Edward Palonek is the founder and of Foundmoney.com, a company that specializes in helping people locate unclaimed property. Having established the company in 1995, Palonek revolutionized the world of unclaimed property by developing a multi-faceted search engine publicly accessible through an automated website, when none existed at the time. He over saw the company’s day-to-day operations which included its technical and business strategies and was instrumental in Foundmoney's website successful that saw it rank in the top 50 websites for internet traffic. This success also landed Mr. Palonek on the Oprah Winfrey Talk Show in 1996.

Palonek is widely recognized for his philanthropic leadership, particularly in the fields of education and youth development. In 2006, he helped to establish the Eva Rothwell Resource Centre in his hometown of Hamilton, Canada, when he purchased a school, that was about to be torn down. The Centre has revitalized a low-income section of the city and offers much needed services for the youth and families in the surrounding area.  Palonek also helped to establish, and continues to sponsor, Licensed to Learn, a not-for-profit program that cultivates higher academic standing for students at all grade levels by providing self-help training and tutoring certification. Additionally, he is the founder of the Frank & Eva Palonek Memorial Scholarship for Steeltown Friends of Mohawk College, a full tuition scholarship recognizing excellence in jazz or classical music.

Early in his philanthropic career, Palonek formed the Hillfield Strathallan College Scholarship, at his old high school, for students who display talent for frontier-breaking Information and Design Technology. He as since formed the Edward Palonek Scholarship Award,, that awards scholarships to students attending high school in the USA, through his website, epalonek.org.