Silicon Valley vs the world

The Web Summit Lisbon 2025 panel, moderated by Ms. Zainab Fattah, explored the global shift in technology’s epicenter. Mr. Thomas G. Tsao, Chairman and Co-founder of Gobi Partners, noted a “reverse brain drain” from the US, with top scientists returning to Asia, particularly China and Hong Kong, a trend not seen in decades. This signifies a fundamental relocation of global talent.

Ms. Dana Settle, Founding Partner at Greycroft, described the tech and venture capital landscape as a “global war for talent.” Greycroft, initially based in Los Angeles and New York, recently opened a Silicon Valley office for AI and its first global office in Doha, illustrating this worldwide expansion.

Ms. Settle acknowledged Silicon Valley’s unique strength in its “urgency and density of talent” for commercializing technology and building sales engines. However, she stressed that leading companies are now global, establishing diverse talent hubs to remain competitive.

Ms. Bedy Yang, Managing Partner at 500 Global, highlighted Latin America’s significant opportunities, especially in financial services. She cited Nubank’s rapid growth to an $80 billion market cap and Olist’s success in building e-commerce infrastructure for businesses transitioning online.

Ms. Yang explained that Silicon Valley investors often misinterpret emerging markets, where essential financial, logistic, and connectivity infrastructures are still being built. Mr. Tsao added that Asia’s problems will be solved by local entrepreneurs, not those from “WEIRD” (Western educated, industrialized, rich, democratic) markets.

Mr. Tsao articulated his “Make Asia Great Again” (MAGA) thesis, advocating for a re-globalization around Asia, moving from a US-centric “hub and spoke” model to direct country-to-country connections. He also emphasized AI as a geopolitical vulnerability, compelling nations to develop local technological resilience.

Ms. Settle noted the trend of diversified global investment, exemplified by Greycroft’s investment in an Algerian company digitizing local economies. Ms. Yang highlighted the growing role of Gulf sovereign wealth funds as anchor investors in AI, fostering innovation ecosystems and driving local IPO markets in the MENA region.

For 2026, Mr. Tsao is keen on “Taqua tech,” focusing on the global digital Muslim economy, particularly in undercapitalized markets like Pakistan and Indonesia. Ms. Settle sees “physical AI” as crucial for modernizing traditional industries. Ms. Yang pointed to AI, financial services, and Sharia-compliant data governance and lending, citing companies like Intella, Vernata, and Lendo.