An article by Imad Eddine Oubiri

For over a decade, the term “unicorn” has defined what success looks like in the startup world—high valuation, rapid scale, and global attention. In MENA, the concept carried a special promise:  that bold entrepreneurship could leapfrog legacy systems and put the region on the innovation map.

But as ecosystems across the region mature, and as more entrepreneurs, investors, and  governments take stock of what truly drives value, it’s worth asking a simple question: What if the next big thing isn’t a unicorn at all? What if lasting impact lies not in chasing myth but in building well?

Startups Begin with Questions, Not Valuations

Despite the headlines, most startups don’t begin with billion-dollar goals. They begin with  frustration. Or insight. They may also start with a question that warrants further investigation. They emerge in the in-between spaces—between systems that don’t work and communities that need better.

At this early stage, the most important metric isn’t growth—it’s clarity.

• Who are we building for?
• What problem are we actually solving?
• Is it working?

This phase is about designing value, not scaling it. It’s where many companies plant the seeds of  trust, relevance, and resilience.

From startup to scaleup: a shift in mindset

Scaling isn’t just about growth—it’s about growing with intention. This means moving from experimentation to structure, from instinct to system. In the scale-up phase, challenges become more complex:

The challenge involves hiring without sacrificing cultural values, ensuring management does not slow down, and expanding without overreaching.

In MENA, scaling also means navigating fragmented markets, regulatory variability, and emerging infrastructure. That requires more than ambition—it demands adaptability, long-term thinking, and a profound understanding of local context.

Not every success story needs to be a unicorn

• The unicorn ideal is useful, but it’s incomplete.
• There are other models of success worth recognising:
• A company that builds quietly but consistently in underserved sectors
• A mission-driven enterprise that reinvests in its community
• A digital solution that improves public systems or strengthens local resilience
• A venture that reaches profitability instead of chasing endless fundraising

These companies may not be unicorns, but they are often the ones who stay, who hire locally, who adapt to change, and who remain deeply relevant to the places they serve, especially in emerging economies; speed alone doesn’t build systems, context does.

Redefining success for MENA’s next chapter

As the region’s ecosystem grows, so should its definition of success.

We need to tell more stories about companies that:

• Solve real-world problems
• Design for resilience
• Grow from insight, not just capital
• Choose steady relevance over viral growth
• Create value that’s measurable in more than valuation

The next generation of builders in the Arab world deserves space to pursue models that may not  fit the unicorn template—but that fit the region’s long-term needs.

A quiet, strategic future

Innovation isn’t always loud. Quiet, intentional, and sustainable construction characterises some of the most impactful ventures. They serve first, scale later, and endure longer. They may not chase mythical valuations, but they do something more grounded: They stay, they evolvem and they build what matters.

And that’s what the next big thing really looks like.