Kate Armstrong
CEO
netDecide Corp
Fields: Financial services industry
Specialty: Wealth management systems
Nominated by: Charlotte Penner
Excerpt from nomination:"The company needed to demonstrate long-term viability to customers and build the infrastructure to maintain its first-to- market advantage. Kate quickly went to work developing partnerships, finalizing the funding, and recruiting top talent. Under her leadership, the company secured important strategic partners including Ernst & Young, Bank of America, and WomenAngels.net; grew from 12 to over 75 employees in little over six months; developed a culture that has resulted in an 87% acceptance rate for official job offers and employee turnover of less than 1%; secured commitments from several new customers ..."
What was your first job and what did you learn from it?
Like most people, I had several jobs growing up: waitress, babysitter, and the like. My first "adult" job came when I was 19, as a result of an advanced political sciences class. We were each tasked with writing an original thesis to solve a critical social problem. While I received an "A" for my writing, I received a "D" for the idea, as the professor said it would never work. I promptly quit college to put my idea into practice. Yes, I proved him wrong, but the lessons I learned from this experience were far more valuable than personal validation. I learned that frequently in business (and in life) you must "stand tall" (and sometimes alone) for what you believe: that the driver of success is often sheer conviction.
Who is your hero, mentor or person you most admire? Why?
My greatest mentor has always been my father, who taught me that the most important things you have are your word and your honor, and that neither should ever be compromised. In our house, the only four-letter word from which there was no reprieve once spoken was "can't." My father also taught us that you should never: be afraid of any challenge; start anything you are not willing to finish, give anything less than your best, and step into any negotiation unless you're willing to walk away.
My heroes, without question, are my four incredible children, from whom I have learned all the important lessons my father didn't teach me, including patience, humility and grace. They are the "yardstick" against which I measure all that I think I know.
What is your favorite book?
I typically read three or four books at the same time, and I never met a book I didn't like (okay, there was that one book in high schoolŠ). My passion is economic theory. But a favorite book, by definition is either one that you read over and over (my choices include "David Copperfield," "Green Eggs and Ham," and "The Source") or one that fundamentally and permanently changes your perspective (my vote includes "Atlas Shrugged," "The Road Less Traveled," and anything written by Steinbeck.)
What strategies do you use to maintain balance in your life?
Being at netDecide I'm in both the technology field and the financial services field and that's provided me an interesting window into the future. I see the two of these areas continuing to converge and we'll see the end of banking as we know it. Yahoo or AOL will likely become ubiquitous one-stop shops for banking and other financial needs.
What do you see as the single most interesting element of your work?
Negotiating, whether with employees, investors, customers, partners or competitors, is by far the most interesting part of running a multi-million dollar company. Trying to find the "win" for all parties can be extremely challenging. People are always willing to tell you what they think they want, sometimes even what they think you want, but ferreting out what someone really needs for a "win" is often a very complex process. The secret is to listen well, to always be deferential, to know exactly what you want, to know where you will not compromise, and to remember that you always have a choice and therefore you can never be angry about the end result.
What do you consider to be your greatest accomplishment?
On a personal level, being aliveŠ statistically, if I had been born 300 years ago, I would be dead by now! I know that answer sounds a little "cheeky," but I would argue that more people should give that some thought.
On a professional level, two years ago I set out to fundamentally change the staid financial services industry. My goal was to help this industry understand that to survive the paradigm shift, firms must transition from being product-providers, to wealth advisors, and that that advice must be available to every consumer when and how the consumer chooses. Leading an exciting company like netDecide, which is defining and delivering the technology that enables this paradigm shift, is my greatest accomplishment to date. When I started on this mission no one had ever heard the term "Wealth Management Systems," and today these are the "buzz words" within every financial services firm globally.
What was your greatest challenge and what did you learn from it?
Every day you live, every person you meet, every task you assume, is a challenge and an opportunity to learn. The greatest challenge is to not waste the opportunity to embrace those lessons.
What strategies do you use to maintain balance in your life?
"Balance" implies conflicting demands. For me, there is no "conflict" between the various facets of my life. I love what I do, and I do what I love: if I didn't, I'd find another job!
That being said, the "secret" to maintaining balance is to clearly define and list your priorities and remember that no really good list ever gets completedŠ don't beat yourself up for what you don't get done, celebrate what you achieve. Share your work with your family, and, as appropriate, share your family with your work. Remember that no matter how carefully you plan, no matter how hard you try, you will mess up. No one will ever judge you harder than you judge yourself; give yourself a break. Start each day "fresh." For me, every morning starts with a great cup of coffee, a good dog, and time to watch the sunrise.
What advice would you give to young women who want to enter your field?
To every young woman, entering any field, my best advice is: don't try to "be a man," and for God's sake don't do business "like a girl."