Kate Putnam is the President of Package Machinery Company Inc., a global technology leader in wrapping machinery for consumer products. Under Putnam’s leadership the Company has developed a new generation of all servo wrapping machinery for consumer products. In 1996, Putnam put together an investor group to purchase this business. She brought her robust career in multinational banking, corporate treasury and consulting to her role as change leader at Package. Kate answered these questions about her business:
Since starting your business, what changes have you seen in your industry?
"My industry, packaging machinery manufacture, has become more global in its competition and more subject to currency swings as a factor in pricing as a result. Prospects are more price sensitive without thinking about the total cost of ownership."
If applicable, what is it like to run a woman-owned business in a predominately male industry? Challenges? Advice?
"Running a woman owned business in a male dominated industry certainly describes me. I have needed to find another way to reach the same goals since I am neither a male nor an engineer, so I have focused less on the technical aspects of our machines and more on defining the customers’ issues and discussing potential solutions. Being charming helps some too."
What techniques do you use to keep employees motivated?
"When we bought the business in 1996, the employees were demoralized. Those that remained were those who were willing to engage their brains along with the skills in making the company move forward. They are energetic and thoughtful. Others drifted away with our blessing."
What were your main sources of startup capital?
"friends, friends of friends, family and bank."
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