Web Summit 2024: The AI Overload

Web Summit 2024 in Lisbon at a glance:

• 70,000 people came together
• 3,500 startups showcased their innovations
• 1,066 investors joined the action
• 3 from SIROC making their mark

Let's face it: attending Web Summit was exhausting. Days of non-stop conversations, pitching and networking left us drained. Even now, a week later, we're still sifting through the mountain of pitch decks we collected. But there's an undeniable sense of excitement. Meeting founders with bold ideas, seeing the passion behind their visions, and learning about new technologies is what makes being an investor such a rewarding pursuit.

Web Summit is not just another conference. It's the largest and most influential technology event in the world. It brings together a cross-section of entrepreneurs, investors, policy makers, technologists and business leaders. All under one roof to discuss and shape the future of technology.

The AI Overload

This year's event had one overwhelming focus: AI. From panel discussions to startup pitches, artificial intelligence dominated the conversation. It's understandable: AI is one of the most transformative technologies of our time. But the downside? This relentless focus often overshadowed other types of innovation.

Worse, many of the so-called "AI startups" weren't really innovating. Too many were simply API wrappers around popular Large Language Models (LLMs), recycling ideas that had been done countless times before. The hype was strong. But the substance? Mostly lacking.

Our advice to startups and their founders is simple: Forget about AI. Forget blockchain. Forget the fancy buzzwords. Focus on solving real problems that people and businesses face. The choice of technology is just a means to that end.

Beyond Capital

At SIROC, we're more than investors. We're builders. As seasoned entrepreneurs who have built and scaled multiple businesses ourselves, we not only bring a unique perspective to the table, but our contributions go far beyond capital. Unlike most VC firms, we provide access to a team of highly experienced product designers and software engineers, enabling our portfolio companies to do in months what many startups struggle to do in years: build a strong MVP and find product-market fit in a fraction of the time.

In conclusion, Web Summit 2024 was a fast-paced showcase of the creativity and drive of the startup world. While much of the spotlight was on AI, we were inspired by founders dedicated to tackling meaningful problems.

At its core, innovation isn't about chasing hype. It's about making a difference and creating real value.