At the event, Web Summit also announced both domestic and international expansion - with a recruitment drive in Dublin, Lisbon and Hong Kong - as well as confirming some high profile guests for the Web Summit conference in Lisbon this November, including ex-French President Francois Hollande, ex-US VP Al Gore, and Margrethe Vestager of the European Commission.

On top of this, Paddy Cosgrave confirmed that the company would be giving away 50 tickets to every secondary school in Ireland so that young entrepreneurs would get the opportunity to hear world-class speakers.

While these were welcome announcements, the Web Summit CEO also spoke directly about the Irish political landscape. He welcomed the fact that the Anti-Corruption Bill was on the top of the government's agenda when they return from recess in September, although he made clear that he would only be able to comment on it more after the issue had been properly addressed in a few weeks time.

As well as this, Cosgrave also spoke about his good relationship with Taoiseach Leo Varadkar, saying that he had a "great working relationship with the government under Leo Varadkar" and that he expected "good things to come of it".

Perhaps most pertinently for the tech sector and for students and workers within Dublin, Cosgrave spoke very directly about the housing problem in Dublin.

Referencing that his housemate works for a hedge fund, Cosgrave said: “I think he (housemate) is quite clear on the (accommodation) challenge. When a problem is just so profitable, it’s unlikely that it’s going to be solved with any great haste. And unfortunately - and its tragic - homelessness is out of control. But the immediate solution for that problem is very profitable for people who don't vote for Sinn Fein. They tend to own hotels and hostels and perhaps vote for another type of problem. It's a human tragedy but it's a great business opportunity."

The news comes as property website Daft.ie published a report showing that rent prices in Ireland drastically increased by as much as 11.8% last year.

Web Summit is a global technology conference hosted annually. This year, more than 60,000 attendees from over 170 countries will fly to Lisbon for the Web Summit, including over 20,000 companies, 7,000 CEOs and 2,000 international journalists. Speakers in Lisbon 2017 will include the founders and CEOs of the world's largest tech companies, as well as political leaders and major sports, fashion and music personalities.