The Formula For Success: The Portrait Of A (Truly) Great Founder In The MENAPT Region While there is no single formula for founder greatness, certain patterns have emerged from Nuwa Capital's analysis of some of the most successful founders in the region.

Outside of backing businesses with innovative models, and large market opportunities, venture capitalists (VCs) look to invest in great founders. The single, most critical variable in the investment decision is the quality and strength of the founders—especially for early-stage startups, where the field for funding is often crowded.

So, what makes a great founder in our markets, i.e. MENA, Pakistan, and Turkey (MENAPT)? In my role at Nuwa Capital as a venture capitalist focused on the region, I've had a front-row seat to observe the profiles and key characteristics of some of the most successful founders in our regions. While there is no single formula for founder greatness, certain patterns have emerged from our firm's analysis.

At Nuwa Capital, we analysed the top 100 companies in the MENAPT markets over the past decade, focusing on those with the largest exits, or those with the most significant amounts of capital raised. While these metrics aren't perfect stand-ins for success, they offer a valuable proxy for understanding the potential trajectory of success, especially given the relatively small sample size of exits in these markets.

We then examined the profiles of the founders in each of those 100 companies, identifying key attributes from publicly available data including their education, years of prior work experience before setting up the startup, industry from past work experience, previous workplaces, and previous startup experience.

THE OBJECTIVE SIDE

(I.E. WHAT THE DATA TELLS US)

The back stories of founders often reveal a lot of those individuals and their capacity to succeed.

One of the most represented—yet unsurprising—commonalities among the founders in our sample is prior entrepreneurial experience—a full 72% of them had prior startup experience, or had previously founded a company.

Talent with a track record of launching or scaling new ventures also tend to have a clearer understanding of the arduous journey ahead.

Educational pedigree, while not critical, also appears to play a role in founder success, with 59% of the standouts in our sample hailing from the top 250 globally recognized universities. Institutions like the American University of Cairo, King Fahd University of Petroleum and Minerals, Columbia University, Stanford University, and INSEAD accounted for nearly 20% of the sample.

In addition to a high percentage of prior startup experience, our analysis also found that most successful entrepreneurs in the region tend to be seasoned professionals. Roughly 75% of the founders in our sample had over five years of work experience at the time of launching their companies, with 45% having 10 years or more under their belt. They thus perhaps have more skin in the game, and this transpires through their approach to everything from problem-solving, to managing teams, etc.

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Founders with professional backgrounds also tend to have more developed leadership and management skills, which become increasingly crucial as startups move from seed to exit. They understand how to motivate and align teams, navigate organizational challenges, and make tough decisions. The most common previous workplaces, accounting for roughly 7% of all founders in the sample, were Careem and McKinsey. The most common industries in prior work experience, accounting for roughly 62%, were technology (either prior startups, or large corporations such as Meta, Google, Microsoft, etc.) and finance, specifically corporate finance, investment banking, etc.

These attributes offer a snapshot of what has historically contributed to founder success in our regions. However, they are far from predictive guarantees. For example, attending a top-tier university may not inherently make a founder more successful, but it often provides access to global networks and resources that can be invaluable during a startup's growth phase.

BEYOND THE DATA

(I.E. THE QUALITATIVE AND PRACTICAL SIDE)

Beyond these objective metrics, the most successful founders in our regions also exhibit a set of intangible but crucial qualities. These include:

1. CLARITY AND CONVICTION Chief among these qualitative qualities is a rare clarity of vision—the ability to deeply understand a problem space, and articulate exactly how their proposed solution will effectively address it. Take Hosam Arab at Tabby, for example. He demonstrated an acute understanding of the market, and he was also able to convey a compelling vision that resonated with stakeholders.

Hosam Arab, co-founder, Tabby. Source: Tabby

It's not just about having a solution; it's about understanding the problem so deeply that the solution feels almost inevitable. Very often, we see founders with great products, but with unclear problems. This signals a lack of understanding of the underlying market/problems and/or internal ability to drive towards a goal.

2. MULTIPLE FOUNDER TEAMS The most successful startups often have multiple founders, ideally with complementary skills (e.g., a technical founder paired with a commercial one). Anass Boumediene and Mehdi Oudghiri from Eyewa exemplify this synergy. However, it's worth noting that multiple founders can also increase the risk of internal conflict, which is one of the most common reasons for startup failure.

Anass Boumediene and Mehdi Oudghiri, co-founders, Eyewa. Source: Eyewa

3. CONFIDENCE Founders need near-maniacal confidence in their ability to deliver on their vision. Jad Antoun at Huspy exemplifies this trait. Founders often face detractors, whether they be clients, investors, or even team members. The ability to stay the course—despite external noise—is a critical piece of the puzzle.

Jad Antoun, co-founder, Huspy. Source: Huspy

4. THE ABILITY TO PIVOT The best founders walk a fine line between confidence and delusional thinking. They are able to synthesize new information and make objective decisions, even if it means pivoting or changing course. Mostafa Kandil at Swvl is a prime example of a founder who successfully navigated this balance. Founders who refuse to adapt to market signals often falter.

Mostafa Kandil, co-founder, Swvl. Source: Swvl

5. HUMILITY While there are exceptions, successful founders often possess a deep sense of humility and self-awareness. Samih Toukan, Hussam Khouri, and Ronaldo Mouchawar from Maktoob.com and Souq.com are excellent examples. Hubris can be a founder's downfall; those who maintain humility and grace in both victory and defeat tend to have a longer-lasting impact.

Ronaldo Mouchawar, co-founder, Souq.com.

6. TENACITY AND GRIT Building a company is far from glamorous. It's a painful and arduous process that requires immense tenacity. Abdulaziz Al Loughani from Floward and Talabat embodies the grit necessary to navigate the challenges of entrepreneurship. The ability to persevere through setbacks and challenges is what often separates the successful founders from the rest.

Abdulaziz Al Loughani, founder, Floward. Source: Floward

THE (ELUSIVE) FORMULA FOR SUCCESS

In the end, the profile of a great founder in the MENAPT region is from both the measurable and the intangible, the seen and the unseen. As investors, we search for these qualities, knowing that no single trait guarantees success, but that together, they form the foundation upon which the future is built. The true measure of a founder's greatness thus lies not just in their ability to build a company, but in their capacity to shape the world around them.