![]() Itaú BBA declined to inform how much it invested in Web Summit. The world already sees Rio as a leisure destination it will start to see it as a key place to do business, too,” says Chicão Bulhões, Rio’s municipal secretary of economic development and innovation. “The most important thing, however, is the strategic quality of the public that the conference will bring to Rio. “We have a plan for Rio, and Web Summit is part of that plan.” Photo: Eóin Noonan/Web Summit Rio via Sportsfile This year alone, it expects visitors to have spent BRL 66.9 million in the city. The local administration estimates that the event will generate BRL 1.2 billion for the local market over its six editions - almost a third of what Carnival moves annually. Senac-RJ has committed to an investment of BRL 18 million with Invest.Rio, encompassing not only Web Summit but also future projects aimed at fostering innovation. “But Senac-RJ did not reach this limit because Fecomércio-RJ itself, in addition to Sebrae also paid part of the hosting rights, in addition to the private companies,” said Mr. Senac-RJ is linked to Fecomércio-RJ, Rio de Janeiro’s state trade federation.Īntonio Florencio de Queiroz Junior, chair of Fecomércio-RJ and this year’s ambassador for Web Summit Rio, tells The Brazilian Report that Senac-RJ committed up to BRL 20 million to Invest.Rio, the city’s innovation agency. The main partners of Web Summit Rio were Latin America’s largest corporate investment bank, Itaú BBA, blockchain company Transfero, and Senac-RJ, a local institution that provides professional education focused on the trade of goods, services, and tourism. ![]() Investment dropped in 2022 to EUR 710 million due to the current lower level of global liquidity. Since Lisbon started hosting the event, the flow of venture capital to Portuguese startups increased twenty-fold, from an annual average of EUR 30 million between 20 to EUR 500 million (USD 572.7 million) in 2018 and EUR 1.5 billion in 2021. The event helped turn the Portuguese capital into a European tech hub and “wants to do the same for Rio de Janeiro,” according to Artur Pereira, country manager for Web Summit in Brazil. The amount is practically half of what the Portuguese government agreed to pay (USD 12.8 million) per year back in 2018, when the main event moved from Dublin to Lisbon, setting a ten-year commitment to the city. About BRL 30 million (USD 6 million) disbursed by private companies and non-profitable institutions is how Rio de Janeiro got to host the first Web Summit outside of Europe in 2023 - and will remain host for the next five years. ![]()
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