Joel Neoh, Outgoing CEO and Co-Founder of Fave
On Tuesday, Southeast Asian (SEA) consumer fintech company Fave announced that Co-Founder and CEO Joel Neoh is set to leave the company by March 2023.
In an email interview with e27, Neoh explains what drives him to leave the company at this stage.
“For the past eight years, Fave has been my life’s work, and I’ve had the privilege of working with excellent leaders in the SEA region,” he writes.
“Since April 2021, Fave has been part of Pine Labs, one of India’s top fintech unicorns, expanding into India and experiencing strong growth in SEA. With a solid leadership team in place and an exciting product roadmap ahead, Fave is now part of a resilient fintech unicorn group which is set to break boundaries for growth in the coming year. After 13 years as an early founder of Groupon in Asia and Fave, I’m proud of the journey thus far and certain it’s an ideal time for a break.”
Neoh also explains more about his upcoming plan after leaving the company and his views on seizing opportunities during a crisis.
Also Read: In brief: Malaysia’s Proficient raises funding; Fave launches BNPL in SG, MY
What is coming up next for you? Why is this the right time to do this?
Since co-founding my first tech startup SAYS.com in 2009 with Khailee Ng, I’ve gained valuable insights from the startup and entrepreneurship ecosystem. As I take a break this year to rest and explore new endeavours, I’m eager to give back and support other founders and entrepreneurs in the region.
Over the past 10 years in SEA, the tech sector has witnessed a surge in new companies, hundreds of VC-funded firms, and a few unicorns and public-listed firms, leading to a set of quality founders with tremendous potential. It would be an honour to assist these leaders on their journeys from zero to one.
How do you prepare the Fave team for your departure?
The Fave team is highly resilient, and the founding team has worked together for years, with many colleagues remaining since Day One. As I prepare to depart, I’m thrilled to witness them take the company into the next phase, and I’ll be their biggest supporter and cheerleader.
Additionally, Amrish (Pine Labs CEO) has kindly offered me a permanent room in the Fave office, which I’m grateful for and can use anytime. Even though I’ll be stepping away from my role, I will still be part of the Fave family and will visit my colleagues regularly. I have developed a strong bond with them and will always cherish the memories we’ve created together.
What do you think is your greatest achievement or milestone with Fave? What lessons did you learn from it?
Building a household brand for millions of consumers in multiple countries without raising hundreds of millions wasn’t easy. The entire Fave team deserves credit for their grit, heart, and hustle since the beginning.
As we scaled up, it was a privilege to maintain Fave as a great place to work, despite the challenges of growth. We’ve always prioritised people since we believe people equal business.
It was also a privilege to collaborate with major banks and fintech players in the region, including DBS, UOB, Google Pay, Singtel, Grab, Touch ‘n Go, Adyen, and Maybank, to launch a SEA-centric brand in India, reaching our first million users.
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What had been the toughest time you had to go through with Fave, and how did you survive it?
While it may seem like a common idiom, I’ve always believed that tough times don’t last, only tough people do. This belief has taught me to never give up when the going gets tough. The past few years have been dynamic, with heavily-funded competition, COVID-19 disruptions, inflation, and rising interest rates. Overcoming these challenges took tremendous willpower and discipline from the Fave team and me, and we emerged stronger in the end.
Amidst back-to-back global crises, which opportunities do you aim to seize this year? How would you do it?
I believe that every crisis brings an opportunity, including creating more quality companies, as only the best will survive and thrive. This also creates more quality leaders, who must level up to find opportunities to grow and survive, a process that builds strong character.
As for myself, I look forward to partnering with many of these quality leaders and companies to build breakthrough products and services.
What lessons/approaches do you carry over from your time with Fave, that you plan to implement in your new role?
There is currently no new role on the horizon, I’m in fact looking to invest in others and help them succeed. My philosophy and approach are always to dream big but start small, scale fast, and fail faster. I’ve learnt and grown so quickly and efficiently with this approach.
As mentioned earlier, I believe that people are the core of any business. If you take care of your people, they will take care of your business, and you will grow together. Ultimately, success comes down to execution, how quickly we can adapt, innovate, and evolve.
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Image Credit: Fave
This article was first published on February 15, 2023.
The post Dream big, start small: Joel Neoh shares lessons from his years with Fave appeared first on e27.
