Qatar Science and Technology Park (QSTP) a member of Qatar Foundation has made several accomplishments by making a positive impact on the country’s innovation and tech ecosystem in 2022.
Over the years, QSTP has been driving the development of new high-tech products and services, supporting the commercialization of market-ready technologies, and contributing to the economic diversification of Qatar.
QSTP’s reputation as a globally renowned technology development hub is evident in the many leading international technology companies and research centers that already call it home. The number of companies in the Park and Free Zone at QSTP has reached 82, according to a video posted on QSTP’s official Twitter handle.
By building sustained partnerships with industry-leading companies and global conglomerates, QSTP has helped bring international expertise to Qatar, which has successfully contributed to the development, implementation, and commercialization of new technologies, products, and services.
The QSTP Incubation Center is a technology-focused program that aims to foster local tech entrepreneurship in Qatar; it has incubated 47 start-ups between 2016 and 2022.
Incubation Center is focused on accelerating the establishment and growth of promising tech start-ups through rapid incorporation in the QSTP Free Zone, collaborative co-working space, business facilitation and support services which include access to a network of mentors, access to funding programs, training and prototyping facilities.
Home to a booming startup ecosystem, the QSTP offers attractive incentives to young businesses. QSTP’s Tech Venture Fund (TVF) supports promising entrepreneurs and innovative startups from Qatar, the region, and globally through their seed and growth capital. Since 2019 it has funded 15 startups.
QSTP’s Product Development Fund (PDF) has funded 38 local startups and SMEs by the end of 2022. PDF is a cost-sharing fund in which QSTP provides up to 50% of the total budget as a grant to encourage local startups and SMEs in the private sector to develop products and services relevant to local market needs. The fund promotes new high-tech products and services and supports the commercialization of market-ready technologies.
To mention, the Research, Development, and Innovation (RDI) ecosystem of Qatar Foundation was created to place Qatar at the forefront of scientific research and technological advancement, addressing national needs while generating global impact. A centerpiece of this ecosystem is QSTP which operates across four overarching themes – energy, environment, health sciences, and information and communication technologies.
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