File photo used for representation only
Qatar Foundation Research, Development, and Innovation (QF RDI) is looking for breakthrough ideas in fields related to the World Cup. Interested candidates can apply for Innovation Coupon Challenge 2022, to get help in developing their idea into a product.
The IC Challenge is a grant that can be applied for by individual entrepreneurs and early-stage startups, to help them develop their ideas into marketable products. This year’s challenge is specifically aimed at those innovators with breakthrough ideas to support Qatar’s hosting of mega sporting events such as this year’s FIFA World Cup.
Speaking to The Peninsula, Faiha Al Qahtani, a project management specialist at QF RDI explained the ideals of the Innovation Coupon Challenge 2022.
“Innovation Coupon (IC), from QF RDI, is aimed at Qatar-based entrepreneurs, startups, or small and medium-sized enterprises (SMEs) from all sectors and industries that are engaged in the development of new, technology-rich products and services. The fund is designed to benefit individuals and teams that have the needed capacity and technical knowledge to develop their product or service, but require more support to resolve a specific technical or business problem,” she said.
“Winners of the challenge will be awarded with funding of up to QR200,000 and will receive technical guidance, access to expert advice, pitch training, and connections to industry experts and investors to bring their products closer to the market, all by leveraging the resources from within the Qatar Foundation (QF) multiverse. They will be able to pilot their project in order to achieve product validation, and this will be done within QF, and then more broadly across Qatar,” said Al Qahtani.
Nurturing the development of new and innovative technologies and solutions, and supporting them to become market-ready, as QF RDI does, directly impacts Qatar’s private sector and wider economy.
“There are multiple factors at play here; for example, new startups create job opportunities for the local market, and they produce innovations that will shape our everyday lives both at work and home. Through programmes such as IC, QF RDI can identify the next generation of entrepreneurs, and directly support Qatar’s drive towards a knowledge-based economy,” said Al Qahtani.
“This challenge also ties into QF’s new multiversity strategy, which is based on the collective goal of enhanced impact and maximising the QF resource base; a concept which QF RDI actively supports through programmes such as the IC,” she added.
QF RDI holds a notable position as one of the few entities that operates across the entirety of the QF ecosystem, incorporating educational institutions, research institutes and innovation centres, for example, all of which can support burgeoning technology-based innovations.
“This year, the Middle East’s first-ever FIFA World Cup presents an unprecedented opportunity for us to build on this exciting momentum and invest in creative innovators and entrepreneurs who can solve some of the challenges that will be posed before, during and after the tournament, using technology.
However, we are casting a wide net with individuals, startups and SMEs from all industries invited to apply, so that we can find both inspiring and forward-looking solutions that can change lives for the better,” said Al Qahtani.
She also emphasised that it is crucial for youth to be included in the tournament; because the experience will empower them, expose them to new ideas and ways of thinking, show them that their contributions are trusted and valued, and provide inspiration for their future careers.
“But, while all eyes are on Qatar’s booming innovation ecosystem, it will also allow us to identify and learn from the next wave of innovators. It is they who will come to shape the future of our country and our economy, and as QF RDI we value the part we play in their journeys,” she said.
Applications are accepted until April 1.
