Not the Unicorn, but the Phoenix Will Save Belgium

Former U.S. President Ronald Reagan once summed up his view of government with a famous quip: “If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” I was reminded of that line when Belgium’s Minister of Finance, Vincent Van Peteghem, recently argued that Belgium needs more unicorns: technology companies that achieve international success and reach a valuation of more than one billion dollars. And he is absolutely right.

As one of the founders of the Wintercircus innovation hub in Ghent, I can only hope that Belgium produces many more unicorns in the years ahead. They attract talent, draw in capital, strengthen a region’s entrepreneurial confidence, and prove that global technology leaders do not have to emerge from Silicon Valley. Odoo, Collibra, Deliverect, and Lighthouse have firmly placed Belgium on the global technology map. That achievement is difficult to overstate.

Fewer Unicorns, More Phoenix Companies

But we make a fundamental mistake if we believe that a handful of unicorns will solve Belgium’s structural economic challenges.

Our problem is not that we have too few billion-dollar companies. Our problem is sluggish productivity, an aging population, a labor market under pressure, and economic growth that continues to lag behind. Even if Belgium were to double its number of unicorns overnight, it would do little to change that underlying reality. At most, it would mean that a few more founders in the Ghent region could afford to buy castles and perhaps we'd need a few extra hangars for their private jets in Waregem.

Economic debate too often focuses on exceptions, while the real challenge lies elsewhere. Belgium does not simply need more unicorns. Above all, it needs more phoenix companies.

I have used that term for years. A unicorn is young, fast, and spectacular. A phoenix is a company that continually reinvents itself, a business that has survived economic crises, weathered technological revolutions, and repeatedly adapted as markets have changed.

Value Creation

Take Odoo. It is rightly considered one of Belgium’s greatest technology success stories of this generation. With 7,000 employees, the company is valued at around €7 billion and continues to grow at an impressive pace. But that valuation is primarily a reflection of expectations, especially considering that it generated “only” €650 million in revenue in 2025.

Compare that with the venerable Bekaert, a company that employs 21,000 people and has remained relevant for more than a century by continuously reinventing itself. Last year, it generated nearly €4 billion in revenue.

That illustrates the difference between valuation and value creation.

A unicorn is measured by its valuation. A phoenix is measured by the value it creates.

When an industrial company integrates AI into its manufacturing processes, when a machinery manufacturer adds software to its products, or when a logistics company automates its entire operation, something greater than a new business model emerges. The productivity of an entire value chain increases, and with it, the productive capacity of a country.

That is why I believe Belgium is asking the wrong question today. The question is not how we grow from five unicorns to ten. The real question is how we enable one hundred existing companies to reinvent themselves.

Because our future prosperity will not be determined by the valuation of a handful of technology companies. It will be determined by the extent to which thousands of existing businesses succeed in creating more value through the intelligent application of new technologies.