Web Summit is a technology conference held annually since 2009. The topic of the conference is centered on internet technology and attendees range from Fortune 500 companies to smaller tech companies. This contains a mix of CEOs and founders of tech start-ups together with a range of people from across the global technology industry, as well as related industries. The conference took place in the Altice Arena in Lisbon from November 5 – 8. Attendance was around 60,000 people from over 160 countries together.
Parallel tracks covered topics in AI/Machine Learning, medical & health tech, cutting-edge tech trends, software-as-a-service, sustainability, automotive technology & robotics, creative content, cryptocurrency and finance, music, gaming, sports, travel, fashion, software development, politics & policy-making.
In the sessions our group attended, machine learning, artificial intelligence, data-driven insights and services, health management, and trends were very hot topics.
Key messages:
- Reduced costs in computing and storage, combined with the increased volumes of data generated by Internet-of-thing-connected sensors and new technologies, mean that ML and AI have the potential to be disruptive across all sectors, including but not limited to business, manufacturing, transport, food and health.
- It is very important to know the limitations of ML/AI and to understand that they are not magic wands that can do everything. Several talks dealt with the ethical implications of the potential impact that ML/AI will have on the economy and the individual.
- The focus should aim to be on developing technology that will benefit the individual. Safeguarding individual rights and privacy are seen as key concerns, as are the increasing wealth divide and shifts in job sectors.
- Data is becoming the major growth and innovation driver within big corporations. The oil economy is being replaced by the data economy. Own your own data; don’t get it from 3rd party sources.
- Corporate innovation – the ones that will survive will be those who build platforms for common work with startups. In this age of rapid changes, the companies that can adapt the fastest and have the most contact with start-ups will be the most responsive and will thrive. The pace of innovation and change is also increasing. Companies that are mired in rigid processes will find it difficult to adapt.
- The impact of technology on health is seen as both positive and negative. On the positive side, cheaper and faster computing, cheaper sequencing (omics) and AI are seen as a heady mix that can solve health problems that will arise with an aging population and lead to truly personalized health care. On the negative side, technology and new work patterns are also responsible for continuous disruption, lack of focus, an under-diagnosed sleep crisis as well as stress and several lifestyle-related diseases. There are also issues with data privacy and data access, as well as inequalities of access to new technology due to geopolitics.