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Posted On: 14 March 2023 04:48 pm
Updated On: 14 March 2023 04:55 pm

Applications open for QSTP's Product Development Fund Program

Cassandra Pallagud
Cassandra Pallagud
Content Writer
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Applications open qstps product development fund program

Qatar Science & Technology Park (QSTP), a member of Qatar Foundation (QF), has announced that applications for cycle 7 of its Product Development Fund (PDF) program are now open and will remain so until the end of April 2023.

Who can apply for QSTP's Product Development Fund Program?

Qatar-based tech startups and Small and Medium Enterprises (SMEs) keen to develop products or services addressing local market needs are encouraged to apply to the program that provides up to 50 percent of the total budget as a grant for the proposed project, equivalent to a total funding value of up to QAR 1.2 million.

QSTP considers funding to be a critical component for business growth. The benefits of PDF spread across various essential aspects of business development as awardees can access world-class working spaces, partake in mentoring and networking opportunities, and tap into QSTP’s wider ecosystem.

Requirements to apply for QSTP's Product Development Fund Program

To be eligible for the program, applicants must be a startup or SME operating in the private sector with at least 20 percent Qatari ownership who must be active members in the development process and aware of the core business of the proposed project, working on tech-based solutions to meet national priorities, and building their technologies around one of QSTP’s priority sectors such as energy, environment, healthcare, or ICT. Applicants must also demonstrate a willingness to enhance their existing products or services in order to stand out amongst competitors.

Applications are evaluated for business opportunity and viability as well as the commitment of the prospective awardees. In addition to factors such as market research, pre-orders, and launch plan, the expected revenue and prospects for job creation that the project holds are taken into consideration.

The selection process of the program

The program follows a repetitive and interactive selection process wherein a dedicated committee, composed of industry managers from the PDF team and QF’s R&D experts, reviews the submissions and offers feedback to applicants to refine their applications. The committee will approve, reject, or ask for further improvement of applications at the end of each iteration.

Since its launch in 2016, QSTP’s flagship PDF program has been on a mission to advance technological innovation and enrich the local entrepreneurship ecosystem. Under its ambition to promote the creation of new high-tech products and services and support the commercialization of market-ready technologies, the program has enabled the growth of at least 38 tech-based startups through its subsidy grants.

Source and cover image credit: Press release