M17's non-executive chairman has led the firm to become the largest live streaming and social entertainment company in Asia
In 2012, tech entrepreneur Joseph Phua was studying for his MBA at the University of Chicago Booth School of Business when dating apps such as Tinder and Coffee Meets Bagel launched in the US. Coincidentally, he had just come out of an eight-year relationship and was looking to widen his social network.
Fascinated with these “technology-enabled dating services”, he decided to try some of them but soon realised “none of them suited my habits and preferences as a single Asian man”.
So he chose to build his own platform that catered to the Asian community.
After completing his studies in 2013, he returned to Singapore and launched location-based dating platform Paktor with his primary school classmate, Ng Jing Shen. Paktor quickly gained traction and now boasts over 20 million users across eight markets in the region.
In 2017, the company acquired Taiwanese hip-hop artist Jeffrey Huang’s live streaming platform, 17 Media, and formed M17 Entertainment Group, where Joseph is non-executive chairman. Last November, the Pavilion Capital-backed company acquired live streaming platform MeMe Live. The deal boosted M17’s share of the live streaming market to over 60 percent.
Here, Joseph discusses the decision behind 17 Media's acquisition and the lessons that have influenced his leadership style.
Ensure your values are aligned with key partners
"The decision to acquire 17 Media was because the vision of its founder, Jeffrey Huang, aligned with mine. We both want to radically transform the way social entertainment works as well as ensure our end users get a lot of value from using our services.
Essentially, Paktor’s dating services and 17 Media’s live content provide the same solutions: we connect people in real-time and provide them with entertainment."
See also: 5 Tips For Finding The Right Co-Founder