be independent and objective, that we will serve as trusted partners, and we work toward mutual success for everyone. This thought process helps guide us in all our engagement.
WashingtonExec: What are some non-profits Credence Management Solutions is involved in? Why do you believe community and volunteer participation is important?
Sid Chowdhary: This year I am the President of PanIIT USA, which represents the alumni of the Indian Institute of Technology (IIT) system. IIT Alumni, around the world, have created sustained value for organizations and communities with their thought leadership, business acumen, and sense of social responsibility, and we have been honored by the US House of Representatives for our economic contributions in the US.
Another area of focus is on finding ways to empower local low-income children in the US. Our future success as a nation hinges on their success.
Everybody Wins. DC is the largest literacy and mentoring organization in the DC-metro area. Each year, they reach thousands of at-risk children, and provide them with the tools they need to become successful readers, and contributing members of the community.
The Network for Teaching Entrepreneurship (NFTE), likewise, works with low-income teens and helps teach them to build successful businesses.
Organizations like these are the true strength of our community. They inspire me in so many ways.
WashingtonExec: You are an innovative small business, how do you keep your company above all of its competitors?
Sid Chowdhary: To remain competitive and keep growing, we maintain a sharp focus on what we are good at – providing innovative management and technical solutions in our areas of specialization. We avoid distractions and remain single-mindedly committed to delivering value for our customers. We also seek to establish our own prime contracts and vehicles, so that we can maintain our independence and objectivity in providing the best solution that would meet the business needs of our government customers.
In the short timeframe that we have existed as a company, we are proud to have supported multiple high-visibility defense transformation initiatives. Credence has also spearheaded prime contracts which leverage technology innovations to promote transparency, participation, and collaboration. Credence provided an open-source, secure, cloud solution to delivery ballots to eligible military and overseas voters from Virginia for the 2010 elections, and to serve the citizens who are overseas defending our democracy. We are currently supporting two other initiatives that deal with aspects of our foreign policy, to create visibility for goods and assets overseas and to create a cloud platform with GIS mapping capability to enable transparency and sharing of data and results.