Gaming startups can make the world a better place, says tech investor
As the industry grows rapidly, Mirakhmedov urges founders to focus on social impact to create value beyond entertainment
Abdumalik Mirakhmedov, Director and co-founder of UAE-based tech venture company Scalo Technologies, emphasizes the unique opportunity for gaming startups in the Middle East to drive significant real-world change while maintaining profitability. He advocates for a dual focus on financial success and societal impact within the rapidly growing gaming industry.
"With great power comes responsibility," Mirakhmedov asserts. "Founders who don't factor in societal impact are missing a major chance to create value beyond entertainment."
The global gaming market, currently valued at $282 billion, is expected to grow to $363 billion by 2027, with a player base of 3.32 billion gamers anticipated this year. The MENA region alone boasts 80 million gamers, underscoring the immense potential within this sector.
Mirakhmedov highlights the evolving role of games: "Games are transforming into platforms for positive change by harnessing their immersive capabilities to address real-world challenges."
Scalo Technologies, established in Singapore in 2020, moved its operations to Dubai last year, drawn by the UAE's dynamic business ecosystem. One of its key investments is Hexacore, a developer and publisher specializing in hybrid mobile web3 games.
According to Mirakhmedov, mission-driven companies not only attract top talent but also secure investments from socially-conscious backers. Citing research, he notes that 70% of Gen Z gamers prefer brands supporting social good causes.
"The gaming industry is rapidly changing, with sustainability initiatives now crucial. By embracing impact, startups connect with a conscious audience, unlock new markets, and future-proof their business," he explains.
He adds that games have the potential to teach, promote understanding, and motivate action on critical issues like climate change, mental health, and cultural diversity. "The potential to 'gamify' social good is exciting for impact-focused investors like us."
Caption:
Abdumalik Mirakhmedov, Director and co-founder of UAE tech venture company, Scalo Technologies.
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