The world is awash in numbers. Companies collect oceans of data on their customers, employees and operations, and powerful computers make running sophisticated computations a snap.
But the fact that numbers are ubiquitous does not mean they are truly understood. That’s where Minimax Consulting Group steps in.
Minimax describes itself as a “full-service mathematical, statistical, and strategic consulting firm.” The company’s team of nearly two dozen statisticians, mathematicians, economists and other experts assist everyone from consumer goods companies to Ph.D. students as they grapple with numbers.
“I wish there was a phrase that says math underlies everything in the world, because there’s a math principle behind everything – and finding those and applying those, that’s what we do,” explained Charlotte Chabot, who co-founded Minimax in 2006 with her husband, Peter. The Warwick couple has been married for four and a half years.
Charlotte Chabot “was thinking about how businesses were not getting served by multidisciplinary consultancies” when the idea for Minimax came to her, she said. She described the firm as somewhat akin to a think tank, providing expertise beyond what a company’s in-house statistics department can deliver.
The firm’s unique approach has attracted an eclectic group of A-list clients, including Starbucks, Visa, Booz Allen Hamilton, Smucker’s, Harvard Medical School and Lifetime Television.
Minimax has grown at a rapid clip, mostly thanks to word of mouth, Peter Chabot said. They recently moved to new offices on the 21st floor of the downtown building One Financial Plaza – although the firm also has employees located in Pennsylvania, Canada, Argentina and elsewhere. They find interns and employees in math-minded departments at Brown, Harvard and MIT.
The Chabots considered setting up Minimax in Cambridge or New York City, but went with Providence because of its lower cost of doing business and close proximity to the highway and other cities.
Minimax – which was founded, appropriately enough, on March 14, “Pi Day” – offers a variety of services. The firm’s major focus is on helping companies use math and statistics to solve problems. In one case, Minimax analysts used an algorithm to determine why a company’s peanut butter was not crunchy enough; in another, they analyzed the return on investment of advertising in various types of media.
In addition to corporate work, the firm assists professors, Ph.D. students, pharmaceutical companies, nonprofits and others with analyzing survey and trial results. The company also assists hedge funds and other finance firms with risk mitigation and investment strategies – Minimax has its own proprietary hedge fund, as well – and occasionally undertakes one-off projects.
Peter Chabot, 34, was a math prodigy from the start. He grew up in North Providence, and by age 12 was the subject of a Ph.D. dissertation on gifted youth. He attended La Salle Academy, but was so advanced that while still an underclassman he was sent off to take classes at Brown. After earning his bachelor’s at Holy Cross and studying at both Harvard and MIT, he became a Wall Street “quant” – an expert on the collateralized debt instruments that have caused the finance industry so much trouble in recent months.
Chabot credits his interest in math to his lifelong passion for sports, and he is a close follower of the “Moneyball” side of baseball.
Charlotte Chabot, 25, was born in Paris, raised in London, and came to Providence at age 18 to attend Brown, the third generation in her family to do so. She met Peter while still a student there.
Both are optimistic about Minimax’s future. With the recession making companies even more focused on getting the most bang for their buck, they see a growing demand for the advanced analysis their firm can provide.
But they also have time for the fun side of statistics. They have signed a multiyear deal with ESPN, and last winter created a “bracket optimizer” tool for the network’s Web site to help March Madness fans with their basketball tournament predictions.
Peter Chabot also wants to start doing statistical work with major league sports teams, albeit with one caveat – as a true fan, he won’t work for any teams other than the Red Sox, Patriots, Celtics and Bruins. “That’s the only money we’ll turn down,” he said. •
COMPANY PROFILE
Minimax Consulting Group
OWNERS: Charlotte and Peter Chabot
TYPE OF BUSINESS: Consulting firm
LOCATION: One Financial Plaza, 21st Floor, Providence
EMPLOYEES: 20
YEAR ESTABLISHED: 2006
ANNUAL SALES: WND
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