Pros and Cons of attending the WebSummit

The world's largest technology event is officially over. In 2022 Web Summit brought more than 71 thousand attendees to the capital of Portugal. According to the official stats of 2022, 2 296 startups and 342 partners from 94 countries attended the event. Additionally, approximately 1 081 investors from 60 countries and 1 050 speakers came to Lisbon. These numbers are mind-blowing, but you can only realize the scale when you are actually there.

What are the pros and cons of attending such a massive event, and is it worth going there in 2023?

Pros of going to the WebSummit

1 - With more than 71 thousand participants, it can be one of the greatest possibilities to network and make new business connections. The only prerequisite is that you have a strategy to make it meaningful for your business. Otherwise, it can be very random and not that useful after all. 

2 - In 2022, WebSummit brought a record number of 1081 investors to Lisbon. Entrepreneurs call WebSummit one of the most highly regarded gathering places for startups, corporations, and investors. It is a unique opportunity to pitch your product or idea to a potential investor, but as with everything, it requires strategy, careful planning, and strong execution. The ultimate goal for every startup should be to enter the pitching competition.  

3 - 17 stages of different talks. From sustainability to Web 3.0, the future of Artificial Intelligence to Metaverse. At least two, if not three, or more presentations are happening simultaneously. Just building up the schedule for the three days can be very time-consuming, but without a doubt, every tech enthusiast will find something for him or herself during the WebSummit.

4 - You can meet tech leaders and other celebrities in person. Of course, you will not get to talk to them most of the time, but some keynotes at the central stage can be really interesting, especially considering the audio-visual setting.

5 - It can be inspirational to see the stands of some of the companies and realize what innovations they are currently working on. You can be surprised how different industry sectors overlap today, and it can hopefully be inspirational for your business. 

Cons of going to the WebSummit

1 - WebSummit is up to 80% noise, and you must be very selective on what you want to see and whom you want to talk to or listen to make the most of your time. It's just three days, and time is a very limited resource for everyone. 

2 - Plan your schedule ahead of time but do not expect everything to go according to your plan. WebSummit is massive, and there will be changes to your agenda. Investors will skip the meetings, others will not show up, and the rest might not even bother responding to your in-app messages. 

3 - Do not expect to learn a lot during the WebSummit. Most of the talks will be very general, and often you will be surprised by the low level of detail that the speakers will present during the sessions. 

4 - Be ready to spend much time in different queues. Imagine what happens when 71 thousand people suddenly become hungry, want to go to the bathroom, or enter the main stage for a keynote. That means a lot of waiting time. It can have a positive side, though, as you can make the most meaningful connections while in the queue, but the prerequisite is that you are not afraid to start the conversation, and most importantly, you are lucky. 

5 - Unless you spend a significant amount of money on marketing, it will be tough for you and your startup to stand out from the crowd. Look at the numbers again. You are one of the 71 033 participants. Your startup is one of the 2 296 startups attending the event. Don't you think that all startups have more or less similar goals for the event? To promote, sell, scale, and find investors or partners. Do not expect magic to happen but make sure you at least can invest some time in preparations for the event.

Given the above, does it mean I am not going to attend the WebSummit in 2023? It is still hard to tell. For the time being, I believe the WebSumit is just too big for me, and I prefer somewhat smaller gatherings.

And what are your thoughts on the WebSummit 2022 edition?

KJ