Cheryl Sew Hoy is a name that resonates within the global entrepreneurial community. As the founding CEO of the Malaysian Global Innovation and Creativity Centre (MaGIC), she has made a significant impact not just in Malaysia but across the ASEAN region. Her journey from a bright student in Petaling Jaya to a formidable leader in the tech world is both inspiring and enlightening.
Cheryl Sew Hoy, born on May 31, 1983, in Petaling Jaya, Malaysia, is a force to be reckoned with. As the eldest daughter of Audrey Chan and Allen Yeoh, she was destined for greatness. She aced her way through Seaport High School as valedictorian and snagged a full scholarship from the Public Service Department of Malaysia (JPA) to study in the United States at just 18. At Cornell University, she earned a Bachelor of Science in operations research and industrial engineering and, later, a master’s degree in engineering management. She even joined the secret Sphinx Head Honor Society and introduced the labyrinth concept to the university.
Career Beginnings:
CityPockets: The First Venture
In 2010, Cheryl Sew Hoy co-founded her first startup, CityPockets, the very first digital wallet and secondary marketplace for daily deals. Imagine mint.com and eBay had a baby, and you get CityPockets. The platform supported over 50 top daily deal sites like Groupon and Living Social. Cheryl, known for her scrappy startup spirit, crashed on a friend’s futon for five months and survived on a “kale and quinoa” diet with a $35 weekly food budget. Her hustle paid off when she raised $770,000 from venture capitalists and angel investors in New York in 2011.
Reclip.It: The Walmart Labs Acquisition
When the daily deal space started to fizzle, Cheryl Sew Hoy pivoted and launched Reclip.It in 2012. This personalized list-making app featured weekly ads and digital coupons from top retail stores. It was a hit, earning accolades like “2012 Best of the Web” from InStyle magazine. In 2013, Walmart Labs acquired Reclip.It, marked another feather in Cheryl’s entrepreneurial cap.
Leadership at the Malaysian Global Innovation and Creativity Centre (MaGIC)
In 2014, Cheryl Sew Hoy was headhunted by the Malaysian government to lead MaGIC as its founding CEO. This marked a significant shift in her career as she returned to her home country to spearhead initiatives aimed at fostering innovation and entrepreneurship across ASEAN.
Establishing MaGIC
With an initial grant of $21.4 million, MaGIC was launched in April 2014, with former U.S. President Barack Obama and Malaysia’s then-Prime Minister Najib Razak in attendance. Cheryl’s vision for MaGIC was to create a platform supporting startups not just in Malaysia but across ASEAN. Her efforts positioned MaGIC as a key player in the global startup landscape.
Key Initiatives at MaGIC
During her tenure, Cheryl launched several key programs, including the Malaysia Accelerator Program (MAP) and the MaGIC Academy. She also forged partnerships with global institutions like Stanford University and Techstars, bringing Silicon Valley’s expertise to Southeast Asia. These initiatives provided invaluable opportunities for local entrepreneurs to scale their businesses and access international networks.
Ventures Beyond MaGIC
From 2016 to 2018, Cheryl served as an independent non-executive director of Flexiroam Limited, an Australia-based telecommunications company. After stepping down from MaGIC in 2016, Cheryl continued to make waves in the entrepreneurial world. Her role as an advisor and investor in various startups, including blockchain infrastructure company Tendermint and coding school NEXT Academy, showcases her ongoing commitment to fostering innovation and supporting the next generation of entrepreneurs.
Advocacy and Public Speaking
Beyond her entrepreneurial ventures, Cheryl is a passionate advocate for diversity and inclusion. She founded the #MovingForward campaign, encouraging venture capital firms to commit to creating harassment-free workplaces. Cheryl is also a frequent speaker at global conferences, sharing her insights on entrepreneurship and innovation. Her voice continues to inspire and influence change on a global scale.
Recognition and Awards
Cheryl’s contributions to the tech and entrepreneurial communities have not gone unnoticed. Her inclusion in Time magazine’s “Silence Breakers” list in 2017 is just one of many accolades she has received throughout her career. Her work continues to be recognized both in Malaysia and internationally, further solidifying her legacy as a pioneer in the industry.
Additional Accolades
Over the years, Cheryl has received numerous awards and honors. From being named one of the “Top 44 Female Founders Every Entrepreneur Should Know” by Mashable to winning the Best Social Media Influencer Award by the Malaysian Rice Bowl Startup Awards, Cheryl’s achievements are a testament to her impact and influence in the entrepreneurial world.
Cheryl Sew Hoy is not just an entrepreneur; she’s a pioneer, a mentor, and an advocate for change. From her humble beginnings in Malaysia to making waves in Silicon Valley, Cheryl’s journey is nothing short of magical.
