Startup Funding: Michael Lints, Partner, Golden Gate Ventures "The Qatar venture ecosystem has evolved significantly and currently has strong momentum. Several programs—such as Qatar Development Bank's investments, incubation and acceleration programs, Qatar Investment Authority's Fund of Funds, QRDI's innovation grants, and QSTP—offer a unique combination of capital, expertise, and fertile ground for building an organic ecosystem."

This article is part of Startup Funding - Investor Insights Every Entrepreneur Needs by Entrepreneur Middle East, a series where the MENA region's leading venture capitalists share practical advice to help founders navigate the challenges of building and scaling a startup.

Michael Lints, Partner at Golden Gate Ventures, on startup differentiation, investor appeal, and strategic growth.

What differentiates the startups that continue to attract capital in the Qatar/GCC region? What unique insights about the venture capital sector in Qatar can you share with us?
Startups in Qatar and the wider GCC can differentiate themselves in several ways. The region has historically invested globally and built strong networks with startup ecosystems, corporations, universities, and innovation hubs around the world. Founders in the GCC/Qatar can leverage these connections to bring innovative ideas into the region.

The region is committed to becoming an innovation hub across major thematic areas, including data centres, quantum computing, fintech, health tech (including biotech), artificial intelligence, food security, and supply chain/logistics. This focus has created an environment where entrepreneurship can thrive through favourable regulation, incentives, grants, and the attraction of regional and foreign funds.

The Qatar venture ecosystem has evolved significantly and currently has strong momentum. Several programs—such as Qatar Development Bank's investments, incubation and acceleration programs, Qatar Investment Authority's Fund of Funds, QRDI's innovation grants, and QSTP—offer a unique combination of capital, expertise, and fertile ground for building an organic ecosystem. At Golden Gate Ventures, we believe these individual initiatives will collectively form an ecosystem where founders will want to build or expand their startups.

2. Where do you see real, defensible value being created in Qatar/GCC versus hype? Can you share a personal anecdote—either a pitch that impressed you or one that missed the mark—and why?
A long-term view of building an innovation economy is, in my opinion, truly defensible value. It's an economy that nurtures startup founders not for the sake of it, but to help them thrive as they mature. Although founders may initially be attracted by capital and incentives, the significant investments in startup infrastructure have led to more founders building companies, investors starting funds, and foreign startups considering Qatar/GCC as a landing pad for expansion. This creates the foundation for a startup and venture ecosystem that can sustain itself for decades. Continued investments across all stages—liquidity avenues, mentorship programs, policies, and regulation—will be key.

I've been impressed by many pitches, and it's hard to pick just one. I've spent a lot of time with Hub71 as a mentor, and our firm eventually became a capital partner. During one of my early mentorship sessions at Hub71, I met Khatija, who was building Biosapien. The company's origin story stood out immediately. Building a biotech company between the US and UAE is complex and requires not only perseverance but also the ability to navigate partnerships with health institutions. What impressed me most was the impact she aims to create—with partners who believe in its potential—even knowing there's a long journey ahead.

Beyond capital, how do you measure your impact as an investor—in shaping founder mindsets, governance, and long-term growth?
The partners at Golden Gate Ventures are former operators who intuitively understand what it takes to build a business. Our measure of impact as investors is based on how well we help founders progress in any way possible. Founders have a deep understanding of what they are building and the impact they want to create. Throughout that journey, we support them by building hard-to-reach networks that open new markets, drive business growth, and help them navigate complex regulatory landscapes.

We spend a significant amount of time soundboarding with founders in our portfolio. These conversations often focus on strategy, urgent issues, investor relations, senior hires, fundraising, and long-term business impact. In general, we measure our impact through three key aspects, which we track via regular check-ins:
• Founder growth as leaders—their ability to navigate company growth across revenue, partnerships, regulation, product, and business development.
• Ability to attract and retain top talent—finding talent is difficult; retaining it is an even stronger measure of leadership.
• Impact on stakeholders—the founder's ability to demonstrate meaningful leadership and articulate the company's vision is a recurring theme in our conversations.

For founders pitching in 2025/2026, what are the biggest red flags you're seeing—and what traits do you wish more entrepreneurs would show?
Investors rely heavily on the initial founder pitch when evaluating an investment. I appreciate founders who can pitch authentically, clearly, and with a full understanding of what they're building. A red flag for me is when founders shift their pitch to suit an investor's narrative rather than confidently presenting the real merits of their business. Taking on capital can be life-changing, but it's crucial to understand which investors are right for the business.

In terms of traits, I value founders who are intensely focused on execution and getting things done. The most impactful founders I've met stay laser-focused on their business and cut through noise. Building a product that sustains growth requires iteration, monitoring, vision, and strategy, as well as the dedication to set an example for all stakeholders involved.

Sectors to watch—what sectors are standing out to you now?
Our MENA fund is bullish on several sectors, but a few stand out. Quantum computing has the potential to transform industries such as healthcare and finance. We recently invested in SpeQtral, which focuses on quantum communications, as we support them in expanding across the GCC.

Fintech remains a key sector. In B2B financial products, SMEs are still underserved, and fintech startups are bringing relevant solutions to the market.

Mobility—though not always obvious—is evolving rapidly for both consumer and business transport. Several parts of the mobility landscape are undergoing transitions, including vehicle ownership, modes of transport, logistics, and supply chains.

Finally, AI for industrial infrastructure will take time to generate significant impact, but we're optimistic that the speed of technological advancement will be transformative in sectors such as manufacturing, oil and gas, and shipping.

Related: Startup Funding: Sietse van de Kerkhof, Investment Manager, STV Saudi