Qatar Development Bank (QDB) has been approached for seed capital by 12 startups to commercialise their ideas and capture more markets. The local startups competed to mark the culmination of the new wave of graduates from its transformational LeanStartup Programme.
These were showcased at the fifth edition of Demo Day, organised by Qatar Business Incubation Centre (QBIC), owned by QDB, where developers and founders/co-founders extensively used artificial intelligence, Internet of Things and other technologies. Each of the projects, with clear idea on their expected revenue streams, have the potential to provide value addition to the economy of the country. The business ideas presented covered a variety of fields, including e-Commerce, technology, logistics, Ed-Tech and e-Sports.
Of the 12 projects, seven were adjudged winners and will receive funding up to QR100,000 each, rent-free office space for two years, in addition to continuous coaching and mentoring to help support and grow their business.
The winners are Aytech, whose technological solutions help public safety and security agencies increase their situational awareness; Onjiz, an intelligent work management application; GBus, an app for school bus management; Not Busy Now solutions; Merwad (online designer shop), Qutsheet (construction industry related) and Print Le.
QBIC General Manager Hamad bin Dashin Al Qahtani said, “I hope to see more aspiring entrepreneurs follow their lead in transforming ideas into reality.”
QDB Chief Executive Abdulaziz bin Nasser Al Khalifa said its strategy has always been to develop a proactive mindset for young nationals towards entrepreneurship. He said, “It is no secret that the new generations’ vision of Qatari entrepreneurs is different and that they are eager to join the entrepreneurial system by establishing startups which are designed to succeed locally and internationally.”