Qatar’s startup ecosystem, which is developing even further, is going to witness ‘great fruits’ in 2021 from the efforts of a number of government entities including the Ministry of Finance (MoF) and Qatar Development Bank (QDB), which will ensure that startup entrepreneurs are provided with greater access to the market and procurement opportunities in the country, an official has said yesterday.
Speaking at the Qatar SportsTech’s (QST) Demo Day for the third cohort of its awardwinning Accelerator Program, QDB CEO Abdulaziz bin Nasser Al Khalifa, also highlighted the importance of QST’s partnerships with the private sector, Venture Capital firms (VC), and angel investors in providing the entrepreneurs with the access not only on training, but also on funding.
“Providing such a platform that provides accessisibility to information, training, and funding will not also work if we don’t provide accessibility to market and procurement opportunities. This is why we are working hand-in-hand with the government to ensure that the accessibility to procurement is actually very viable for startups and technological projects. We’re working with the research and development on that front. And I can tell you that 2021 will see great fruits of such efforts from QDB and other government entities, mainly the Ministry of Finance.
“Our (startup) ecosystem is developing further. Qatar’s Entrepreneurship ecosystem was recently ranked the best in the Arab world and third globally. Topping the Arab world and third globally does not mean that the entrepreneurs’ job is very easy in Qatar. It is not easy in Qatar and it is not easy anywhere else. An entrepreneur is someone who will always face challenges, and ensure that through the means that they have they will be able to accomplish their projects," he added.
"Despite the challenges we are facing today, we conclude this cohort on a positive note. The Demo Day is another testament to our resilience and determination to continue fueling the sportstech industry with pioneering innovations that will impact the sports industry not only here in Qatar, but in the lead up to the 2022 World Cup, but also across the globe,” Al Khalifa added.
Earlier in his opening speech, Al Khalifa noted that after the Demo Day, QST will continue to support the startup companies’ growth with targeted connections and hands on commercial and fund raising support.
“We wrap up the third cohort of the Accelerator Program with a sense of achievement knowing the benefits that it brought to the enrolled startups, from workshops with international experts to mentor support from world class professionals and global leaders in sportstech and much more," he said.
Almost three years since the launch of Qatar SportsTech, it has proved itself as an essential player in Qatar’s sportstech community. QST is working tirelessly to bring the best local, regional, and international expertise to help accelerate the growth of startups on a global scale,” he added.
QST’s third cohort represents 10 innovative sportstech startups from six countries which feature the most disruptive technologies including coach-player wireless communication, drone and AIbased remote health monitoring, virtual reality fitness gaming platforms, gym and fitness activities tracking, broadcasting platforms and mobile apps for fan engagement, and developing and managing e-sports talents among others. The startups are LAIFE (Germany), YooMeDoo (Spain), GymStory (Netherlands), Fancision (Spain), GymCraft (United Kingdom), Armony (United Kingdom), Golazzos (United States), HotSwitch (United States), Dronur (United States), and FATE (Jordan). To date, the startups have collectively raised about $5.8m in funding. Among the cohort, 11 patents are currently registered or pending registration in 2021. The startups have already entered into 50 partnerships with major brands such as the GSIC by Microsoft, Samsung, McDonald’s, Spotify, AT&T, Orange, and more.
