In a spectacular deal, the company Web Summit from Dublin, Ireland, has secured an interesting source for funding. The Portuguese government agreed to pay €11 million per year for the internet and startup conference that is hosted in Portugal’s capital Lisboa since three years. Additionally, a part of the deal is to double the size of the Altice Arena and FIL (Feira Internacional de Lisboa) within the next three years, to fit Web Summit’s growth forecasts.
The expected economic impact of Web Summit to Portugal over the duration of it’s contract is a massive €3 billion. The Government of Portugal estimates that the conference generated more than €300 million in economic impact for the country since it moved from Dublin to Lisbon. This €3 billion are also the base for a buyout clause. If the event leaves before the end this 10 year contract, it will have to pay the balance.
Lisboa as „key capital“ of innovation
“This 10 year agreement with Web Summit will decisively make Lisboa a key capital for innovation, entrepreneurship and talent. I am confident the next few years will bring a sharp raise in IT investment and employment in Lisboa”, says Fernando Medina, Mayor of Lisboa.
The Web Summit will take place in Lisboa from November 5th to November 8th and 70.000 attendees and 1.200 speakers from 170 countries. The Irish company also hosts startup and tech conferences on other continents, like Collision in Toronto and Rise in Hong Kong. The company employs about 200 people.