QSTP Techonvate was launched with a fireside chat moderated by Dr Maher Hakim, Managing Director, QSTP.
Qatar Science and Technology Park (QSTP) has launched ‘QSTP Technovate’, a new discussion platform designed to engage the local tech community in the latest developments in innovation and entrepreneurship.
QSTP, part of Qatar Foundation, launched the new event with a fireside chat moderated by Dr Maher Hakim, Managing Director, QSTP, who explored the topic of ‘Innovation Going Global and MENA has Role to Play’.
Guest speakers included Dave McClure, CEO and Co-founder of 500 Startups, a leading global venture capital seed fund and startup accelerator; and Ikhlaq Sidhu, Chief Scientist and Founding Director of UC Berkeley’s Center for Entrepreneurship and Technology.
The first event in the Technovate series was attended by hundreds of local entrepreneurs and innovators, as Sidhu and McClure highlighted the growing entrepreneurial market and investment potential in the Middle East and North Africa (MENA), while also addressing the rapid evolution of a business in the startup landscape.
During the discussion, Sidhu said: “Many businesses do not start out as tech businesses — they’re often set up with minimum capital and then witness fantastic return on investment in the months that follow. Since the entrepreneur saw something that others didn’t see, they evolve into building their own business ecosystem that addresses a widespread need or solves a problem.”
Commenting on the growing potential for entrepreneurship in the MENA region, he said: “Smarter investors are realising there is tremendous opportunity to develop infrastructure and businesses in the MENA region. It has its own cultural rules, and therefore localisation of the ecosystem is key to innovation and business development.”
Echoing Sidhu’s views, McClure said: “There’s a lot of talent to be proud of in the region; it’s undeniably one of the most attractive places for entrepreneurs at the moment. To advance regional growth, entrepreneurs need to reward risk-takers and inspire innovation within the community – these are two essential components of business development and commercialisation.”
Ahead of McClure’s contribution to Technovate, his 500 Startups company signed a Memorandum of Understanding (MoU) with Qatar Foundation (QF). Under the agreement, 500 Startups and QF will provide funding, training and mentorship to startups in the MENA region over the next five years.
