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Is the Web Summit the next Coachella?

Vera Pereira

The title of this article can be confusing. In reality, they are very VERY different events and how come Web Summit can be moving towards the Coachella vibe.

That’s simple, Coachella represents the ultimate trending summer concert, where every digital influencer wants to be in, where every service provider wants to promote their brand – hashtags, paid ads, etc. – and the Marketing buzz is so lowed that this shadow music and artists. 

You can see half of the world travelling to Los Angeles, but are they the ones that matter for the music industry?

It seems to me that Web Summit lost the essence that grabs our attention in the first place. Yes – Start-ups, Entrepreneurs, Investors, Private Equity Funds, Venture Capitals, Business Angels,… Are they or are they not a catalyst for economic growth and investment in Portugal? Are they attracting enough capital? Or is Portugal actually buying a product serving Marketing and Tourism purposes? 

The financial results from the Portuguese investment in Web Summit are not precise, at least not to me. Start-ups are having the same struggles than before, most of the capital invested does not stay in the country for long, and, furthermore, the job opportunities that Web Summit creates are mostly at a volunteering level.

https://observador.pt/2016/11/10/fotogaleria-smartphones-web-summit/

We can definitely count with fully book Lisbon for four days, “nearly impossible” network and free PR for the ones willing to attend – selfies, lovely hashtags, even the Portuguese President made that move

It is true that Web Summit put Lisbon in the Start-up’s radar, creating more job opportunities (although not great), Hubs, Accelerators and Real-estate industry skyrocketed (unfortunately for the Portuguese citizens that now have massive trouble to get housing). It is also true that Web Summit is not what the ecosystem needs; it is what the country wants to showcase. 

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