Utilizing digital technology to boost compliance and consequently assist employers in increasing their bottomline is at the heart of our entire company goal: Shannon Scott (of OnCentive) said while speaking with The Silicon Review

“In our tax credit business, Oncentive is a primary example of the power of technology and automation.”

OnCentive is a consulting firm that simplifies the process of identifying and qualifying for business incentives and tax credits, maximizing a business’s profitability, through Federal and State programs that are created to assist businesses in their financial growth. The company serves clients in the United States.

OnCentive was founded in 1997.

The Silicon Review reached out to Shannon Scott, CEO of OnCentive, and here’s what he had to say.

Interview Highlights

Q. How would you describe your professional journey so far? Tell us about a few roadblocks and learning lessons that helped you grow through the years.

My greatest struggles have been my greatest motivators. I understand that you mentioned obstacles I have had in my career, but the truth is that I always say "everything is personal." The road, whether it be personal or professional, is the same. Whatever the source, the difficulties we face help us to determine our character. We can't put ourselves to the test without difficulty.

I have been a CEO since the age of 19 and built and sold many companies. I think as business owners we all run into similar challenges. You have to learn from those challenges and even failures. Failure can create focus if you allow it to. 

Q. Trust is one of the most important currencies of leadership that requires authenticity and consistency to maintain. What’s your take on this?

I wholeheartedly believe this and try to continually be a leader that shows his trust in his employees. I think a key to success for any leader is to hire people that are smarter than you and let them do their damn job.

Q. As the CEO of the company, what are your major roles and responsibilities?

I get this question a lot and I think that it all depends on the company's status. The role of a CEO is often much different in a start-up than in an established profitable company. I think no matter the status of the organization the CEO should always: 1) develop and implement the overall strategy of the organization, 2) build and manage a high-performing team, 3) communicate the organization's vision, mission, and values to employees, stakeholders, and the public, 4) build and maintain relationships with key partners, customers, and stakeholders, and 5) make important decisions related to the organization's finances, investments, and operations.

Q. What can you tell us about OnCentive? What are its focus areas?

Our entire corporate mission centers on utilizing digital technologies to improve compliance. In our tax credit business, Oncentive is a primary example of the power of technology and automation. The entire digitalization of tax credit processing has turned HR into a profitability center as opposed to a cost structure. Our tax credit program helps us to offset customers’ hiring costs through tax credit eligibility through a myriad of tax credit opportunities.

Q. What continuing learning opportunities do you have for your rank-and-file employees?

We consistently try and have our employees involved in continuing education, whether it's a simple lunch or cross-training on our new products and services. We are also always offering opportunities for employees to grow within the organization through new job assignments and promotions. 

There is an old story I was told years ago about a CEO and a CFO. The CEO approached the CFO and said, “We need to set some money aside to train our employees.” The CFO replied. “What if we spend all that money and they leave?” The CEO replies, “What if we don't train them and they stay?”

Q. How do you see OnCentive changing in five years, and how do you see yourself creating that change?

We will have some new platforms and disruptive technologies being released in 2023, but if I tip my hand, I will be in big trouble with the marketing team. Just a note to stay tuned!

Q. Is there anything you would like to add before we wrap up?

For aspiring entrepreneurs my advice is simple – closely watch the company you keep. Surround yourself with people that believe in you, that you trust, you can confide in, and work shoulder to shoulder with. Nothing will be as important as the people that comprise your business. Find the right ones…the great ones…and reward them well. The key to your success is not just you – it is mostly the people that are around you.

Shannon Scott | CEO

Shannon Scott is the Chief Executive Officer of OnCentive. He is a reputable serial entrepreneur, investor, and profitability consultant who possesses the fundamental skills and passion necessary to drive new levels of business success. Shannon is considered one of the premier experts in the tax credit industry with over 20 years of experience and consults the House Ways and Means and Senate Finance Committees on business incentive and tax credit programs.

“Our tax credit program helps us to offset customers’ hiring costs through tax credit eligibility through a myriad of tax credit opportunities.”