Laura Neuman
Howard County is known nationally for its educational level, high household incomes and overall quality of life. Based on those factors, Laura Neuman is planning to make it an even better place now that she’s settling in as CEO of the Howard County Economic Development Authority (HCEDA).
Neuman has a track record in all facets of identifying, building and leading technology companies, including working from initial concept and the startup phase to product development, through product release and market deployment. She combines an entrepreneurial focus — which will be key as she builds upon the strengths of the county’s business community — with a variety of experience in corporate development, strategic planning and operations.
She most recently served as interim executive director of the Chesapeake Innovation Center for the Anne Arundel Economic Development Corp., and as entrepreneur-in-residence with Springboard Enterprises, whose mission it is to help women-led companies raise venture capital. In recent years, she has taught, consulted and pursued personal interests.
Earlier in her career, Neuman became CEO of Howard County-based Matrics as the company was nearing bankruptcy. The company was founded by two NSA scientists who had spent three years developing the conceptual framework for a new approach to the design of a microelectronic circuit, hoping that it could revolutionize radio frequency identification and supply chain management.
Neuman raised more than $17 million in venture capital to make that plan a reality and Matrics was ultimately voted Venture Capital Deal of the Year by Washington Business Forward for 2001. The company was later sold for $230 million.
Before running Matrics, Neuman was co-founder and president of a nationwide competitive local exchange carrier, and raised financing commitments of more than $100 million; she also served as vice president of business development and sales for CAIS Internet; and has held positions with Digex, Global Payment Systems (previously National Data Corp.) and T. Rowe Price.
She holds a master’s in Business Administration from Loyola University in Maryland and completed the Executive Program at Stanford Business School. She also serves as a role model for rape victims; speaking out on the crime and helping to get important DNA legislation passed to keep criminals behind bars.
What have you been doing since you left the CIC?
Professionally, I taught at the University of Maryland’s Dingman Center for Entrepreneurship and advised three early stage tech companies — and was planning to run one of them when this opportunity arose.
I also worked with several rape victims who received their day in court as a result of my efforts to get the man who raped me (it was the same rapist) behind bars, and worked to enact legislation in Maryland and North Carolina to get criminals behind bars. I also traveled the country with my family for a year and lived in California for a time.
Do you have certain goals that you want to meet in your first six months? Or first year?
I’ve laid out a six-month plan and the goals fall into three external categories. The first is addressing needs of the existing business community and understanding what has worked or not worked. The second is attracting new business to Howard County and the third is marketing outreach beyond the county and the state.
Howard County is viewed as a land of riches, statewide and nationally. How can the HCEDA enhance that way it is marketed outside of the state?
The HCEDA is fortunate to have a lot to work with in our community. We look forward to spreading the message about this great county beyond our borders. We have been modest about our success, but we have much to promote.
You’ve stated that you want to focus on assisting entrepreneurs and growing small companies. How will the HCEDA do that?
Entrepreneurship is the underpinning of economic development, and we’ll help the community with the establishment of the Maryland Center for Entrepreneurship; and setting up programs and hopefully gaining access to capital. Thus far, the local business community has been very supportive.
What was your first impression about what needed to be done when you came on board at Matrics? What did your experience there teach you about building companies?
We could spend hours on this topic because it’s difficult to understand the determination and hard work that goes into building a company. I always say that you don’t know what you don’t know, and only experience can fill in the blanks. But that experience must be combined with unbridled enthusiasm and optimism.
Entrepreneurs are the heroes in business. You hear a lot about the big successes, but it’s important to recognize that it takes a few mistakes and a lot of hard work to have the big win. The first things that needed to be done when I went to Matrics were raising money and to account for the two most overlooked areas for startups: keeping good books and hiring good counsel.
Do you find that many upstart companies don’t succeed simply because they lack the proper direction?
Yes, but the most basic requirement is a great idea.
How do you plan to attract cybersecurity companies and entrepreneurs to the county?
We will attract cybersecurity (and technology) companies and entrepreneurs to Howard County by creating that culture of entrepreneurship here. This will be done by connecting all of the valuable and necessary resources, individuals and organizations to support that culture. We’ll then build an ecosystem around idea generation, incubation, mentoring, programs and access to capital.
What is your take on the Columbia Town Center plan?
The resources in Howard County are what attract families, but we also need to attract young, educated workers. When I was building Matrics, I drove in every day and drove out every day; but at the time, I was single and was interested in a more vibrant local scene.
The revitalized Downtown Columbia will be a destination in our community, for work and lifestyle. My hope is for a vibrant Lakefront surrounded by people walking, shopping, eating, living and working.
What’s the biggest professional challenge that you’ve faced? What was the result?
I have had many professional challenges, and I would do many things differently. I believe in “no regrets” because I’m glad I’ve always been willing to try, but I don’t believe in saying that I “wouldn’t change a thing.” I believe we all learn from our experiences, and we should always strive to improve.
Probably my biggest professional challenge, on a personal level, was trying to find my way in business without a college degree (or high school diploma). Despite these obstacles, I eventually earned a MBA from Loyola.
My biggest professional challenge was turning around Matrics when it was close to going out of business. Raising venture capital for the first time is probably one of the hardest things to do in business, and it requires a huge amount of determination. After you succeed once, though, it’s a lot easier the next time around. The result was a big payout for the founders and investors (and me).
What’s the status of the Laura Neuman Foundation?
The foundation was founded to raise money to fund the testing of rape kits. There are hundreds of thousands of rape kits sitting on shelves or being destroyed across the country. I quickly learned that we cannot direct funds to the testing of rape kits because that’s not allowed, due to the setup of our judicial system.
Based on a lot of discussion and research, as well as personal experience, I realized the greatest way to promote the cause was for me to go public with my story. Every time I tell my story, it has less hold over me, and it takes away the stigma surrounding this horrible crime. Hopefully, my visibility in the community will let other victims know that the shame is not theirs and that they can go on to a great life.
