‘Qatar’s startups gain good track record in World Cup-related businesses’

The opportunity for small companies and startups to do business, secure deals, and participate in activities related to Qatar’s hosting of the 2022 FIFA World Cup will create a positive impact on their operations, according to an industry expert."By indicating in your portfolio that your company has participated in the World Cup can open a host of other business opportunities because investors will understand that your company is trustworthy and has the ability to engage in major events and activities,” Hefzi Malhis, partnerships manager at Innovation Café, told Gulf Times."Aside from investors, the opportunity to participate in the World Cup can also help startups attract other entities or business partners because an event such as this international tournament will provide the company a good track record, as well,” Malhis explained.He noted that doing business during the World Cup will also open opportunities to access a wider market and expand both regionally and globally, considering that millions of tourists and fans are attending the tournament."And it’s not only the millions of fans, but there are also many different professional entities that are present in Qatar for ‘the biggest sports event in the world’, so this provides local startups opportunities to widen their network by engaging with international companies,” he stressed.Malhis also lauded the efforts of Qatar in diversifying its economy away from oil and gas to develop other industries in the country’s non-hydrocarbon sectors. He said Qatar has been investing heavily in developing its IT and ICT infrastructure and other technologies, which has given added value to the different stakeholders and major players in the country.He said not only are the big companies benefiting from Qatar’s world-class IT and ICT infrastructure, but also entrepreneurs, owners of small and medium-sized enterprises (SMEs), and different startups across the country.Malhis said the support provided by the Qatari government to local entrepreneurs, was crucial in preparing and establishing their businesses and companies prior to the FIFA World Cup Qatar 2022."Qatar is aware that technology is the future. The fact that the government supported the country’s startups earlier made a very big difference. Many local entrepreneurs were able to open up their businesses even before the World Cup, which is a great advantage because the government was there to help and support them and make sure that these companies are able to fully operate, especially during the tournament itself,” he stressed.Malhis emphasised that while Qatar has been very supportive of the different players in its startup ecosystem and the country’s entrepreneurial businesses, he said there is still "a lot of improvement” in terms of access to funding."Access to funding is the biggest challenge in the entrepreneurship ecosystem and for entrepreneurs, including those from Qatar,” Malhis said, adding that another challenge for entrepreneurs is having the opportunity to secure and close deals."Not only do you need to attract local talent but also talent from outside the country. Entrepreneurs also need access to markets. If you want to attract talent, particularly from unique technology startups that want to expand their footprint abroad, you have to open opportunities to do business in Qatar,” Malhis explained.