QU launches faculty-led fintech start-up

Doha: Qatar University (QU) yesterday announced the spin-off 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 researchers in Management Information Systems (MIS) at QU’s College of Business and Economics.

The founders together with their team of blockchain developers have developed a new blockchain technology platform, which promises to enable radically more cost-effective and energy-efficient decentralized and secure transactions in the digital economy.

Genesis is a direct result of work on the University Innovation & Entrepreneurship Strategy, a major initiative launched by QU that aims to position the university as a catalyst for the sustainable socio-economic development of Qatar. The strategy also supports the national effort for economic diversification and transition of the country to a knowledge-based economy in line with Qatar National Vision 2030.

Commenting on the occasion, QU President Dr Hassan Al Derham said: “Qatar University, as the largest higher education institution in Qatar and a foundation for knowledge creation and innovation, has recently launched Qatar University Holding Company (QU Holding), which is in line with the innovation and entrepreneurship strategy, with the aim of making sustainable socio-economic development a third pillar of our mission, alongside the existing two core pillars: education and research.”

“In the few months since its inception, the Office of Strategic Innovation, Entrepreneurship and Economic Development team has launched several training, coaching, incubation and support programs that have attracted a significant number of faculty members, researchers and students, of which Genesis is one of the first fruits of that work,” added Dr. Hassan.

Dr. Mazen El Masri, CEO and co-founder of Genesis said: “Blockchain technology is becoming increasingly important to the digital age, especially as we move rapidly into Web 3.0 and the metaverse. However, current manifestations of blockchain technology suffer from some significant drawbacks such as very high energy consumption and costly transactions. Our technology, based on the new concept of ‘proof of useful work’, overcomes such challenges and creates new opportunities for our customers and partners.”

Dr. Mazen added, “We are also very grateful to 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 engagement as members of our board.”

Dr Mahmoud Abdulwahed, QU Holdings Board Affairs Secretary and Director of the Office of Strategic Innovation, Entrepreneurship and Economic Development (SIEED) said: “Our support team has been working diligently since January 2022 to design and implement 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 added, “We are excited to see Genesis Technologies LLC emerge as the first from a pipeline of many more promising startups that will begin to emerge on a regular basis as a result of the QU Innovation & Entrepreneurship strategy.”

Dr Rana Sobh, Dean of QU’s College of Business & Economics said: “We are delighted to see two of our professors leading the blockchain world with their innovative technology and we intend to give them all the support they need to succeed. “

“We have adopted a systemic and comprehensive approach to developing entrepreneurial and innovation skills among our faculty members, researchers and students that is markedly different from the typical incubators around the world,” said Dr. Lotfi Belkhir, Associate Director of Entrepreneurial Transformation at the SIEED office.

“We are pleased to see that this method has begun to pay off, producing some very promising results, of which Genesis is fittingly (as the 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 on their board.”