Qatar Science and Technology Park (QSTP) Program Manager, Acceleration, Mohammed Zebian.
Recently concluded early-stage ideation program 'QSTP XLR8 cycle 13 Demo Day' witnessed several potential startups pitch their plan of action and objectives providing innovative solutions to the prospective problems.
These programs teach them how to evaluate the commercial viability of the idea, said Qatar Science and Technology Park (QSTP) Program Manager, Acceleration, Mohammed Zebian.
Speaking to The Peninsula on the sidelines of event, Zebian said: The main objective is to give teams of aspiring startups a space where they can explore their ideas and examine the commercial viability of their ideas. In doing so, they are exploring the business value of the idea, who the customer is, and how they should make money. Teams are also building their prototypes and presenting their solutions through a pitch deck on demo day. Commenting on the program enabling potential startups to pitch their visionary ideas, Zebian said: if you have an innovative idea, through these XLR8 programs, we aim to bring those people forward, teach them how to validate an idea with commercial potential and how to present to a group of investors and hope to launch a company.”
As a member of the Qatar Foundation (QF), QSTP helps prospective startups by supporting them in several ways including funding, mentoring, and training.
Through these programs, innumerous business opportunities are lined up in Qatar to launch the firms, Zebian said adding that “QSTP is one of the leading organisations in Qatar to support the startup ecosystem and we have programs like XLR8 and ELV8, an incubation center for startups, and funding through the Product Development Fund and the Tech Venture Fund to help accelerate the growth of businesses.
He outlined that these programs are designed to help people formulate, improve and generate new start-up ideas. “I strongly encourage - If you have an idea don’t let it sit on the table, go to someone, talk to people, and engage with these types of programs in QSTP and other organisations in Qatar,” Zebian said.
QSTP offers an innovation hub where new startups are launched in addition to
mentoring and training them in ways to comprehend and deal with some of the day-to-day challenges they encounter.
QSTP also implements product development fund to help develop new products. Charged free of cost, he said “We also offer a tech venture fund for investment. All we need is people that have technology-based ideas, and have the commitment and the passion to move it forward. If you have those with you, we are here to work with you and support you through that journey.”
“I do believe there are QSTP programs in other organisations in Qatar and we have invested lots of effort in these types of programs. These programs have achieved significant milestones as the XLR8 program alone has launched 31 startups to date and 6 of those have business activities outside of Qatar, so we are seeing a real social economic impact” he added.
