Doha, Qatar: Qatar’s attractive and modern infrastructures have played a key role in foreign investments and business activities. Numerous investors and venture builders have signaled that the country stands top in trade activities to carry out in the GCC.
Speaking to The Peninsula in an interview, Wookie Lyeo, Chief Operating Officer of Vesuvio Labs elaborated on the significance of having a presence in Qatar.
He said “We have been fortunate to make some friends and partners in Qatar over the past few years. They have been instrumental in helping us establish ourselves here. They are by nature, entrepreneurial – the level of energy and drive is immense. Qatar as a region has a lot of unrealized potential and there are many exciting opportunities that present itself here but also beyond the GCC and MENA region.”
Establishing an office at the Qatar Financial Centre (QFC), the venture builder is a key partner of the onshore business and financial centre.
Lyeo said that the strategic partnership between the two organisations is “absolutely pivotal”.
The venture studio firm focuses on building businesses and positions itself within the finance and insurance regulatory landscape.
Among the several business activities, Vesuvio Labs does include building startups and ventures, building visions for future companies, and co-working and collaboration work with several other companies.
“We spend quite a bit of time analysing what a business need to enter into the market, how they can gain a unique proposition and we analyse how we can best transform their business to digital, AI, or innovative new technologies,” he added.
Meera Tiwari, Head of Innovation at Vesuvio Labs highlighted the key players in the industry the firm works with.
“We consult not just with R&D to market strategies but also analyse the market overall. It’s important to see that Qatar is an emerging market,” she told The Peninsula.
Through the latest technologies, innovation, and R&D, the venture builder helps businesses find the right blockchain solutions.
“Early 2018 to 2019 was the peak where the hype of blockchain started in the US and Europe and early adoptions enabled us to identify the challenges and limitations of the technology as it was still evolving. It was in the development stage so right now with our expertise and the knowledge that we bring in, we can bring those companies to defrock into the state where European companies are”, Tiwari explained.
Commenting on the modern technologies availed to help companies in the tech-developing nations to achieve their goals, Tiwari said “We bring in the expertise we have from different emerging countries like Indonesia, India, and Malaysia where the digital transformation happened pre-COVID so it isn’t just about recovery but about growth, and when we come in with a spectrum of experiences across different markets, and in different situations, it can help position different companies offering them the right amount of help.”
She further added that “This is how we can help with the technology and our primary focus is not just software development but it’s R&D and keeping pace in this evolving landscape which chatGPT is also rapidly affecting. It is really interesting to be in a position right now where we can come in and bring in our experiences and knowledge to help companies here in Qatar.”
During the third edition of the Qatar Economic Forum held last month, Kristian Feldborg, Founder and CEO at Vesuvio Labs provided information and insights on the emerging markets with a particular focus on Qatar and GCC.
He outlined the capabilities of technology and the backlash of the legacies, players, systems, issues, regulations, and some of the challenges that entrepreneurs suffer from in terms of cash flow. This needs to be resolved by bringing such technologies to emerging markets in order to excel in entrepreneurs’ innovation in the region.
