As the visionary Director of Matrix Ingredients, Moy Teo has elevated a solo venture into a dominant force in the processed meat supply chain. Her leadership not only attracted a Dutch multinational but also culminated in a lucrative eight-figure acquisition in 2018. Beyond her corporate achievements, Teo is also a celebrated author of Find Your Destiny, where she unveils her blueprint for entrepreneurial success and personal fulfillment.
In this exclusive interview, Teo offers a candid look into her journey of over two decades, revealing the challenges and triumphs that shaped her path. From navigating cash flow crises to building unshakeable business relationships, she unpacks the hard-earned lessons that fueled her rise to success.
- What pivotal moments or obstacles did you face early on while starting Matrix Ingredients?
As a self-made entrepreneur, I started my journey from scratch. There are two types of entrepreneurs: those who inherit businesses and those, like me, who begin with nothing. Over 24 years ago, I launched my business as a one-woman show with no existing framework or legacy to rely on.
Cash flow was one of my biggest challenges. I chose not to borrow from banks, so every penny had to be generated through the business itself. As an agency and distribution house, my business relied heavily on moving goods. I had to buy and sell quickly, often operating with tight margins, making cash flow management essential.
To overcome this, I relied on credibility. I negotiated credit terms with suppliers and pushed for upfront or shorter payment terms with customers, explaining that I was a startup. This delicate balance of buying, selling, and reinvesting profits allowed me to scale gradually. Every profit returned to the business to acquire new agencies and build stronger industry relationships. It was a slow, compound process that enabled sustainable growth without overextending.
Looking back, several pivotal moments shaped my career. Early on, significant orders from key clients gave my business the momentum it needed to grow. On the supplier side, multinational brands entrusted me with their agencies, providing the support I needed to establish a market foothold. These partnerships were vital to my success, and I credit much of my growth to the trust and confidence these suppliers placed in me, even when I was inexperienced.
- What unique aspects of Matrix Ingredients contributed to its appeal and value, leading to its acquisition?
Every company, big or small, has its unique qualities. For my company, it was clear from day one what that would be. My goal was to create a one-stop supply chain for the processed meat and seafood industry. That has been my sole focus, and my objective has always been to make it to the top 1% in our field.
It took years to bring on key agencies and grow the revenue and customer base. Given that we’re in food ingredients, there are two main segments: commodities like salt, MSG, and rice, which have high volume but low margins, and specialty ingredients, which require technical knowledge and expertise. From the start, I knew my strategy had to be focused on the specialty side, avoiding the commodity market.
This approach is inspired by the concept of the “Blue Ocean” strategy—focusing on a market with less competition. By tapping into the niche area of specialty ingredients, we naturally achieved higher margins and faced less competition since few have the expertise to operate in this space.
By building this one-stop supply chain and focusing on a niche market, I grew the business substantially with healthy margins. This success caught the attention of the IMCD Group, who were interested in acquiring us. At the end of the day, business is about profit and loss. To attract big corporate buyers, you need substantial revenue and a solid P/E ratio. They saw in us what they were missing and knew they could scale further using our resources.
I believe these two key decisions—focusing on a unique market and never losing sight of my goal—led to our success. After years of hard work, it finally became a reality, and they were delighted with the platform we had built.
- Can you share how you foster relationships and how they have contributed to the Matrix Ingredient’s success?
Credibility is the foundation of any business, just like in personal relationships. Whether dealing with customers, suppliers, or partners, keeping your word and honoring commitments is essential. In my 24 years in business, many major deals were secured with a handshake, built on trust and the promise to deliver. This, I believe, is the core of our success.
To build strong relationships, you must earn trust, showing customers and suppliers that you can deliver and grow together. Many of my customers from over 20 years ago still work with me today, mainly because I’m open, transparent, and straightforward. I don’t sugarcoat or make unrealistic promises; I tell them what can and cannot be done.
Setting realistic expectations is crucial. It’s better to underpromise and overdeliver than vice versa, as broken promises can damage both personal and company reputations. I’ve always been deeply committed to my customers—whether it’s handling a late-night request or an urgent issue, I don’t limit myself to “office hours.” Building lasting relationships takes consistent effort and dedication.
Trust is built over time through collaboration and understanding. My customers know they can rely on me because I prioritize transparency and consistency. I also listen to their feedback and remain open to change. Being too rigid or unwilling to adapt can alienate those you work with, which I see as a major red flag.
- How do you maintain a healthy work-life balance?
This question deeply resonates with me because it reflects the reality many entrepreneurs face. In my late 20s, the stress was immense as I started my business with no money and limited resources. I couldn’t afford a large team; the first five years were extremely tough. I worked 16 to 18 hours a day, often without even realizing it, because I was so passionate about what I was building. To make things more challenging, I had four young children to care for, so I was constantly juggling motherhood and business. Balance simply wasn’t possible in those early years.
Over 20 years later, I can now proudly say I have a balanced life. Discipline has always been key for me, and it’s helped maintain that balance as I’ve grown in my career. For the past 14 years, I’ve made it a point to exercise daily, spending one to two hours at the gym unless I’m on a business trip.
I also nurture my mind by reading a wide range of books—on finance, marketing, biographies, cooking, and philosophy. This habit, which I’ve developed over the years, helps keep me grounded.
Another part of my routine is healthy eating. I prepare my lunch daily, which is rare for most Singaporeans who usually eat out. I also prioritize cooking for my family, especially on weekdays. No matter how busy I get, my commitment to my family and well-being remains strong.
Self-care is also crucial. Once a week, I treat myself to a spa day, whether a massage or sauna, to help me unwind. These moments are essential, especially after years of hard work. Now in my 50s, I realize how vital it is to maintain a healthy mind and body. This is important not just for today but also as I think about passing my legacy to the next generation.
- How do you envision the food ingredient industry evolving in 5-10 years?
The food industry is inherently stable and sustainable because food is a daily necessity. Unlike rapidly changing sectors like social media or advertising, the food industry will evolve gradually. However, over the next five to 10 years, we’ll likely see shifts driven by growing environmental concerns. People are becoming more aware of how their food choices impact the planet, especially regarding meat consumption. This is fueling a push toward plant-based diets and the growth of the vegan industry as a solution to reduce environmental harm.
The transition to cleaner, more sustainable food will take time. Many products, particularly in developing regions, still rely on chemicals, fertilizers, and ultra-processed methods to meet demand. While people understand the health risks of ultra-processed foods, their consumption continues to rise due to convenience and affordability. As much as there’s a desire for clean, organic food, it will take years to achieve a complete shift globally.
Matrix Ingredients aims to play a significant role in this evolving landscape by focusing on sustainability, meeting the growing demand for healthier, more environmentally friendly food options, and recognizing the industry’s practical challenges.
- What do you think are the qualities required for entrepreneurial success?
Two qualities are paramount to succeeding as an entrepreneur: focus and discipline. Focus means having a clear vision every day—to build the business, grow your client base, and expand steadily. Discipline, on the other hand, is about enduring the inevitable hardships. Entrepreneurship is a rollercoaster, and it’s the ability to persist, stay committed, and believe in yourself that truly sets successful entrepreneurs apart.
Equally important is maintaining a “golden circle”—a close, reliable network of suppliers, customers, and partners. While it may seem limiting, it helps me stay focused and ensures I’m surrounded by people who share my vision and can support my growth.
For me, entrepreneurship is also about fulfilling one’s purpose, or dharma. I wanted to share my journey because I believe in giving back and helping the next generation of entrepreneurs. Young entrepreneurs must understand that the first five to ten years will be challenging. The road isn’t easy, but with passion, resilience, and confidence, overcoming any obstacle is possible.
It is essential to think big, have a clear vision, and ignore the naysayers. Success ultimately depends on how hard you’re willing to work toward your goals. By sharing my experiences, I hope to inspire others to persevere, achieve their dreams, and surpass my accomplishments. That’s why I’m here—to share, inspire, and encourage others to stay the course and succeed.
