Qatar Science and Technology Park (QSTP) recently launched a Product Development Fund (PDF) as part of its mission to accelerate technology development and innovation within the private sector.
The PDF is a subsidy-grant, through which QSTP supports small and medium enterprises (SMEs) that are investing their own money into product development by matching their investment dollar-for-dollar. The scheme will contribute to the diversification of Qatar’s economy by funding SMEs and startups that aim to develop new, tech-rich products, or accelerate the development of existing products or services.
Outlining the purpose of the new funding vehicle, Dr Maher Hakim, Managing Director, QSTP, said: “Our PDF will focus on the development of concrete and marketable tech-rich products and will offer financial support to Qatar-based companies that are engaged in the development of tech products, serving to advance the local innovation ecosystem.”
“We aim to attract local SMEs that are driven by a passion to address challenges specific to Qatar’s market needs,” Dr Maher added.
Local SMEs that are at least 20 percent Qatari-owned and have less than 250 employees are eligible to apply for the PDF. Applications will be assessed by a committee of industry experts and QSTP senior officials, on an iterative basis, to ensure they have a particular focus on business viability and are fully committed to advancing the technology landscape in Qatar.
The first two PDF agreements were signed recently with Qatari companies STA and Informatica Qatar (IQ), during a special ceremony at QSTP. Established in the QSTP Incubator, STA specialises in providing trusted data analytics and fusion facilities, and provides fully-managed, on-site hardware and software services and dedicated professional staff to securely analyse large volumes of information.
