Qatar’s startup ecosystem, which according to industry experts is still fairly young, is now much more developed and is also growing at an accelerated rate, an official has said.
To date, startup entrepreneurs in the country already have a clear sense of where to find support, and which entities are offering specific services and opportunities that will help them launch or expand their business ideas. While a huge number of international startups are coming to Qatar, several local-based startups are also expanding to regional and international markets, said Heba Al Masri (pictured), Managing Director at Qatar SportsTech (QST), a leading startup accelerator for innovative sports companies which has been initiated by the Qatar Development Bank (QDB).
“We see Qatar as a country, in anything that they do they accelerated growth. Whether it’s the development of the country’s infrastructure or whether it was to be self-sustainable in agriculture, you can see that the growth rate is very much accelerated. And I feel like I’ve seen that same thing happen in Qatar’s startup ecosystem. When I came, the ecosystem was immature. A lot of key players, but no synergy. And I feel that it’s different now. We work together well much better. And entrepreneurs now have a sense of where they can start, or where they want to go, and what entity can offer certain services. So we’re definitely growing at an accelerated rate,” Al Masri said while talking to The Peninsula on the sidelines of QST’s Demo Day in Doha recently. She added that just as how the COVID-19 pandemic has accelerated the digital transformation of various industries, the pandemic has also provided dramatic growth opportunities for technology-based startups.
“Now people see that they are vulnerable without technology. They are vulnerable if they are not online, or if they don’t have a platform that people can access from their homes. People realised that technology is the only aspect that can bridge their business with the outside world. And that was a big realisation locally and globally. Similarly, we can use technology to counterattack what the pandemic has done to the sports industry,” said Al Masri.
Speaking about the response towards the country’s growing startup ecosystem, Al Masri said not only are there more partners and investors which are now supporting the startups, people are now also more open to pilot startups in Qatar.
She went on to reiterate the importance of bringing global talents to Qatar while continually nourishing the local talents in building the Qatar’s startup ecosystem. “We have a programme that supports the local ecosystem, and brings in entrepreneurs in the local level. Within EntelaQ, we have entrepreneurs that have just an idea, but have no business background. What we do is we bring in our cohorts from the accelerator program for our international startups and they mentor the local entrepreneurs. And this where the real experience and real learnings come. They’re getting mentoring and maybe can even join the startups in some of their journey. This is also where the entrepreneurs are able to analyse ‘is this really for me’. Because entrepreneurship is not for everybody, and sometimes you don’t know until it’s too late,” Al Masri added.
To date, the QST has already hosted its three cohorts of innovative startup companies from across the world. A number of the sportstech startups are also eyeing the World Cup 2022, with three startups currently in discussions with the Supreme Committee for Delivery and Legacy to have their technologies and innovations become part of the upcoming mega sports event.
“The World Cup is a very attractive event. We do have startups that do hope to come. But it’s not the majority. People want to be in Qatar for Qatar. The World Cup is the beginning of what Qatar has to offer. It is not the main focus of the QST. Our focus is to diversify the economy and to support sports of all aspects. With that note, the World Cup is here. It’s coming and we will support it. We will find technology that is going to be able to help the World Cup deliver the ‘amazing’. And currently we do have three startups that are speaking with the Supreme Committee for Delivery and Legacy,” added Al Masri.
