Startups are an important part of economies all over the world. They reinvigorate business landscapes, drive innovation, enhance a nation’s progress.
The same is true for businesses in Qatar. Tech startup investments alone grew by an impressive 254% last year, while the country currently ranks 4th in global SME financing. In fact, entrepreneurial and SME support falls within the Qatar National Vision 2030, their long-term strategy that aims to achieve an advanced and sustainable society by the end of the decade.
Below are a few reasons why Qatar is investing more heavily in the startup market.
What role do startups play in Qatar?
Startups create new jobs: New companies generate new opportunities. Currently, small and medium enterprises provide 31-34% of Qatar’s total employment. If more newcomers enter the playing field, that’ll create a robust job market where people can gain employment or further their careers.
Startups foster innovation: Startups are often built on unique ideas. They involve products and services that no other company is selling, or solve problems through new and improved approaches. One example is Bonocle, who created a device that helps the visually impaired read, write, or even play games.
Startups open new markets: On a larger scale, startups create new markets through their innovation. A startup that successfully addresses a problem for a specific audience could encourage more players to create products that serve this niche. This also promotes healthy competition within an industry, resulting in a vibrant startup ecosystem.
Startups generate higher GDP: The growth of more homegrown startups will also create growth in domestic revenue, which increases a country’s economic performance. Knowing this, Qatar is investing in a startup support network that will ideally generate a 2 to 4% GDP boost by 2033.
These are just some of the economic benefits that only startups can provide. Therefore, Qatar is taking steps to give new companies an environment where they can succeed. The Ministry of Transport & Communications is improving on the Qatar ICT sector by encouraging private and public tie-ups and funding startups, while the Qatar Science and Technology Park has partnered with the Qatar Development Bank and Microsoft to enhance the working environment for newcomers.
Startup ideas that will work in Qatar
Besides Qatar’s work to better the startup landscape, another reason to take advantage of the business opportunities in Qatar is its small market. With a 2.9m population, Qatar is an ideal place to form a startup. It means less competition for your business, and makes a good stepping stone to bigger markets.
Technology: With the Qatar startup market largely being focused on tech, entering this space with a strong concept may result in success. Qatar is also a digital-savvy population with access to the latest technologies. New businesses in fintech, e-commerce, AI, or blockchain will feel right at home in the nation.
Real Estate: Experts are seeing an increase in Qatari real estate demand, especially with the 2022 World Cup building interest in property investments. The Ministry of Justice is also working to encourage investments by making the market more transparent. This means it’s a good time to offer something innovative to the real estate industry.
Hospitality: Qatar is a melting pot of residents, expatriates, and tourists. These potential customers will always be on the lookout for new hotels, restaurants, or even mobile apps that’ll improve their trips and daily lives. They’ll also be more open to out-of-the-box experiences since they’re a generally modern population.
Working with Creative Zone
Even with these booming industries, there are many possible businesses welcome in Qatar. The right startup will thrive if it is set up correctly, and has an innovative idea behind it. To achieve this, you’ll want to work with a leading business consultancy. If you want to start a business in Doha or another Qatar city, Creative Zone is here. Our services in Qatar will help you with the entire business setup process, from submitting applications and doing medical exams, to starting corporate bank accounts and securing visas. We also provide strategic input to grow and sustain your startup, and offer services in tax preparation, legal advice, and HR management.
Avail of our free consultations, and we’ll get you started with establishing what may be Qatar’s next unicorn.