Joel Neoh, Outgoing CEO and Co-Founder of Fave
On Tuesday, Fave, a Southeast Asian (SEA) consumer fintech company, announced the departure of Co-Founder and CEO Joel Neoh by March 2023.
In an email interview with e27, Neoh shares his reasons for leaving the company at this juncture.
“For the past eight years, Fave has been my life’s work, and I’ve had the privilege of collaborating with exceptional leaders in the SEA region,” he expresses.
“Since April 2021, Fave has been under the umbrella of Pine Labs, a prominent fintech unicorn in India, expanding into India and witnessing significant growth in SEA. With a strong leadership team in place and an exciting product roadmap ahead, Fave is now part of a resilient fintech unicorn group poised for exponential growth in the upcoming year. After 13 years as an early founder of Groupon in Asia and Fave, I believe it’s the perfect timing for a break.”
Neoh also sheds light on his future plans after leaving the company and his thoughts on seizing opportunities during challenging times.
Also Read: In brief: Malaysia’s Proficient raises funding; Fave launches BNPL in SG, MY
What lies ahead for you? Why is now the right time for this decision?
Having co-founded my first tech startup SAYS.com in 2009 with Khailee Ng, I have gained valuable insights from the startup and entrepreneurship ecosystem. As I take a pause this year to recharge and explore new ventures, I am eager to give back and support other founders and entrepreneurs in the region.
Over the past decade in SEA, the tech industry has seen an upsurge in new companies, numerous VC-backed firms, as well as a handful of unicorns and publicly listed companies, fostering a crop of talented founders with immense potential. It would be an honor to assist these leaders on their journey from inception to success.
How are you preparing the Fave team for your departure?
The Fave team is resilient, with the founding members having worked together for many years, and several colleagues staying on board since day one. As I get ready to step down, I am excited to see them lead the company into the next chapter, and I will continue to be their biggest advocate and supporter.
In addition, Amrish (Pine Labs CEO) has generously offered me a permanent space in the Fave office, which I appreciate and can utilize whenever needed. Even though I will be relinquishing my role, I will still be part of the Fave family and will make regular visits to my colleagues. I have built strong bonds with them and will always cherish the memories we have created together.
What do you consider your most significant achievement or milestone with Fave? What lessons have you learned from it?
Establishing a well-known brand for millions of consumers across multiple countries without raising exorbitant amounts of funding was no small feat. The entire Fave team deserves credit for their perseverance, passion, and dedication from the very beginning.
As we scaled up, it was gratifying to maintain Fave as a great place to work, despite the challenges that accompanied growth. We have always placed a premium on our people, believing that people are the heart of the business.
It was also a privilege to collaborate with major banks and fintech players in the region, such as DBS, UOB, Google Pay, Singtel, Grab, Touch ‘n Go, Adyen, and Maybank, to launch a SEA-centric brand in India, reaching our initial million users.
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What was the toughest challenge you faced with Fave, and how did you overcome it?
While it may sound cliché, I have always believed that tough times are temporary, but resilient individuals endure. This belief has taught me to persevere when faced with adversity. The recent years have been tumultuous, with stiff competition, disruptions from COVID-19, inflation, and rising interest rates. Overcoming these hurdles demanded great resolve and discipline from the Fave team and myself, but we emerged stronger in the end.
Amid consecutive global crises, what opportunities do you intend to seize this year? How do you plan to do so?
I am of the opinion that every crisis presents an opportunity, including the cultivation of high-quality companies, as only the best will thrive and prosper. This also gives rise to exceptional leaders who must elevate their game to identify avenues for growth and survival, thereby fostering resilience.
As for me, I look forward to collaborating with many of these exceptional leaders and companies to develop groundbreaking products and services.
What principles and strategies from your time at Fave do you plan to carry over into your new endeavors?
There is currently no specific role on the horizon; in fact, I am keen on investing in others and assisting them in achieving success. My philosophy revolves around dreaming big, starting small, scaling rapidly, and embracing failure as part of the learning process. This approach has enabled me to learn and grow swiftly and effectively.
As mentioned earlier, I firmly believe that people are the cornerstone of any business. By taking care of your people, you nurture a thriving business, fostering mutual growth and success. Ultimately, execution is key – the ability to adapt, innovate, and evolve swiftly is what sets apart successful ventures.
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Image Credit: Fave
This article was initially published on February 15, 2023.
The post Dream big, start small: Joel Neoh shares lessons from his years with Fave appeared first on e27.