Latest news with #Cosgrave
The Star
27-04-2025
- Business
- The Star
Interview: Web Summit CEO says U.S. tariffs "a huge mistake"
GENEVA, April 27 (Xinhua) -- Paddy Cosgrave, co-founder and Chief Executive Officer of Web Summit Limited - the private company that organizes Web Summit and similar conferences across the world - told Xinhua on Sunday that the U.S. tariff measures are "a huge mistake." Cosgrave made the remarks during an online interview on the sidelines of the Web Summit Rio, held in Rio de Janeiro, Brazil, from April 27 to 30. The event is part of a series of Web Summit activities, including the flagship technology conference held annually in Lisbon since 2016. "It's a huge mistake by the United States. They've decided to turn over the card that determines whether they are the hegemon anymore. It's quite clear we no longer live in a unipolar world," Cosgrave told Xinhua via video link, commenting on the broader impact of the U.S. tariffs on trading partners, including China. "The United States doesn't really produce much. There's a huge dependency on China for supply chains," he added. According to an earlier report by the Financial Times, the U.S. accounts for just 13 percent of global goods imports, a decline from nearly one-fifth two decades ago. Data from the Chinese authorities shows that China remains America's second-largest source of imports, with U.S. imports from China accounting for 13.8 percent of the country's total imports in 2024. Commenting on the escalating trade tensions initiated by the U.S. administration, Cosgrave said: "The U.S. is in a terrible place, and eventually Trump is going to have to back down." Regarding China's growing influence in the global arena, Cosgrave observed that the Asian country will play a significant role. He noted that China has built up "incredible industrial competence" carefully and strategically, with its education system and research capacity standing at a leading level globally. Each year, the Web Summit conference brings together a global community of founders, entrepreneurs, business leaders, and investors to connect and exchange ideas about the technology and trends shaping the world. Since its launch in Dublin in 2009, Web Summit events -- including Web Summit in Lisbon, Web Summit Rio in Brazil, Web Summit Qatar in the Middle East, and RISE in Asia -- have gathered nearly one million people, according to the organizer. Its newest event, Web Summit Vancouver, will take place from May 27-30. "We've continued to expand. We started with the event in Europe many years ago, and we've expanded elsewhere in the world," Cosgrave said, adding that the company is now eyeing opportunities in Hong Kong or nearby cities in Asia.
Zawya
21-02-2025
- Business
- Zawya
Runway to Web Summit Qatar 2025 addresses key challenges in tech
DOHA: Qatar Science & Technology Park (QSTP), in partnership with Web Summit and the Government Communications Office, hosted 'Runway to Web Summit Qatar 2025', yesterday in anticipation of the Web Summit Qatar 2025 next week. The event, which brought together prominent industry leaders, entrepreneurs, and innovators witnessed the participation of Paddy Cosgrave, CEO of Web Summit; Dr. Jack Lau, President of QSTP; Hayfa Al Abdullah, Innovation Director, Qatar Science & Technology Park; Amna Khalid Al Kaabi, Head of Emerging Technologies, Ministry of Communications and Information Technology (MCIT); and Dr. Ahmed K. Elmagarmid – Executive Director, Qatar Computing Research Institute. The event provided an opportunity for the participants to hear valuable insights during a fireside chat with Cosgrave and Dr. Lau. The CEO and Founder of Web Summit highlighted the challenges and early days of establishing the technology event in 2009, which grew from 150 participants to over 60,000 in 2024, with the attendance of Chinese entrepreneurs and VCs in the later years. 'It was clear that this trend would accumulate over time, and about five years ago, in the fields of machine learning and AI, Chinese academics were already producing more high-quality citations than their Western counterparts, Cosgrave said. He mentioned that Chinese dominance in every tech sector was inevitable for a long period of time. The Web Summit CEO said 'It wasn't fully believable until recently, though, when DeepSeek's progress became undeniable just a few weeks ago. Other sectors have also been heading in this direction, where the realisation has set in that the model-based approach to innovation far surpasses anything that existed before.' Cosgrave further emphasised 'Looking forward, I believe the outlook is incredibly positive. The current driving force is likely the faster-than-expected decline in the West, accompanied by the realisation that the West will need to adapt to survive in a rapidly changing world.' 'This shift isn't just about US foreign policy; it also involves the way innovation is created, and products are developed. 'The world is changing in a way it hasn't for around 500 years, and it's hard to ignore that the landscape is evolving drastically,' he added. Runway to Web Summit 2025 also included a panel discussion on 'Building the Future of Technology in the Middle East' with leading industry figures, as well as startup success stories from QSTP alumni and Web Summit attendees. In addition to that, participants witnessed a startup showcase and networking session, offering a unique chance to connect with key players in Qatar's entrepreneurial ecosystem. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
