Intel and Siemens AG have dropped out of the Web Summit technology conference in Europe following criticisms made by event organizer Paddy Cosgrave, who condemned Western nations for their backing of Israel after the attacks by Hamas, according to Bloomberg. A number of notable venture capitalists and technology executives have also chosen not to attend, significantly affecting the event.Thank you for reading this post, don't forget to subscribe!
Intel has confirmed its decision to withdraw without providing a detailed explanation. The company has extensive operations in Israel in both manufacturing and design. This move highlights the political sensitivities that global corporations often find themselves navigating in their external activities and partnerships.
Siemens AG, a multinational company based in Germany, was one of the major sponsors of the summit and had a crucial role to play. However, after reviewing the current situation, the company has decided to terminate its partnership and withdraw from this year’s event, reflecting the significance of the controversy sparked by Cosgrave’s remarks.
The repercussions of Cosgrave’s comments are not limited to corporate participants. Influential figures in the tech and venture capital sectors, such as Gary Tan from Y Combinator and Ravi Gupta from Sequoia Capital, have canceled their plans to attend the summit. Moreover, several technology executives from Israel have also chosen not to participate this year, further adding to the loss of key contributors and attendees at the summit.
In response to the backlash, Paddy Cosgrave has issued an apology, expressing regret for the offense caused by his comments. He has acknowledged that the timing and presentation of his statements caused significant distress and apologized to those who were offended. Despite Cosgrave’s efforts to improve the situation, the absence of key sponsors and attendees poses a challenge to the summit’s success and influence.