In line with QU strategic focus on Economic Development
Qatar University (QU) announced today the spinoff of its first faculty led startup in the Fintech sector. Genesis Technologies LLC, which was co-founded by Dr. Mazen El Masri and Dr. Karim Al-Yafi, faculty members and scientists of Management Information Systems (MIS) at QU’s College of Business and Economics. The founders along with their team of blockchain developers have developed a novel block chain technology platform, that promises to enable radically more cost and energy-efficient decentralized and secure transactions in the digital economy.
The spinoff of Genesis is a direct result of the work of the University Innovation & Entrepreneurship Strategy, a major initiative launched by QU that aims to position the University as a catalyst for sustainable socio-economic development of Qatar. The strategy also supports the national efforts for economic diversification and transition of the country into innovation and knowledge-based economy in line with Qatar National Vision 2030.
QU President, Dr. Hassan Al-Derham commented on the occasion saying, “Qatar University, as the largest higher education institution in Qatar and a bedrock for knowledge creation and innovation, has recently, alongside its innovation & entrepreneurship strategy execution objectives, launched Qatar University Holding Company (QU Holding) as a commercial umbrella for supporting the spinoffs of QU faculty and researchers startups among other knowledge and innovation commercialization purposes, with the aim to make economic development a third pillar of our mission, alongside with the existing two core pillars: education and research.”
“In the few months since its inception for supporting QU Holding purposes, the newly established Office of Strategic Innovation, Entrepreneurship and Economic Development (SIEED) at Qatar University has launched several training, coaching, incubation, and support programs that have attracted a significant number of faculty members, researchers and students, and of which Genesis is one of the first fruits of that work,” added Dr. Hassan.
Dr. Mazen El Masry, CEO and co-founder of Genesis explains, “Blockchain technology is becoming increasingly important to the digital age, especially as we move rapidly into the Web 3.0 and the metaverse. However, the current manifestations of blockchain technology suffer from some significant drawbacks such as very high-energy consumption and costly transactions. Our technology, based on the novel concept of ‘proof of useful work’ overcome such challenges and creates new opportunities for our customers and partners.”
Dr. Mazen added, “We are also very grateful for the new QU Holding initiatives and its supporting team for helping us through the incubation and registration process of Genesis, as well as for their continued strategic commitment as members of our Board of Directors.”
Dr. Mahmoud Abdulwahed, Secretary of Affairs of QU Holding Company Board of Directors, and Director of QU SIEED Office said, “Our support team has worked diligently since January 2022 to design and execute several training, coaching and support programs aimed at encouraging and nurturing innovation and entrepreneurship by our researchers and faculty members, as well as our students.”
He adds, “We are glad to see Genesis Technologies LLC, incorporated in Qatar Financial Center (QFC), emerge as the first from a pipeline of many more promising startups that will start to emerge on a regular basis as a result of the QU Economic Development new strategic directions.”
Dr. Rana Sobh, Dean of QU’s College of Business & Economics stated, “We are delighted to see two of our professors lead the world of blockchain with their innovative technology, and we intend to give them all the support they need to be successful.”
“We have adopted a systemic and comprehensive approach to the development of entrepreneurial and innovation competencies among our faculty members, researchers and students that is markedly different from the typical incubators around the world,” stated Dr. Lotfi Belkhir, Associate Director of Entrepreneurial Transformation at SIEED Office.
“We are excited to see that this method has started to pay off, and is producing some very promising results, of which Genesis is appropriately (as its name suggests) the very first manifestation of many more to come” Dr. Lotfi added. “We will continue to support and guide Genesis through our active participation in their Board of Directors.”
Source: Qatar University