Monday 29 December 2014

Web Summit is scaling new heights with profits

Gordon Deegan

Published 24/04/2014 | 02:30

Pictured ringing the Nasdaq opening bell at the Dublin Web Summit were (from left) rugby star Jamie Heaslip, Web Summit founder Paddy Cosgrave, Taoiseach Enda Kenny and Bruce Aust, executive vice president of Nasdaq
Pictured ringing the Nasdaq opening bell at the Dublin Web Summit were (from left) rugby star Jamie Heaslip, Web Summit founder Paddy Cosgrave, Taoiseach Enda Kenny and Bruce Aust, executive vice president of Nasdaq

The companies behind the Dublin Web Summit and Founders events continue to enjoy rapid growth with combined accumulated profits increasing by €143,391 to top €600,000.

The idea for the Dublin Web Summit was only dreamt up by co-founder Paddy Cosgrave a little over three years ago, but it is now Europe's largest technology conference, creating a spin-off of €20m for the Dublin economy.

The Dublin Web Summit – Europe's fastest-growing and most celebrated technology conference – was first staged in 2010 attracting 500 attendees and grew to over 10,000 attendees from 97 countries in 2013.

At last November's event, Taoiseach Enda Kenny rang the Nasdaq opening bell while the IDA used the event to announce 335 new jobs among tech firms here.

The 2014 event – rebranded The Summit – is expected to attract 20,000 attendees.

According to the firm's head of media, and executive producer of The Summit, Lesley O'Connor, the business behind The Summit and connected events employs more than 50 people, with the firm "actively hiring for key positions".

Chief executive of the Dublin Web Summit and entrepreneur Mr Cosgrave only turned 30 last year but the two firms he co-owns with business partner David Kelly had accumulated profits of €601,532 at the end of December 2012.

New accounts lodged with the Companies Office by the firm behind the event show that the Dublin Web Summit Ltd increased its profits by €53,308 from €135,616 to €188,924 in the 12 months to the end of December 31, 2012.

The firm behind the more exclusive F.ounders events – described as "Davos for Geeks" – Founders Events Ltd, increased its accumulated profits by €88,083 from €324,225 to €412,608 in 2012. The cash at Founders Events Ltd decreased from €299,053 to €209,965.

Ms O'Connor said yesterday: "The company is making an investment into the future growth of the company and scaling with new events in the US and a much larger Summit in Dublin."

ACCOUNTS

Both firms were established in October 2010 and the accounts for Dublin Web Summit Ltd show that it charged a management fee of €685,956 to Founders Events Ltd and London Web Summit Ltd in 2012.

The accounts are abridged and don't provide a revenue figure. However, the Dublin Web Summit Ltd accounts show that tech firm owed PAYE/PRSI totalling €126,629 at the end of the year compared to €37,242 in 2011, indicating a greater level of business in 2012.

Over the past three years, Bono; co-founder of Twitter, Jack Dorsey; Skype founder, Niklas Zennstrom; and chief executive of SpaceX, Elon Musk, have spoken at events organised by Cosgrave and his fellow directors, David Kelly and Daire Hickey.

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