Doha: Qatar’s hosting of the FIFA World Cup has created massive opportunity for the rapid growth of startups and SMEs in the country, and the tournament will probably catalyze the emergence of the first unicorn from Qatar, Marcel Dridje, a leading global investor and advisor to startup ecosystems, has said.
According to him, the World Cup is not just about football; rather, it is an all-encompassing event that has the potential to impact every sector of the economy of any host country.
"The World Cup is probably the biggest one-sport event on earth. Nothing else comes close. The opportunities it offers can never be quantified, and I strongly believe that hosting it in Qatar has already precipitated a chain reaction that will result in a quantum leap for the startup ecosystem in the country. I foresee a steep growth in this sector in the coming months," Dridje, a serial entrepreneur who is also on the board of several investment firms and business angels, including Sophia Business Angel, one of Europe’s leading venture capital and private equity principals, said.
He noted that the success story of Qatar 2022 cannot be completed without mentioning the contributions of the startup ecosystem in the country.
"I am relatively new here, having taken up residence in Qatar some months ago, but I am highly impressed with the way the World Cup organizers encouraged the participation of the local startups in several activities and segments of the tournament.They provided level playing for all, and everyone with something good to contribute to the organization of the Mondial was given the opportunity. I think the ecosystem and the country have started reaping the benefits of this," he said.
Speaking about the impact of the World Cup on the country and its economy in general, Dridje, who is also on the board of the Brussels-based European Business Angels Network (EBAN), noted that data from around the world has shown that World Cup host countries usually experience a significant increase in the number of tourists and business visits for the next three years after the tournament, with a corresponding impact on their economies.
"The ripple effect of the World Cup in Qatar would be felt for at least the next three years, if not more. I am from France, and I was involved with France ‘98, and I can tell you with confidence how the tournament had great impacts on the economy of France. The same can be said of many other previous hosts, except for a few, and I believe that for Qatar, it is going to be a major catalyst to accelerate the growth of the rapidly developing startup ecosystem," he said.
Dridje pointed out that sportstech and fintech startups are likely to be the major beneficiaries of the impact of the World Cup in the end.
"These two sectors, sportstech and fintech, would evolve to become very strong post-World Cup, and the sectors should be encouraged to go all the way to scale up and become big. I also believe that AI across all verticals, and SpaceTech areas should be encouraged seriously. Local ventures in these sectors should be encouraged to think globally, to venture out of their comfort zones, and to establish their presence in other countries. I am sure Qatar can basically be disruptive in its way of thinking when it comes to startups. And the reason why is because creativity comes from small countries like Qatar."
"Some entrepreneurs are making a mistake by saying, ‘I have an idea for Qatar," and I'm challenging them. I'm saying, "No, you are based in Qatar." You are branded as a Qatari startup. That's a fantastic idea. But please, say I have an idea for the world. "That's what the ambition should be, and that’s what should be encouraged," he said.
Dridje added that it is obvious that there were many activities and deals involving the sportstech and fintech sectors during the tournament, and some will still be happening long after the tournament.
"So if you ask me, I can say boldly that the sportstechs and fintechs have had a very exciting tournament, which is good for everyone," he noted.
The serial entrepreneur advised that Qatar should take massive advantage of the opportunities the World Cup has brought by further enhancing the investment climate by creating more programs that would further attract investors, researchers, and entrepreneurs.
"There is no doubt that the world’s focus will be more on Qatar now that the country has successfully hosted the best World Cup in its history. The false negative impressions created by a section of the Western media were successfully dealt with, and everyone can see for themselves how amazing Qatar is. "I am absolutely certain that more investors are interested in Qatar now than ever before."
Dridje added that he believes the authorities are also thinking in this direction, and, expectedly, some announcements in that direction will be made post-World Cup, which will further attract investments into the country.
