Qatar University (QU) has spinned off its first faculty led Blockchain Fintech startup called Genesis Technologies.
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, Genesis Technologies the company has developed a Blockchain tech platform which will enable radically less cost and energy-efficient decentralised 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, said, “Qatar University, 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 commercialisation purposes. It aims to make economic development a third pillar of our mission, alongside with the existing two core pillars: education and research.”
He added, “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.”
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.
He 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, “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.”
Qatar University will continue to support Genesis as it will actively participate on their board of Directors.
In August 2022, Qatar Communications Regulatory Authority launched a national consultation paper called the “National Blockchain Blueprint for Qatar”.
