Cosgrave's Web Summit posts profits of over €450,000
THE business was only dreamt up in a Dublin bedroom a little over two years ago, but already the companies behind the Dublin Web Summit and F.ounders have recorded profits of over €450,000.
Entrepreneur Paddy Cosgrave is yet to turn 30 – he celebrates his 30th birthday next month – but the two firms he co-owns with business partner David Kelly have produced combined profits of €459,841 in their first 15 months.
The Dublin Web Summit – Europe's fastest-growing and most celebrated technology conference – was first staged in 2010, attracting 500 attendees, growing to over 4,200 in 2012, which included 350 tech company CEOs.
The first accounts lodged with the Companies Office by the firm behind the event, which is 95pc owned by Mr Cosgrave, show that The Dublin Web Summit Ltd recorded a profit of €135,616 in the 15-month period to the end of December 2011.
Accounts for the firm behind the more exclusive F.ounders events – described as "Davos for Geeks" – Founders Events Ltd show that it recorded a profit of €324,225 in the 15 months to the end of December 2011.
The filings show that Founders Events Ltd had €299,053 in cash while Dublin Web Summit Ltd had €82,017 in cash.
F.ounders is attended by an invited group of 150 tech entrepreneurs. Over the past two years, Bono; founder of Twitter Jack Dorsey; Skype founder Niklas Zennstrom; co-founder of YouTube Chad Hurley; and thousands more have attended events organised by Mr Cosgrave and Mr Kelly.
Mr Cosgrave said that last year's Dublin Web Summit at the RDS would contribute more than €12m to Ireland's economy.
Both firms were only formed in October 2010 and Mr Cosgrave and Mr Kelly now have a team of 30 or so full-time staff, along with part-timers.
The events are the brainchild of Mr Cosgrave and the returns show that his two companies purchased the Dublin Web Summit business and the F.ounders Events business for a combined €300,000 from him in October 2010.
Mr Cosgrave and his team are currently preparing for a London Web Summit on March 1.
Mr Cosgrave could not be reached for comment yesterday.