I first met Mary Li when she was introduced to me as the co-CEO of Mystifly, the India-based global airfares marketplace. My curiosity stirred, I did some research on her and found her back story. With no background in travel, she founded ASLAN, China’s first data-driven travel technology company, centred on air fares. She sold it to Alibaba, worked for the company for couple of years, burnt out and took a two-year sabbatical. She was then recruited by Rajeev Kumar, founder of Mystifly, who wanted a partner to take the business into China and beyond. I got deeper into her story at the recent WiT Bootcamp during the Founders’ Fireside Chat.
Q: All good stories start at the beginning … with Once Upon A Time.
Once upon a time, I had the opportunity to meet with the founders of Uniglobe Travel. While speaking with them, I realised just how dynamic the travel industry is and that excited me. I did a little marketing research on the industry scenario in China and found that the technology, especially in air ticket bookings was not up to par with countries like the US or UK. But, the question was – what kind of technology did I want to focus on? I decided to start with data processing. I was convinced that data processing would one-day support and enhance online booking. That initial excitement and the belief that technology could revolutionise the travel industry is what started ASLAN.
Q: All good stories must have a hero (you) and a villain – who or what was the first/biggest villain you encountered in the first years of your startup?
Mary Li: Biggest challenge was transition from a full-time mom to an independent business owner. (Image credit: Shoot My Travel)
Personally, the biggest challenge for me was my transition from a full-time mom to an independent business owner. It was hard for me to leave my daughter behind at home. For a woman to one day be taking care of her daughter, cooking for her, helping her with her homework, to suddenly not being able to find that same kind of time with their child – it’s very difficult. Work-life balance was the biggest villain I encountered.
How did I overcome the challenge? I always made it a point to spend at least an hour of quality time with my daughter. More than just a caregiver, I wanted my daughter to see me as a role model. I wanted to show her that a woman could live an independent life too. Of course, there are still times where I feel sad for not being around for my daughter as much as I could. But, I am incredibly proud of the woman she has turned out to be.
Q: All good stories must have a saviour – in your case, an acquirer. Tell us about the first approach and what went backstage to make the deal happen?
The boss of Alitrip and the representatives from their investment department visited ASLAN several times before the talks of a deal came about. But, because I was quite busy on a daily basis, I could not meet with them during those visits. However, when we finally did meet, I was not prepared with an investment plan. I explained to them, our business model. I spoke about how we operated as a company and how I managed my team. I remember they were so impressed by the efficiency of ASLAN and the way that I ran my team. The deal of acquisition followed immediately after that meeting.
Q: All good stories must have a review score/rating – scale of 1-10, how happy were you with the deal you achieved, 1 being least happy, 10 being most happy. Anything that you felt could have been done differently? Can you share a dollar figure?
Well, I will not be able to reveal the dollar figure of the deal because I signed a confidentiality agreement. But, I will tell you I was happy with the deal. I would rate the deal an ‘8’. I say ‘8’ not because I was unhappy with the deal, but because I had just sold my baby – my brainchild. I was unsure about what would happen in the future because Alibaba had acquired 100% of my company. But, being associated with such a big global brand definitely made me happy. That’s why the ‘8’.
Q: All good stories have a sequel – some of us are looking forward to Crazy Rich Asians, Part 2, for example? First, how crazy or rich are you? Scale of 1 to 10 for both.
On a scale of 1 to 10, I give myself ‘0’ for both! Honestly, I did not have the luxury of time to enjoy my money or do anything crazy! Right after the acquisition, I started my new role at Alitrip, so I did not have any break to relax or unwind. I was always so busy!
Q: Second, all 3 of you chose to stay with the acquiring company – most people say exit, and goodbye. What was the biggest adjustment you had to make post-acquisition? How has staying made you a better entrepreneur?
The biggest adjustment for anyone in that position would be going from the owner of the company to suddenly reporting to someone. But, to be quite honest, I found that there was little to no difference between being an owner and being a manager because the objective still remained the same. I was still driven to improving the company’s core competencies. Staying definitely has helped me become a better entrepreneur. I got the opportunity to learn a variety of tasks and culture just by being exposed to the various departments within the company.
Q: What motivated you to join Mystifly – usually it’s Chinese companies investing in Indian companies. Here, it’s an Indian company investing in Chinese talent and the Chinese market – what’s the culture fit been like? Any big battles in the beginning? (All good stories have a big battle scene)
What motivated me? It’s the vast difference in culture. In India, family, religion, and heritage – all of these play a very important part in people’s lives. I could not understand this at first because, in China, it does not matter that much. This gave me a sense of belonging. That is what motivated me and it continues to do so, even today.
The big battle for me initially was learning to respect and accept the culture. It’s definitely a culture shock. But, once you begin to understand the culture and people – it opens your eyes to everything you’ve been missing. Secondly, it was sensitising my team to Chinese culture, because as you mentioned, we do have Chinese talent as well. I find that we are all able to co-exist, accept and respect each other – that is very inspiring for me.
Q: All good stories have a superhero – other than you. All of you were bought by companies with charismatic founders – Gareth Williams, Skyscanner; Jack Ma, Alibaba and Hiroshi Mikitani, Rakuten. Describe your first meeting with them and the biggest lesson you’ve learnt from them.
I first met Jack Ma during a training camp for senior management at Alibaba. He was sitting behind me, I looked at him, and he smiled. The biggest lesson I learned from Jack Ma is the importance of strategy for a business. He always set up very comprehensive and advanced strategies to ensure Alibaba’s growth.
The second thing that I learned from him is how to create heroes. Jack Ma always attracted top ranking talent. They always wanted to work with him. More than just being a hero, it is also important for a person to create and build heroes of the people around you.
Q: All good stories (Hollywood ones anyway) have a happy ending although real life is messier. What’s the happy ending you want for the business you’re running today?
Honestly, if you reach an end it means you’ve reached your limit of growth. My vision for Mystifly is continued growth, new milestones and new benchmarks with each passing day. There’s never an end to how much more we can achieve. If we reach the stars, we can always reach higher.
Q: Since we are talking good stories, what’s the best book you’ve read that made you a better entrepreneur/person?
Image credit: iStock
That would be ‘The Fountainhead’ by Ayn Rand (pictured right). The book follows the life of an architect, Howard Roark, and his struggle to achieve success on his own terms. I was able to connect with the character because we both faced similar struggles. It taught me never to give up. You must definitely read the book if you get a chance.
Q: Finally, if there was a movie made about your life, who would you want to play you?
Have you watched Grey’s Anatomy? I am very inspired by the character, Meredith Grey. She’s such a strong and independent character. In the face of so many circumstances, she still perseveres. If my life was ever made into a movie, I would like Ellen Pompeo (the actor who plays Meredith Grey) to play my character.
• Featured image: Founders’ Fireside Chat (from left): WiT’s Yeoh Siew Hoon, Skyscanner China’s Steven Pang, Voyagin’s Tushar Khandelwal, Mystify’s Mary Li