Web Summit Qatar 2024

#1 DOHA, QATAR | 2024

Mariam Farid Qatar National Team

Ayọ Tometi Black Lives Matter

Andy O’Connell Meta

Trevor Noah

Sara Sabry Deep Space Initiative

“A melting pot of the brightest minds in our world today” HE Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani Prime Minister of Qatar

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BEHIND THE NUMBERS AND QATAR

Web Summit Qatar: Biggest gathering of global startups in the Middle East Web Summit Qatar is “more than just a gathering,” said His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani – the State of Qatar’s prime minister and minister of foreign affairs – on Opening Night of the inaugural event.

“It’s a melting pot of the brightest minds in our world today, coming together to forge the future in a region with unlocked potential,” he added.

population within six hours’ flight, Qatar serves as “the perfect backdrop for Web Summit, with its commitment to technological advancement and its vibrant community of thinkers and creators”.

Addressing the audience on Web Summit Qatar’s Opening Night, Sheikh Mohammed announced the launch of a US$1billion “fund of funds” to be invested in the tech sector across the MENA region.

According to the prime minister, with US$8.5 trillion in combined GDP within a 2,000-mile radius, and 80 percent of the world’s

PARTNERS

COUNTRIES

148

TOTAL ATTENDEES

118

15,453

INVESTORS

401 STARTUPS

1,043 WOMEN ATTENDEES

MEMBERS OF THE MEDIA

WOMEN SPEAKERS

37%

896

30% WOMEN-FOUNDED STARTUPS

31% SPEAKERS

380

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BEHIND THE NUMBERS AND QATAR

For the MENA region, demographics are too good for investors to ignore MENA is a region of huge potential, not just for tech expansion but for economic development more generally.

With a population of almost two billion – half of whom are under 30 – and with 85-percent digital penetration already, it is a massive and relatively untapped human resource.

“I think it’s very important for us to take stock of the very long-term trajectory. If you fast forward – if you look at the trajectory in five- to 10-year increments – it’s a sea change. It’s an entirely different ecosystem,” Khaled added.

“[In 2023] there was about US$2.6 billion deployed across MENA.” Noor Sweid Global Ventures

But the region is increasingly attracting investment, particularly from within the Middle East itself. “[In 2023] there was about US$2.6 billion deployed across MENA,” said Global Ventures founder and managing partner Noor Sweid. “And [2022] was our peak year at US$3 billion – still much higher than when I first started the firm.”

Khaled Talhouni, managing partner at Nuwa Capital, attributed this healthy development in investment to young demographics and increasing economic liberalisation. “While there are some geopolitical headwinds, I think that’s par for the course in emerging and developing markets,” said Khaled.

2 Noor Sweid Global Ventures 2

SOCIETY

Tech and the quest for justice As technology evolves, the potential for social and political change broadens. Rather than taking a cynical view, humankind should look to the potential these advancements pose for activism.

So says award-winning human rights activist and Black Lives Matter co-founder Ayọ Tometi, reflecting on the strategies of late political activists including Martin Luther King Jr, Bayard Rustin and Coretta Scott King.

“They were always mobilising and organising themselves in a way that they could garner press in order to share their stories with a broader public. People understand stories,” said Ayọ.

“What we’re doing now is using our cell phones … and we’re able to document and share our stories, raise funds, and raise awareness.”

Ayọ Tometi Black Lives Matter

We need to send politicians into space Describing the groundbreaking journey to becoming the first Arab and African woman in space, astronaut Sara Sabry shared insights that extended beyond the technical achievements of space travel.

Sara believes that experiencing space firsthand can fundamentally alter one’s perspective, advocating for

world leaders to embark on space missions to gain a unique and unifying view of our planet.

“I truly believe that we need to be sending more people – more leaders, more politicians, more people of influence – to go to space, because it gives you this other perspective of the world: that we’re really all the same,” said Sara.

“It’s an incredible experience.”

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SOCIETY

Trevor Noah: Seeing is no longer believing As GenAI tools such as ChatGPT continue to gain popularity, author and presenter Trevor Noah urged caution about overestimating their capabilities.

“As human beings, we’re oftentimes prone to viewing these technologies as being human when, in fact, sometimes, they are just giving us an output that matches our interpretation of what a human being would or wouldn’t do,” said Trevor.

While applauding technology’s ability to connect people across divides, Trevor warned of unintended consequences: “I think the biggest thing we always have to acknowledge is this: if you bridge the gap between people very quickly, it’s good for good.

It’s also [good] for bad.”

“I think one of the most difficult things in dealing with technology is understanding that we do not always know the effect of that technology that we’re implementing,” warned Trevor.

“I think one of the most difficult things in dealing with technology is understanding that we do not always know the effect of that technology that we’re implementing.”

Trevor Noah Author & Presenter

The author and comedian explained that, as AI advances, AI-generated images, videos and text will lead to a situation where – between deep fakes and misinformation – no one will know what to believe.

“We’ve lived in a world where people have said ‘don’t believe it until you see it’, right? But now, when you see something with your own eyes, can you believe it?,” asked Trevor.

Trevor Noah Author & Presenter

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AI AND MACHINES

Meta is still betting big on the metaverse Meta is at a “pivotal moment”, according to the company’s VP of product policy and strategy, Andy O’Connell. The pivot in question? The metaverse.

Meta’s ambitious plans for the metaverse are underscored by initiatives such as VR headset Quest 3 and the Horizon Worlds platform, which aim to make virtual interactions as tangible as reallife experiences.

“At its core, the idea is empowering people to feel like they’re present in person with someone else,” said the VP. Parallel to this, Meta’s advancements in AI, particularly with the forthcoming Llama 3 model, promise to transform user interaction across its platforms.

The introduction of AI-driven features – including generative AI stickers for WhatsApp and the restyle tool on Instagram – are just the tip of the iceberg.

Andy O’Connell Meta

Giving a robot dog a real nose In the realm of AI and bioengineering, Koniku founder and CEO Osh Agabi is pioneering a future in which machines can not only think and act, but also smell. At Web Summit Qatar, Osh unveiled a robot dog with a real biological nose that can do just that.

“We took our technology and we went head-to-head in trial with an actual [sniffer] dog,” said Osh. “The dog was detecting at about 58 percent accuracy.

Out of 114 trials, we did not get a single false positive, or a single false negative.”

When questioned about how this technology could work in the wild, Osh shared one major scenario: airport security.

Osh Agabi Koniku

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AI AND MACHINES

The AI moment has arrived, but hyperbole abounds When it comes to AI in 2024, there is massive information asymmetry. That’s according to Builder.ai founder and chief wizard Sachin Dev Duggal.

“Everybody is now a well-known expert for some reason. But you go back, and they haven’t even studied stats or math, or computer science, but they’re talking about language models as if they invented them.”

So where are we now? As Sachin explains, there was this “big innovation in 2022 [ChatGPT], where suddenly you had complex software, but the front-end looked like WhatsApp”. But on the other side of things, AI is still in its infancy. “We’re only scratching the surface.”

Sachin added that people are calling it the AI moment, in the same way that the internet had its ‘AOL moment’ in 1997. The internet had been around for decades, but suddenly – with the arrival of the free AOL installation disk – it became mainstream, and everyone wanted a part of it.

Mohammed Al-Hardan – head of technology for Qatar Investment Authority, which led the recent US$250 million in Series D funding for Builder. ai – noted that a lot of startups have tried to cash in on the buzz: “They had AI in the name, but didn’t use AI.”

Sachin Dev Duggal Builder.ai

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AI AND MACHINES

Space X rival aims for Mars Relativity Space co-founder and CEO Tim Ellis has ambitions to develop an industrial base on Mars, but said that “going to the moon, going to Mars, space stations, commercial habitats, manufacturing in space... These are really growth trajectories that have a longer time horizon”.

Right now, the big money is in satellites.

Companies such as Amazon, Apple and SpaceX are investing billions to build their own satellite networks, creating a huge launch demand that exceeds supply.

“Going to the moon, going to Mars, space stations, commercial habitats, manufacturing in space...

These are really growth trajectories that have a longer time horizon.”

Tim Ellis Relativity Space

This is where Relativity Space comes into play. Having worked as a rocket propulsion engineer at Jeff Bezos’ Blue Origin, Tim went on to hire 40 percent of Relativity Space’s employees from SpaceX, including the core team that developed Falcon 9 (the world’s first orbital-class reusable rocket).

The space startup is developing a large reusable, 3D-printed rocket called Terran R, which has a payload capacity about 40 percent larger than the Falcon 9.

Relativity Space has already signed US$2.2 billion in customer contracts to date, and is currently negotiating about US$7.5 billion dollars of additional contracts.

Tim Ellis Relativity Space

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SPORTS

Educating and empowering young people through football “Sport has an amazing power to unite; to bring people together,” said Nasser Al Khori, executive director of Generation Amazing, a global foundation that uses football as a catalyst to improve the lives of young people.

“That’s what we’re harnessing.

This transformative power to not just engage with kids and play and have fun, but it’s also embedding life skills; it’s promoting the UN Sustainable Development Goals; gender equality,” explained Nasser.

The foundation runs clubs, programmes and festivals to give children access to sports, and to educate and empower them.

“Sport has an amazing power to unite; to bring people together.”

Nasser Al Khori Generation Amazing

Nasser Al Khori Generation Amazing

Digital strategy is key to the global success of One Championship For global combat sports promotion brand One Championship, competition outside the ring has been key to its success.

According to recent Nielsen sports industry reports, it’s the second-ranked digital sports brand after the NBA – quite a distance ahead of rival European sports brands.

“We were born a little over a decade ago and, as a result, the digital strategy was very much front and centre,” said One

Championship founder and CEO Chatri Sityodtong.

“The magic of the digital economy is that the world is more united than ever before.

We have the biggest broadcast partnerships in the US on Amazon, Sky Sports in the UK, beIN Sports here in the Middle East, Tencent in China. Live sports content is truly the king of content, and when you’re able to leverage the power of digital, it just goes viral all over the world.”

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SPORTS

A barrier to Muslim women in sport: The lack of visible role models Muslim women athletes have to contend with a fixation on their hijabs, as in the case of Morocco’s Nouhaila Benzina at the Women’s World Cup. Nouhaila fielded more questions about her clothes than about her onfield performance.

Mariam Farid – a Qatari track and field athlete who has made history by breaking down barriers for hijab-wearing women in competitive sports – spoke about her frustration with constant questioning on her choice of covering rather than her performance.

Lulwa Al-Marri, Qatar’s first woman triathlete, believes that this is where the small existing community must step up and help people to become their own role-models.

“We should be working as a community, as a sports community, to surround ourselves with likeminded people – people who share the same goals and passions. Because, just by taking the first step, the rest of the steps will be looked after,” said Lulwa.

“With my hijab on, I’m proud and I’m confident and I chose to wear it. It’s something that people think we’re forced to do, but no – I chose because it’s part of my identity.”

Mariam Farid Qatar National Team

“With my hijab on, I’m proud and I’m confident and I chose to wear it. It’s something that people think we’re forced to do, but no – I chose because it’s part of my identity,” said Mariam. “This is where I start raising awareness on social media – that this is who I am. I’m covered, but I can be strong; I can be beautiful; I can be independent; I can be a role model to young women.”

As women’s sports become more popular on a global level, Muslim women and girls can face additional challenges from a lack of visible role models in the sporting world.

Mariam Farid Qatar National Team

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GLOBAL MARKETS

Is the idea of a singular African tech scene holding the continent back?

Africa is an enormous, diverse, populous continent with myriad cultures, languages and ways of thinking. But in the west, particularly in the US, Africa is often spoken about in singular terms, as though it were one country. This may be holding back the continent-wide African tech scene.

CEO at Africa Communications Media Group. “Why is it that African entrepreneurs, and tech founders specifically, are leading with the fact that we’re African?”

Indeed, the focus on the concept of African tech is driving investment from other markets in the global south into just a few African markets – particularly Nigeria, Kenya and South Africa – despite booming economies right across the continent.

Aza Finance founder and CEO Elizabeth Rossiello thinks the real burst of growth will come when African founders succeed and re-invest locally.

“The growth is in front of us. … We need to find the capital within, wait for our founders to get a little richer, and put the money back into the ecosystem,” Elizabeth said. “The next stage is for Africa to export its tech and export its excellence.”

“When we talk about science, we don’t say African science, or US science, or Asian science,” said Johannesburg-based Mimi Kalinda, co-founder and group

“When we talk about science, we don’t say African science, or US science, or Asian science.”

Mimi Kalinda Africa Communications Media Group

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GLOBAL MARKETS

Ignore India at your peril “India is probably, right now, going through the most unprecedented transformation in the history of humankind; in the free world. And when you think about it, our three pillars – which are financial, social and political – are going through this most unprecedented change at a pace never seen before.” So said Umang Bedi, co-founder and CEO at VerSe Innovation.

But what, according to Umang, are the key indicators of India’s transformation?

Umang Bedi VerSe Innovation

Predicted to become the third-largest economy in the world by 2028.

Those in India under the age of 30 represent one eighth of the world’s population.

US$600 billion of foreign direct investment (FDI) has been raised in the last seven years.

Predicted to be home to 25% of the world’s middle class in the next 25 years.

More than US$100 billion in FDI was raised in 2023.

Predicted to be home to 25% of the world’s working population by 2045.

1st

Number one country for new startups founded

2nd

The second-highest number of startups globally.

Third highest globally for number of unicorns.

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GLOBAL MARKETS

China’s tech strategy is self-sufficiency Over the last few years, China has fully emerged as an economic superpower. It is second globally for nominal GDP and first for purchasing power parity (PPP), as well as being the world’s largest labour force.

“China wants to be a little bit more independent of not only the US, but the world.”

But there is work to be done for China to reach its full potential.

According to Harry, “what the government wants is to not need to import a lot of raw materials from the US or from Europe, or other places in the world. If you’re building a mobile phone, if you’re building an EV, you want it to be completely, 100 percent China-made. But historically, we don’t have the infrastructure; we don’t have the entrepreneurs.”

Harry Man Matrix Partners China

This, combined with the development of the Chinese middle class, has created a tech boom, led by global Chinese-founded behemoths TikTok, Shein and Temu.

But what do the next 10 to 15 years hold for China?

“China wants to be a little bit more independent of not only the US, but the world,” said Harry Man of Matrix Partners China.

“They want to be a selfsustainable country, using their own economics to not only produce, but also consume.”

Harry Man Matrix Partners China

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THE CREATOR ECONOMY

For content creators, AI is a double-edged sword Rather than shying away from AI, creators are embracing generative tools to expand their offerings – but will the tech lead to their demise?

TikTok influencer Michael Le explained that tools such as OpenAI’s Sora can “help facilitate the busy work, not necessarily the creative”.

But with AI facilitating endless content creation, is the market getting a little too crowded?

“When I first started [on] TikTok back in 2018, you could post pretty much anything … and you could get a ton of views. But now people are a little bit more in the loop,” said Eric.

According to the YouTuber, it’s not necessarily a zero sum game, but creators are having to try harder than ever before.

As veteran TikToker Michael put it, “if I came in now versus back then … I wouldn’t have gotten the same results.”

“For me, it’s a blend between AI and actual manual work,” added YouTuber Eric Struk, whose niche is reviewing airlines.

Why storytelling is a marketing superpower Crafting a compelling narrative is key to gaining a loyal customer base and keeping consumers engaged. But does access to user data and consumer habits hinder or amplify storytelling?

According to EndeavorXR founder and CEO Amy Peck, “marketing and advertising as industries have gone down a rabbit hole of harvesting data, and then trying to tell stories to elicit behaviour for financial gain”.

And Amy thinks this is precisely where companies are going wrong: “We’re all in the business, and we all want to make money. But having something that is a little more authentic, where the brands connect with their audience … that is the best-case scenario.”

Amy Peck EndeavorXR

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THE CREATOR ECONOMY

How technology is changing the music industry With the ground shifting daily in the music industry, using the right tech at the right time remains a challenge for musicians, record labels, and everyone in between.

For Empire founder and CEO Ghazi Shami, it’s not just the end product that gets affected by modern tech tools such as GenAI – it’s often the boring admin side of things, allowing Empire to spend more time focusing on fans and artists.

“We’re using technology for everything from accounting to finance, to predictive methods for music consumption, [to] what emerging markets look like, [to] what genre diversification looks like…” said Ghazi.

Add in predictive tools for artist marketing – and the “huge case” for GenAI to transform the legal side – and Ghazi thinks the entire industry could be freed up to better focus on the actual music:

Everything from CSV files to large video files.

It gets pretty elaborate and pretty extensive. If you’re not well refined on the tech side, you can find yourself in a big mess real quick.”

“We’re using technology for everything from accounting to finance, to predictive methods for music consumption, [to] what emerging markets look like, [to] what genre diversification looks like…”

Ghazi Shami Empire

“There are just a lot of moving parts in supply chain that people are not aware of. We’re getting terabytes of data going out and coming in every month.

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STARTUPS AND INVESTORS

Balancing sustainability and profitability In the face of climate change, the narrative that environmental sustainability and economic growth are mutually exclusive is being challenged.

“Our thesis as a fund is ‘you no longer have to compromise’,” said Transform VC general partner Rama Chakaki.

“You can have an impact entrepreneur who’s a tech entrepreneur as well, who can guarantee both outlier financial and impact returns.”

“There’s one pillar of sustainability people don’t talk about enough, and that is profitability,” said Sky, whose climate-forward startup leads globally in tomato production, outdoing both greenhouse and field farming in terms of yield, despite being located in an arid region of UAE.

Innovators including Pure Harvest Smart Farms founder and CEO Sky Kurtz agree.

Rama Chakaki Transform VC

Clean tech: A trillion-dollar opportunity enabled by AI Climate solutions present a massive economic opportunity that is finally attracting serious investor interest, according to sustainable tech investor Stephan Morais, managing general partner at Indico Capital Partners.

“The cleantech revolution has finally come to fruition,” said Stephan, citing regulatory frameworks, consumer demand, and investor pressure as driving the cleantech boom.

AI is seen as a powerful tool to “bend the curve” on emissions reduction. “AI can take care of at least 10 percent of global emissions in the next decade,” said Nicholas Parker, who coined

the term ‘cleantech’ and is the founder of CleanAI. “We’ve just done a baseline study that has shown over US$30 billion in venture capital or growth capital has come into what we call clean AI startups.

And 70 percent of that is early-stage,” added the founder.

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STARTUPS AND INVESTORS

‘You can’t give it all to Microsoft’ What will follow Microsoft’s historic domination of enterprise solutions? More domination from Microsoft, according to Race Capital cofounder and general partner Alfred Chuang.

“There is a lot of excitement around building out this enterprise infrastructure stack for GenAI in enterprise applications.”

Alfred Chuang Race Capital

Within this, though, sits Microsoft: the dominant force of previous tech cycles, and the business best placed to run the show again.

“Given that, the world needs an alternative. You can’t give it all to Microsoft,” said the founder.

“So there is a lot of excitement around building out this enterprise infrastructure stack for GenAI in enterprise applications.”

This is what’s driving the congregation of companies in this field, said Alfred. Some are built for this space, others are pivoting in, while more and more are new companies starting out there. “A lot of money is getting behind these companies.”

Likening the current investment cycle to the web boom of two decades ago, Alfred thinks the push towards AI is showing a few clear focuses of attention.

One is the clear attraction to “foundational technology”, as Alfred described it, highlighted by large language model companies spending significant sums on buying up opportunities in the space. Another is a focus on enterprise technology investment – “not consumer technology, because it is unknown how it will play out,” said Alfred.

Alfred Chuang Race Capital

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STARTUPS AND INVESTORS

The entrepreneurial mindset: Five lessons from a unicorn in the making In the entrepreneurship journey, there are certain qualities that distinguish successful founders from the rest. Hamad Al-Hajri, founder and CEO of Qatari food delivery app Snoonu, explains:

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The power of persistence According to Hamad, persistence is the bedrock of entrepreneurial success: “When you’re 65, you’re gonna look back. You will feel proud … You will be a champion, [but] only through challenge.”

Stay positive; keep going

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3

4

“We failed in the first Series A with a valuation of US$5 million.

I mean, our valuation was US$5 million! Who didn’t want to invest? Everyone pulled out,” explained Hamad. A year later, the business was valued at US$50 million after closing its Series A.

Have a customer-first approach “Focus on your customer,” advised Hamad. “Keep building the product. Continue.”

Success is a team sport “You cannot walk alone. You need to have a team around you.”

Hamad advised entrepreneurs to “get someone who you believe in and they believe in you.”

Invest in talent

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Back in 2019, Snoonu was hiring cheap engineers. The tech wasn’t working out, and the company learned that it had to target better staff. ”Investing in talent is one of the keys of our success,” said Hamad.

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About us Web Summit runs the world’s largest technology events, connecting people and ideas that change the world.

Web Summit events have gathered half a million people across Web Summit in Lisbon, Web Summit Rio in South America, Web Summit Qatar in the Middle East, Collision in North America and RISE in Asia since the company’s beginnings as a 150-person conference in Dublin in 2009.

At a time of great uncertainty for many industries – and, indeed, the world itself – we gather policymakers, heads of state, fastgrowing startups, and the founders and CEOs of technology companies, to ask a simple question: where to next?

Our mission is to create meaningful connections between the CEOs, founders, investors, journalists, politicians and cultural figureheads who are reshaping the world.

Politico has said we run “the world’s premier tech conference”, the Atlantic that Web Summit is “where the future goes to be born”, and the New York Times that we assemble “a grand conclave of the tech industry’s high priests”.

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