Web Summit's wild ideas for the future
CGTN's Global Business

Web Summit 2019 is a meeting of the who's who of the technology community and political spectrum.

Most participants at the meeting want to know where the future is heading, and which companies will be the next big thing in the IT sector.

From blockchain to autonomous car and the gender divide that continues to embarrass the technology industry, trends emerged at the Web Summit 2019.

Francois Candelon, senior partner of BCG Group, said: "The most important one is what I would call the end of the innocence."

"Everyone understands that technology will drastically change the world in all aspects and all the society. They need now to think more about data privacy and sustainability; this is why the politicians and regulators are actually the real stars of the summit," Candelon explained.

CGTN's Cheng Lei interviews Francois Candelon, senior partner of BCG Group. /CGTN screenshot

CGTN's Cheng Lei interviews Francois Candelon, senior partner of BCG Group. /CGTN screenshot

There's a sense that the industry can play a decisive role in fixing some of humanity's problems. At this year's event in Lisbon, the annual gathering for start-ups, investors and excited on-lookers, there was a glimpse of a renewed sense of optimism.

Huawei, which is very important company, joined the Web Summit, where Guo Ping, rotating chairman of the company, gave a speech. Overall, European market may not be the main focus for Chinese companies, especially when they are more focused on the domestic market which is extremely competitive. And even when they want to go to overseas, they often go to southeast Asia and India.

In the fourth Industrial Revolution, where technology is evolving faster than ever, companies and individuals that do not keep up with some of the major tech trends run the risk of being left behind.

"Alibaba and Tencent as B2C internet giants are driving the B2B internet in China. Therefore it creates some specific changes, for instance, you have marketplaces, platforms, where companies are really offering entire business solutions and it created something really fantastic, which is the digitalization of traditional companies," Candelon added.

"What we see from the small and medium businesses to the large company, China is always on the top," he said, adding that this drives other international B2B giants to replicate this end-to-end model. "I believe that China could leverage this and be an inspiration to Europe," Candelon said.

"When I was in China, where I spent the last seven years, every time a Western multinational company comes to me, I tell them to think about China first, what's in it for China? If it is really profitable and beneficial to China, the company will get profits," he said.