Manik Suri, an former D.E. Shaw hedge fund wunderkind, for years has been wrestling with how to assist authorities place compliance policy into practice.
A recent affiliate at Harvards Berkman Center for Internet & Society and former director on the board of Entrepreneurship for America,Suris public service included a stint on theWhite House National Economic Council.
While there, he found how hard it was for government agencies to ensure proper oversight. The machine clearly collapsed in the wake of the housing crisis that attracted the U.S. economy to the verge of complete collapse and the economy took almost a decade to recuperate.
Suris firm, MeWe, the TurboTax because of compliance, was created from his frustration with that expertise.
Launched in 2014, the business raised a $2.3 million seed around earlier this year from investors, such as Urban Us, the authorities technology along with climate-focused early-stage investment fund, along with the GovTech fund (whose limited partners include Jeff Bezos and former General David Petraeus).
I thought perhaps there was a better way to get things done outside of authorities, Suri said.
MeWe wasnt Suris first foray to work at the intersection of engineering and coverage.
His first stop was Harvard, where (since a third year) he co-founded the Governance Laboratory as a collaborative institute involving MIT and NYU. Working with Beth Noveck, Suri launched the centre to find ways to use technology to improve data control and public-private cooperation.
MeWe is, in many ways, the continuation of Suris work with all the GovLab.
To round out his heritage group, Suri enlisted Aaron Cohen, the former chief executive of MenuPages and a professor of online history at NYU, and Ranjeet Sidhu, a serial entrepreneur that functioned as the primary executive at DrCatalyst.
Collectively, the three guys have produced a software tool that attempts to alleviate the burden of compliance reporting.
The business focuses on safety and health certifications and certifications for companies operating mainly in the food and housing sectors, Suri informed me.
The concept is to make it easier for everyday employees and management to run compliance checks and distribute that information to local and state oversight agencies.
MeWe earns money from companies and governments. New York is currently a vital client, as are the fast-casual TGI Fridays restaurant chain and is now in the process of having a request for suggestion vetted by Walmart. And MeWe can be in discussions with two big fast-food franchises are the system of record because of their food-safety oversight and compliance efforts internationally.
Given the current laxity of government oversight at the federal level, Suri takes great pains to underscore that the business focuses on local and state regulatory agencies (which these days are far more eagle-eyed within their oversight than their federal counterparts).
Beyond retail and fast food, Suri looks ahead to the day when regulatory bodies will start taking a closer look at the sellers in sharing-economy marketplaces.
While Airbnb may not own real estate, the day might require standards with which hosts would need to comply. In that instance, an agency like MeWes CoInspect product may prove to be somewhat handy.
As industries begin to observe these laws coming out, theyre beginning to see a way to get before them, Suri said. Us.
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