As Europe's largest annual Web Summit draws to a close, questions are being asked about Lisbon's capacity to host the event beyond 2028 when the contract is due to expire. Web Summit CEO and co-founder, Paddy Cosgrave, said tech journalists criticized the decision to move the event from Dublin to Lisbon in 2016, but he believed it had paid off. ''They (tech journalists) thought the Web Summit should have gone to a serious European tech capital and apparently Lisbon was very 'unserious' — a destination for backpackers and stag parties,'' he said. ''Over the last nine years, Lisbon has transformed. The Web Summit, I would say, has played some role.'' A record 3,000 companies from dozens of countries showcased advanced technology during the three-day summit: from those that certify wood exports via WhatsApp to flying vehicles promising to revolutionize air travel. Paddy Cosgrave said he would like to see Lisbon host the event beyond 2028 when the contract with the city is due to end, even as the venue in Parque das Nações reaches capacity. ''We're using every available space. You'll notice that this year we've got tables outside and chairs, which works if the weather works. Web Summit fits beautifully with Lisbon and I hope we can stay here forever,'' Cosgrave said. Whether or not it stays in Lisbon, Web Summit has bolstered Portuguese technology, according to Antonio Dias Martins, Startup Portugal CEO. ''Annual investment in start-ups in Portugal was around €50 million a year,'' he said. ''In 2021, we reached a record €1.5 billion invested in start-ups. So it's absolutely extraordinary growth. Right now, Portugal and Lisbon are known as one of the main entrepreneurship hubs in Europe.'' Web Summit 2024 organisers said a record-breaking 71,528 people attended this week's event. — Euronews
