Paddy Cosgrave, CEO of Web Summit, and António Costa, Prime Minister of Portugal reported that Lisbon will remain the host of Web Summit for the next decade. This is under a new €110 million deal, including a large-scale venue expansion to facilitate the conference’s fast-growth. This is reported by official press release.
We’re incredibly excited to be staying in Portugal. Without a larger venue this would not be possible. Even until a few months ago, we never believed it would be possible. The plans are incredible and we’re very thankful to all those who have worked on them.
CEO, Web Summit
After a competitive tender process involving offers from over 20 cities across Europe, the company behind the world’s largest technology conference has come to a new agreement with the Portuguese government. As part of the deal, Web Summit will receive €11 million per year from the country.
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. We are thrilled to continue to write this story together with Web Summit.
Web Summit has also agreed to a €3 billion buyout clause. The buyout clause is the minimum expected economic impact of Web Summit to Portugal over the duration of it’s contract, and provides security to Portugal that Web Summit will remain in it’s capital for the 10 year period. It was estimated by the Government of Portugal that Web Summit generated more than €300 million in economic impact for the country. Web Summit has also helped elevate Portugal and Portuguese companies on the global stage.