Every era has its economic totem. In the 1980s it was the corporation, in the early 2000s the start-up, and in the past decade - the unicorn: a technology company valued at more than one billion dollars. Once a symbol of innovation and ambition, the unicorn has increasingly become a sign of emptiness. Valuation, when detached from real value, reveals more about speculative euphoria than economic substance.
Professor Rudy Aernoudt proposes a new metaphor - the zebra. Unlike the mythical unicorn, the zebra stands on solid ground. It is resilient, balanced, and driven by purpose as much as by profit. “Zebras,” he says, “don’t race to be the fastest; they endure because they move in the right direction.”
The shift from unicorns to zebras represents more than a change in vocabulary - it marks a transformation in economic philosophy. The unicorn model is built on the logic of capital: rapid scaling, aggressive funding, and early exit. Risk and return are the only variables that matter. Closed-end venture funds, the backbone of Silicon Valley capitalism, invest with one objective - to sell quickly and move on. For Aernoudt, this “exit-driven” mindset is the antithesis of resilience capitalism, which prioritises longevity over speed.
“If an investor thinks only about the exit,” he argues, “they’ll never understand how to build lasting value. Europe must break from this logic.”
In his view, Europe’s competitive advantage lies not in copying the American model of hyper-efficiency or the Chinese model of state capitalism, but in developing a third path - a value-based economy where profit and purpose coexist. This is not moral posturing; it is economics. Research from London-based think tanks shows that members of Generation Z are willing to accept salaries up to 15 percent lower if the company they work for aligns with their ethical and environmental values. In other words, values have become an economic asset - a currency of loyalty, talent, and reputation.
Examples abound. When Anita Roddick founded The Body Shop, she turned “no animal testing” into a brand-defining principle - and a global differentiator. Ben & Jerry’s integrated social inclusion into its supply chain, employing people with disabilities and sourcing only from local suppliers. These were not gestures of charity but strategic decisions that translated moral credibility into market power. Conversely, those who ignored ethics - like Deliveroo amid worker exploitation allegations or Nike during its child labour scandals - learned that reputational loss can erode shareholder value faster than any market correction.
The zebra economy also redefines finance. Instead of closed-end funds operating on rigid five-year cycles, a growing number of family offices and institutional investors are turning to open-end or “greenfield” funds, which allow them to stay invested as long as needed. Capital becomes a partner, not a speculator; value creation replaces value extraction.
For Europe, this could mark a structural turning point. A continent often criticised for overregulation and bureaucratic inertia may find its renewal not in speed, but in moral clarity. Value-driven capitalism is not philanthropy; it is a competitive strategy. It positions Europe not as a slower version of America or a smaller copy of China, but as something distinct - capitalism with a conscience.
“I don’t believe Europe should become a second America or a small China,” says Aernoudt. “Our strength lies in our values. If we can translate those into an economic structure, Europe will not be slower - it will be deeper.”
In an era oscillating between hyper-optimised efficiency and geopolitical tension, value-based capitalism no longer looks utopian - it looks necessary. Unicorns may sprint, but it is the zebras, moving together, that build the ecosystems capable of weathering the storm.
