Artificial intelligence is no longer just an emerging technology-it's a massive economic opportunity that could redefine Europe's global role. That was the key message at the opening of South Summit 2026 in Madrid, one of Europe's largest innovation and entrepreneurship gatherings.
From June 3 to 5, the event brings together more than 20,000 attendees, nearly 4,900 startups, over 2,000 investors, and 600 international speakers. The theme this year is 'AI Convergence.'
South Summit's founder and president, María Benjumea, declared at the opening: "Artificial intelligence is not a threat but a tool for growth and improvement." She called on Europe to remove barriers holding back startups, saying, "A startup born in Spain must be able to see Europe as its natural home, not as 27 separate borders." Many companies still feel forced to move to the United States to scale.
Benjumea noted that in just three years, AI has gone from attracting 30% of global venture capital investment to 61%, calling it a "paradigm shift."
Spain's Minister for Digital Transformation, Óscar López, highlighted the country's commitment to digitalization. He pointed to the OECD's recent upward revision of Spain's growth forecast from 2.1% to 2.2%, attributing it to national investments in digital and green transformation. Spain has allocated 1.5 billion euros to its national AI strategy and boasts over 96% fiber-optic coverage and nearly 94% 5G coverage.
López also said Spain is the first EU country to oversee and develop a "trustworthy and open" AI and that one million SMEs and self-employed workers have received digitalization support.
This year, South Summit launches the 'AI Forum' with IE University, designed to help entrepreneurs build AI-based prototypes and business models in hours. Benjumea explained: "Artificial intelligence has radically shortened the distance between an idea and starting to build."
Lee Newman, dean of IE Business School, agreed that AI allows small teams to operate with capabilities once reserved for larger organizations. "The question is no longer whether it is possible, but how far they want to go," he said.
High-profile participants include former Italian Prime Minister Enrico Letta, Google X founder Sebastian Thrun, and Female Invest co-founder Anna Hartvigsen. King Felipe VI is expected to attend, alongside Madrid's mayor and regional president.
Silicon Valley entrepreneur and investor Kim Perell also spoke, advocating a pragmatic view: "Being an entrepreneur is not about having one big idea, but about the discipline to execute."