Startup founders laud Qatar’s thriving business ecosystem

Qatar is advancing its position as a premier destination for innovation and entrepreneurship, fostering a conducive ecosystem for startups in technology and the digital economy. Guided by the Qatar National Vision 2030, which emphasises innovation and digital transformation as key drivers for its development journey, the nation is becoming a magnet for global investment and exceptional talent.

Leveraging modern infrastructure, comprehensive incentives and a supportive regulatory environment, Qatar has transformed this vision into action. The State’s strategic initiatives support startup growth and pave the way for substantial investment opportunities for businesses locally and globally.

As part of its mission to drive innovation, Invest Qatar unveiled the first cohort of the Startup Qatar Investment Program at Web Summit Lisbon 2024. Eleven groundbreaking startups from diverse sectors will benefit from funding and support to scale their operations in Qatar.

This distinguished roster of selected startups includes Ynmo, Stemly, Sekgames, Huupe, Nafasaria, PaintIt.ai, Realyze Intelligence, Polymerize, Wahed, Nybl, and Byanat.

Ahead of the announcement, the Qatar Development Bank hosted a welcoming event in Doha for the selected startups, offering an introduction to the country’s thriving tech ecosystem. The event featured matchmaking sessions on the second day, connecting startups with key institutional stakeholders and highlighting the comprehensive suite of incentives available to support their growth in Qatar.

On this occasion, Ahmed Alghadani, Co-Founder and CEO of Byanat, an Oman-based company specialising in advanced data analytics, said: “We viewed the Startup Qatar program as the perfect gateway to connect with Qatar’s dynamic business ecosystem. It all began with an invitation from the Ministry of Communications and Information Technology last year to visit Qatar, during which we explored the country’s business environment. Later that year, during Web Summit Lisbon, we connected with Invest Qatar, who provided vital insights into the support available for tech startups in Qatar.”

He continued: “Our interest in Qatar has grown ever since, culminating in our participation at Web Summit Qatar this year. We discovered even more about the program and Qatar’s forward-looking support for startups, particularly in research and innovation. The application process was challenging, with over 2,000 startups vying for selection, making it an honour to be one of the 11 chosen. We’re eager to support Qatar’s digital economy and contribute to its business ecosystem.”

The inaugural edition of the program attracted nearly 2,000 applications from around the world, including the United States, Canada, the United Kingdom, Turkey and India. Following a rigorous selection process, startups were selected for their innovative concepts and potential to make a significant impact. These startups represent a wide range of sectors, including edtech, B2B software, sportstech, cleantech, proptech, healthtech, fintech, and e-gaming—reflecting the diversity of global expertise and creativity.

One of these beneficiaries is Syed Ahmed, Head of Wahed UK, a company specialising in Sharia-compliant investment solutions across eight markets, including the United States, Malaysia, Saudi Arabia, UAE, Nigeria, India, Indonesia, and Mauritius. He noted: "Qatar’s business environment and the opportunities available, coupled with the country’s commitment to supporting startups, encouraged us to participate in this program. It fills us with the confidence that we will have the support and the infrastructure here ready for us to grow and also contribute to the Qatari economy.”

He continued: "The synergies between our values and those shared by Qatar, as well as the potential in Qatar and the GCC, made this move an easy decision. We look forward to growing within this ecosystem and being part of Qatar’s economic journey."

Nathan Rustandi, Co-Founder and CEO of NAFAS, an Indonesian air quality technology startup, described the program as transformative: "The application process proved to be an exhilarating journey, and the program's comprehensive support framework for selected startups only heightened our enthusiasm. We were particularly drawn to the opportunity, as it not only offered access to Qatar's dynamic market but also provided the crucial momentum needed to establish our presence here."

Rustandi continued: "Being selected for the program has been nothing short of transformational. The timing couldn't be more opportune for our expansion into Qatar, particularly given the nation's instrumental role in advancing sustainable economic development—a mission that perfectly aligns with our expertise. This strategic alignment exemplifies Qatar's forward-thinking approach to cultivating a diverse and integrated economy."

Piotr Jakubowski, Co-Founder of NAFAS, added: "We've been truly impressed by Qatar's business ecosystem, its embrace of startups, and the scale of investments the nation is channeling into this sector with the vision of transforming Qatar into both a regional and global hub for startups."

Jakubowski added: "We're receiving tremendous support from Qatar Development Bank, Qatar Research, Development and Innovation Council, and numerous other entities backing us through the Startup Qatar program. This represents an exceptional growth opportunity, not just within Qatar, but across the entire Middle East region and we are eager to showcase Qatar's potential as a world-class destination for startups globally."

Selected startups will receive a total of QAR 43.8mn in funding, alongside valuable incentives, including shared office space in premier incubators, complimentary accommodation and free entrepreneur visas. These startups will be eligible for seed funding of up to $500,000 or scale-up funding of up to $5mn to expand their operations in Qatar.

With this support, selected startups are expected to make significant contributions across sectors in Qatar, establishing research and development offices, supporting local companies and strengthening the country's artificial intelligence and machine learning capabilities. In addition, by collaborating with local universities and creating opportunities for graduates, this initiative will serve as a catalyst for innovation, supporting the nation's vision of establishing itself as a leavhding global technology hub.

Aaron Brauser, CEO of Realyze Intelligence, an American software company focused on healthcare and clinical trial management, shared: "My 14-hour journey to Doha represents part of our quest for an environment conducive to growth and what made Qatar interesting to us was our shared focus on precision medicine and healthcare development. We offer innovative solutions enabling direct access to medical records and provide diverse healthcare systems."

He added: "Qatar's hosting of the FIFA World Cup 2022, Web Summit and The Wall Street Journal’s Tech Live has dramatically elevated the nation's visibility, particularly among American investors and business leaders, sparking widespread interest in exploring opportunities here. When we discovered the Startup Qatar program, we really started to learn about Qatar’s National Vision 2030 and the investments being put in to grow various aspects of the country, specifically in healthcare. Applying after that was a no-brainer and being selected for this transformative program has been incredibly exciting for us."

Launched during Web Summit Qatar 2024, Startup Qatar is a flagship initiative by Invest Qatar. The program offers an integrated online platform tailored to the needs of startups, providing a one-stop resource for information, support and opportunities.

A high-level Qatari delegation, led by Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office and Chairman of the Permanent Web Summit Organising Committee, is participating in Web Summit Lisbon 2024 between 11-14 November. This strategic engagement precedes the upcoming second edition of Web Summit Qatar in February 2025, following Qatar's groundbreaking achievement as the region's first host earlier this year.

Building on the success of last year's pavilion, which helped drive record attendance at Web Summit Qatar 2024, the Qatar Pavilion returned to Web Summit Lisbon this year to showcase the nation's thriving business ecosystem and investment opportunities to thousands of global attendees.

Such initiatives reflect Qatar’s dedication to nurturing a vibrant ecosystem for innovation and entrepreneurship, advancing digital transformation and sustainable development while enhancing the State’s global presence, in line with the Qatar National Vision 2030.