Welcoming the summit allowed gains of over 300 million

The city of Lisbon has secured the organization of the Web Summit for another decade, with annual investments of 11 million euros, but the country will have added in counterparts more than 300 million euros.

To beat more than 20 European cities and stay at the conference ‘home’, Lisbon showed several trump cards during the “roller coaster ride in the last six months,” as event founder Paddy Cosgrave qualified the talks.

“It was the craziest decision I ever made, but it was a good decision,” he said at the time of the announcement, on Oct. 3, the face of the Web Summit.

At the time, it was explained that Lisbon was chosen in view of the guarantee of the expansion of FIL, that the mayor of Lisbon, Fernando Medina, said it should be “more than twice the current space”.

To Lusa agency, the mayor said that of the 11 million euros per year, three million will be a municipal investment.

Already at the level of counterparts, the Government has already estimated that the conference generated “more than 300 million euros” in economic activity and only in fiscal revenues, in 2017, more than 30 million euros will have been collected.

Last week, the Association of Hospitality, Restaurant and Related Services of Portugal (AHRESP) predicted that participants in the Web Summit spend more than 61 million euros in the four days of the international conference.

After listening to its associates, AHRESP estimated that the expected 70 thousand visitors of the third edition of the event in Lisbon spend about 61.6 million euros, in an average daily expenditure of 220 euros, of which 120 euros in accommodation and 50 euros in “restoration and animation”.

In mid-October, web Summit founder Paddy Cosgrave said he believed relations with the government will continue on the “good path” in a commentary on government reshuffle, including the Ministry of Economy, which oversees the international conference on innovation and technology.

“These changes are part of the political life of any country and as such we believe that our relationship will continue on the right track,” he said.

The Lusa agency has confirmed, however, that it will be Minister Pedro Siza Viera who is the interlocutor in the Government for Web Summit affairs, whereas in previous editions this function had been delegated to Secretaries of State.

The technological, innovation and entrepreneurship summit Web Summit was born in 2010 in Ireland and moved in 2016 to FIL and Altice Arena.

Last year, it gathered around 60,000 people from 170 countries, including 1,200 speakers, two thousand ‘startups’, 1,400 investors and 2,500 journalists.

The 2018 edition will take place between November 05 and 08, with more than 2,400 journalists confirmed and more than 70,000 participants expected.

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