Past winners of the Most Innovative Companies list share what it takes to build an innovative company
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The Middle East is witnessing a surge of groundbreaking ideas aimed at creating impact through innovation. Over the last decade, numerous companies have showcased stellar ingenuity. Companies like BEEAH Group, GMG, Masdar City, Msheireb Properties, CAFU, and IBM, among many others, have exemplified the region’s boundless potential and have featured in Fast Company Middle East’s Most Innovative Companies list. It requires actively fostering it in a hundred ways, from understanding and adapting to the audience’s needs and investing in emerging technologies to experimenting freely with fresh ideas.?
Some past MIC winners share their insights on what it takes to truly be an innovative company.
Here are seven foundational requirements for every company wanting to improve its innovation performance.
UNDERSTANDING AND ADAPTING TO THE AUDIENCE’S NEEDS
“Define what innovation means to you and your industry and assess if you embody that definition,” says Richard Fitzgerald , CEO & Founder of Augustus Media .?
“We constantly challenge ourselves to redefine what a media company in the digital age should be—whether through text, audio, or video on our apps, sites, and other platforms,” he adds.?
INVEST IN R&D AND EXPLORE NEW TECHNOLOGIES
“Businesses must prioritize a culture of continuous innovation and impact,” says Mazen Nahawi , Founder & Group CEO of CARMA .
“Encourage an environment where creativity and experimentation are valued. Invest in research and development to explore new technologies and approaches that can significantly enhance your operations and client experience. Also, focus on measurable impact. Innovation should not only be groundbreaking but also drive tangible results for the company and the industry.”
Nahawi says regularly evaluating the effectiveness of new initiatives and adjusting strategies to maximize their influence are crucial. “Innovation is not just about new ideas but also their successful implementation and the difference they make in the market.”
COLLABORATION AND CONTINUOUS IMPROVEMENT
Apart from staying attuned to emerging technologies and trends, Shereen Tawfiq , Founder & CEO of BALINCA , says innovation is “deeply linked to the culture and methods you develop to achieve your goals.”
“Before I started Balinca, I met with over 80 business leaders and interviewed over 400 people to understand their fears, hopes, and dreams about learning finance.”
Innovation begins with people, adds Tawfiq. “Communicate your vision with passion and inspire your team to join you on this journey. Invest in their continuous learning and development, empowering them with the necessary skills to drive change. Celebrate their innovative efforts and create an environment where creativity flourishes. Together, with a united purpose and a dedicated team, you can achieve sustained innovation and make a lasting impact.”
Innovation is the collective idea of many people, Tawfiq adds, “You can develop innovative solutions that truly make a difference by addressing real pain points and fostering a culture of collaboration and continuous improvement.”
ENCOURAGING DIVERSITY AND EXPERIMENTATION
Andrew Hanna , CEO of ZainTECH , believes in the importance of pushing boundaries to stay ahead in the ever-evolving world of technology. He says, “Innovation starts with a strong vision and commitment to embracing failures. Foster a culture of curiosity and continuous learning.”
For Hanna, encouraging experimentation is part of the learning process, while collaboration and diverse perspectives are key to sparking creativity, which is core to innovation.?
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He suggests, “Keep an eye on emerging trends, but always focus on achieving your objectives. Finally, prioritize customer relevance to ensure your innovations meet real needs. After all, unless a new idea is implemented successfully to bring value, it will always be that—just an idea.”
For that, he adds that building a diverse team is crucial. “Diversity in skill sets and backgrounds leads to unexpected and remarkable innovations.”
EMBRACE COLLABORATION
Companies must deeply understand their local markets and customers to be truly innovative, says Ali Abulhasan , Co-Founder & CEO of Tap Payments .?
“Innovation isn’t about chasing the latest tech trends but solving real problems that matter. Build a culture where ideas flourish and failure is seen as a stepping stone to success. Embrace collaboration internally and with external partners, including regulators—especially in regions like MENA, where regulatory alignment is crucial.”
He points out that innovation isn’t just about being first. It’s about being relevant and impactful. “Strive to create products that not only disrupt markets but also improve lives. This approach will naturally position your company as an innovation leader, driving meaningful change and sustainable growth.”
ADOPT A CUSTOMER-CENTRIC APPROACH
Fostering a culture of innovation by encouraging creativity, continuous learning, and rewarding innovative contributions is essential, but so is leveraging emerging technologies, says Joaquín Mencía , Chief Innovation Officer of Chalhoub Group .
“Leverage technologies like AI and Web3 while ensuring a robust digital infrastructure to stay ahead. Adopt a customer-centric approach by engaging continually with customers and conducting thorough market research to identify opportunities.”
Mencia adds, “Prioritize collaboration and partnerships, forming strategic alliances with startups, academic institutions, and cross-industry collaborations to bring diverse perspectives and resources. Focus on sustainability and responsibility by aiming for sustainable innovation and engaging in corporate social responsibility.”
Lastly, he adds that leadership commitment must be ensured by prioritizing innovation from the top down and communicating a clear vision throughout the organization.?
CHALLENGING CONVENTIONAL THINKING?
For Bassel Kakish , CEO of Publicis Groupe Middle East & Turkey, aligning innovation with the organization’s vision is important.
“The challenge lies in creating space for innovation amid numerous possibilities while resisting the temptation to say “yes” to novelty. Focusing solely on newness can sometimes divert attention from the overarching goal.”
Kakish adds that readiness for innovation isn’t just about adopting new technologies—it’s about “strategic agility and a willingness to challenge conventional thinking”.?
“It’s about fostering fearlessness and creating an environment where innovation becomes ingrained in the organization’s DNA.”
He believes having the right talent in place is crucial, as they fuel the innovative spirit and drive transformational change. Innovation thrives in a culture where bold ideas are nurtured, and individuals feel empowered to challenge norms and take calculated risks.
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