'This is the biggest event in Lisbon since 1998': What the Portuguese think of Web Summit

WHEN WEB SUMMIT decided to turn its back on Ireland, the news was met with a degree of angst that the country had lost one of the world’s biggest tech events.

But there was also an underlying tone of good riddance, like saying goodbye to an ungrateful friend who had been placing ever-increasing demands on the relationship.

Following the announcement it was heading to Lisbon, Web Summit faced a much more cynical Irish media at last year’s event – with everything from the pricey food to the event’s relationship with the government coming in for criticism.

However, aside from the Portuguese economic minister being forced to field some discontent from local media that Web Summit has caused a lot of congestion on the city’s roads and metro system this year, the tone seems to have changed in Lisbon.

Talking to locals at the vent, you inevitably get some degree of a ”this is the best thing that has happened to Lisbon in nearly 20 years” response.

Bringing Web Summit to Portugal was part of an overarching plan by the previous Portuguese government, led by the Pedro Passos Coelho’s Social Democratic Party and now continued by António Costa’s Socialist Party, to promote startup activity and shine a light on Lisbon as a tech hub.

The government here has paid Web Summit €3 million to bring its tech circus away from Dublin for three years with an option to extend that stay for a further two.

On Monday, the Portuguese government also showed off its commitment to boosting its startups sector by launching of a €200 million state investment fund for early-stage companies.

Metro queues for Web Summit

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While the mood within the event is one of near-unwavering optimism, the boundless enthusiasm of Web Summit doesn’t necessarily extend beyond the sprawling MEO Arena venue.

Speaking to a lot of people on the fringes of the event, taxi drivers, hoteliers and restaurant owners, it is still a very unknown quantity – and for a lot of people has gone under the radar.

One taxi driver I met after the opening Web Summit event on Monday evening didn’t know the event was on, while the manager of my hotel was unaware a 50,000-person event was taking place at the MEO Arena – adding jokingly, “I would have increased your room price.”

Joao Leith, the head of Portuguese startup Coupzon, says the hotel manager was probably only half joking – and he wouldn’t be surprised if hoteliers wised up next year and followed their Irish counterparts in jacking up prices.

He drew a parallel with the upcoming  100th anniversary of the Our Lady of Fátima phenomenon, which hotels have already been quick to capitalise on with higher rates.

Web Summit co-founder Paddy Cosgrave

Making a mark

Given all the Web Summit placards and advertisements plastered across the city, it’s likely that those still in the dark about Web Summit will be a little more wise to its presence after this week regardless.

Jose Pedro Goncalves, from early-stage Lisbon company Spindots, says he believes the people of Lisbon will see how big a deal Web Summit is for the city after this year’s event.

He says it’s the biggest event Lisbon has hosted since the city held the Expo ’98 world fair nearly two decades ago.

“People know that this is the best event we will have this year. It’s part of a transforming Portugal at the moment and shows we have a mindset completely different to a few years ago.

“People think it is a very important event and that we need to capitalise on it and use it to create new startups and a new culture in our country.”

Goncalves is one of the contingent that buys the offical line that Web Summit will help put Lisbon on the map as a tech hub.

“I think this can bring a new vision for Lisbon. Since three or four years ago, Lisbon is like a startup city and more people will now see that.

“But Lisbon made great progress on its own in the past four years, but Web Summit will help attracting millions more in investment, hopefully billions, to Portugal.”

Lisbon

Price of entry

Another taxi driver who ferried me back to my hotel was a little more clued in about the event taking place – and even added that he planned to attend Web Summit tomorrow.

However when I told him the ticket price, he was dumbfounded. He said the only event he would spend €90 on was to watch Benfica – one of Portugal’s most popular football clubs – play a match.

I didn’t have the heart to clarify that the actual entry price was more like €900 – not €90 – or that the event was completely sold out.

Web Summit has been quick to highlight that it gave out thousands of free tickets to students who probably otherwise wouldn’t have been able to afford the event’s high pricetag, but Leith says he knows many more people who have stumped up their own cash.

“It is a little bit expensive, but I don’t think it stops people coming. I have a lot of friends from college here who made a huge effort to come to this event. If they are really interested in digital, Portuguese people will make the investment in a ticket.”

Killian Woods is reporting from Web Summit 2016 in Lisbon.