Firms behind acclaimed tech summit net €450k profit after just two years

The business was only dreamed up in a Dublin bedroom a little over two years ago, but already the companies behind the Dublin Web Summit and F.ounders have recorded profits of over €450,000.

Entrepreneur Paddy Cosgrave is yet to turn 30 — that happens next month — but the two firms he co-owns with David Kelly have produced combined profits of €459,841 in their first 15 months in existence.

The Dublin Web Summit, Europe’s fastest growing technology conference, was first staged in 2010, attracting 500 attendees. Last year, that figure had grown to more than 4,200, including 350 tech company CEOs.

Over the past two years, Bono, Twitter founder Jack Dorsey, Skype founder Niklas Zennström, YouTube co-founder Chad Hurley, and thousands more have attended events organised by Mr Cosgrave and Mr Kelly.

In the first accounts lodged with the Companies Office by the firm behind the event and 95% owned by Mr Cosgrave, Dublin Web Summit Ltd recorded a profit of €135,616 in the 15 months to the end of Dec 2011.

The company behind the more exclusive F.ounders events — “Davos for geeks” — Founders Events Ltd recorded a profit of €324,225 in the 15 months to the end of Dec 2011.

The filings show that Founders Events Ltd had €299,053 in cash while Dublin Web Summit Ltd had €82,017.

F.ounders is attended by an invited coterie of 150 tech entrepreneurs.

The Dublin events also create a wider spin-off for the economy and Mr Cosgrave said last year’s summit at the RDS contributed more than €12m to the Irish economy.

Both firms were formed in Oct 2010 and Mr Cosgrave and Mr Kelly now have a team of 30 or so full-time staff along with part-timers.

Mr Cosgrave and his team are currently preparing for a London Web Summit on Mar 1.

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