Face-to-Face Still Matters: Web Summit’s Record Attendance Signals Return of In-Person Business Events
Despite predictions about the decline of large-scale business gatherings, Web Summit 2024's sold-out attendance of 70k+ participants suggests in-person events remain crucial in the tech ecosystem.
Web Summit 2024 is taking place at the MEO Arena in Lisbon, Portugal, from November 11-14, 2024. The four-day technology event brings together founders, entrepreneurs, business leaders, and investors from across the global tech industry.
The numbers are in from Web Summit 2024, and they tell a compelling story about the enduring value of face-to-face business networking in our digital age. With 71,528 attendees and a sold-out exhibition floor, the event provides strong evidence that despite the efficiency of virtual meetings, professionals still see significant value in in-person connections.
The Business Case for Physical Events
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What’s particularly noteworthy is the presence of 1,066 investors representing $14.7 trillion in assets under management. In an era where pitch decks can be shared instantly and deals closed over video calls, major players like Khosla Ventures, B Capital, and sovereign wealth funds from Qatar and Oman are still choosing to send representatives to physical events. According to PitchBook data, attending investors account for 19.3% of global VC deal value and 25% of European VC deal value, suggesting that despite travel costs and time commitments, key decision-makers see value in direct interaction.
The investor presence has revealed interesting market signals. PitchBook’s survey of attending investors shows 43% believe AI and machine learning will be the most disruptive technology over the next 5-10 years. Perhaps more telling is that 39% report no slowdown in their investment pace despite rising interest rates and election impacts, offering a counterpoint to recent headlines about venture capital pullback.
Measuring ROI Beyond Numbers
With 3,050 companies exhibiting and 62 trade delegations from 36 countries, the scale suggests that businesses are finding tangible returns on their investment in physical presence. The summit’s focus on organized meetups and industry-specific gatherings indicates a shift in how large-scale business events are evolving – moving from passive attendance to active matchmaking and targeted networking.
The increase in women-founded startups to 44% (up from 29% in 2023) reflects a broader shift in the business landscape. However, Web Summit’s annual Women in Tech report highlights persistent challenges: over half of respondents cite a shortage of women in leadership roles, and 51% report gender-based pay disparities. These findings provide important context for businesses working to improve their diversity metrics.
Traditional Players Adapt
The presence of established companies like IBM, Adobe, Meta, and Huawei alongside startups shows how traditional corporations are adapting their business development strategies. Rather than relying solely on internal R&D or M&A teams, these companies are choosing to engage directly with the startup ecosystem.
AI’s emergence as the most represented industry sector, with a 16% increase in presence, aligns with market trends. A particularly interesting data point shows that AI startups from last year’s event collectively raised $72.6 million, providing a concrete metric for measuring the event’s role in market dynamics.
Looking Forward
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While virtual meetings have become a business staple, the strong turnout at Web Summit 2024 suggests that face-to-face interactions retain their value, particularly for complex business activities like investment, partnership formation, and international trade relationships. The event’s ability to attract substantial investor presence and major corporate participants, while expanding representation across different demographics, provides useful indicators about the current state of the tech industry.
For businesses and investors watching market signals, the robust attendance and diversity of participants suggest that despite economic uncertainties, there remains significant appetite for innovation and investment in the technology sector. The high proportion of women-founded startups, while a positive indicator of change, also highlights the work still needed to achieve full equity in the industry.