(MENAFN- The Peninsula) Four of Qatar's most tech-forward startups using new technology to create innovative digital services are the latest recipients of the Product Development Fund (PDF), which was awarded by Qatar Science & Technology Park (QSTP), part of Qatar Foundation Research, Development, and Innovation (QF RDI), at a ceremony held at QSTP, recently.
The QSTP PDF is a subsidy-grant that assists and encourages Qatar-based small and medium enterprises (SMEs) and startups to develop innovative products or services relevant to the needs of the local market. The funding is granted for up to a year with the aim of increasing the engagement of Qatar's private sector SMEs and start-ups in product development within four priority industries.
The newest PDF funding were received by, Noora Al Marri, Co-Founder and Project Manager of Digital Pulse, who received the PDF for Gooby; Saleh Mubarak Al-Mansouri, CEO and Co-Founder of MaktApp QSTP-LLC for Fatora.io; Moustafa Mohammed M A Al Sayrafi, Co-Founder of Cwallet Services, for Cwallet; and Fahad Alboinin, Co-Founder of ITHRAA for Information Technology, for their project MASADER.
Fatora.io, developed by MaktApp QSTP-LLC, is a secure online payment solution for large entities, SMEs and startups who need an easy and fast method to collect payments online.
Fintech platform, Cwallet, has a vision to become a premier financial technology (Fintech) influencer that digitally empowers and enables individuals in the region.
Gooby, founded in 2019 by Raghad Akram, Noora Al Marri, and Taimaa Janat, is geared toward helping start-ups or SMEs gain access to quality and cost-effective freelance services, making it easier for their clients to connect with freelancers around the globe.
The fourth recipient, MASADER, is a multilingual internet platform aimed at providing reliable sources and references to help researchers, educational institutions, and individuals directly access materials from key knowledge resources.
Assessed by QSTP and QF RDI experts for their business viability and opportunity, the four PDF beneficiaries have each come up with innovative digital solutions to meet a range of market needs. Each business will receive up to QR 1.2 million to fund up to 50 percent of the cost of their product or service proposal. The diverse services they have developed include facilitating payment collections for businesses; a freelance service platform; a unique search tools to facilitate the research process; and an application that is aimed at more inclusive financial services.
Aysha Al Hammadi, Director of Product Development and Grant Management Fund at QSTP, said, 'We are proud to support these four dynamic startups to turn their tech innovations into success. Our Product Development Fund is one of the ways QSTP accelerates the development of new high-tech products and services which in turn has a cascading effect on the local market and an overall positive economic impact.
Targeting Qatar-based startups working in the priority industries of energy, environment, healthcare, and ICT, the PDF has funded almost 23 SMEs and startups since its launch in 2016, supporting the development of new, tech-rich products, or accelerating the development of existing products or services.
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