Artificial intelligence (AI) is set to play a transformative role in empowering small and medium-sized enterprises (SMEs), as well as home-based businesses in the Gulf, including Qatar, according to an award-winning British entrepreneur.
Justin Floyd, the CEO and co-founder of RedCloud Technologies, emphasised that AI can help micro-entrepreneurs who rely heavily on platforms such as Instagram and WhatsApp to reach customers and expand their visibility and accessibility.
Home-based entrepreneurs in Gulf countries, including Qatar, have capitalised on the convenience of showcasing and selling their products online. In 2017, Qatar Development Bank (QDB) and Qatar Chamber launched the ‘Made at Home’ exhibition to address the growing significance of this sector.
Floyd, who is also a board member of the AI Trust Foundation (AITF), explained that while digital platforms have provided a starting point, AI can offer tools that go beyond marketing aesthetics.
“Put technology in their hands, which actually provides value to them in the way that they do their business at the moment...for many of these businesses...this is all about where do they get their inventory from and how do they make sure that they can get the right inventory for their stores and where they are buying it from,” Floyd told Gulf Times in an interview.
Floyd emphasised that trust is central to the adoption of AI; for small businesses, embracing AI will be easier if the technology delivers tangible benefits, such as reliable sourcing and inventory management, rather than focusing only on “unimportant stuff” like creating websites or quick videos.
In the Gulf, where home-based businesses are growing part of the entrepreneurial landscape, Floyd highlighted the potential for AI to democratise access to knowledge of supply chains. By providing SMEs with insights into better suppliers and inventory options, Floyd noted that AI can help them compete more effectively and build stronger customer relationships.
He said, “It’s about knowledge, and it’s about sharing that knowledge in a way in which it’s easily understandable for those businesses to find out where they can acquire inventory from.”
Floyd noted that the opportunity is vast, pointing to the scale of the global market where AI has yet to make significant progress. For Qatar SMEs and home-based, Floyd added that AI is not just about digital marketing, but empowering businesses with the tools and knowledge of reliable inventory, building trust, and helping entrepreneurs gain more customers.
Floyd is “an award-winning entrepreneur with a 25-year track record of founding and investing in pioneering technology companies solving the world’s biggest economic and social challenges,” the AITF website stated.
It added: “[Floyd] founded RedCloud to address fundamental issues with the global supply of consumer goods that prevent brands, distributors and retailers in fast-growth economies from trading efficiently, transparently and cost-effectively with one another.”
