Feature
What does it take to
succeed in event tech?
A small, medium and large company each give EN the lowdown on
what it takes to thrive in event tech
Words: Stuart Wood
W
e are living in an interactive
age of event apps, drones
and augmented reality. We’ve seen
companies racing to capitalise on
technologies such as cashless and
blockchain, and in exhibitions there
seems to be more tech solutions than
ever before.
But how do companies break into this
thriving and creative area of business?
To investigate, EN spoke to three event
tech companies of varying sizes to hear
how they got started, what did and
didn’t work, and what advice they would
give to others.
The SME: Venue Search London
Venue Search London offers a venue-
finding service in the Greater London
area for various event types. VSL was
set up in January 2014 by Dominique
Gill [founder of Story Events], Sam
Gill and Sarah Kay as a start-up with
five employees. Now, it has 26 full-time
employees working in Central London.
When asked if the event tech sector is
a difficult one to break into for start-ups,
Gill says: “As with any industry-specific
B2B technology, the barriers to entry
are far smaller than in B2C. A great idea
that is well-funded from the outset has
a good chance of success, as long as the
funding includes a launch budget that is
sufficient to fully test the market.”
For VSL, that money came from
£150,000 raised using a Seed Enterprise
Investment Scheme (SEIS). SEIS is
intended for very early-stage companies,
allowing individuals to invest small
annual amounts, and receiving a 50 per
cent tax break in return.
“Smaller companies, especially those
that are owner-managed, are better
incubators of new ideas. They can move
faster, and private owners generally
have a more entrepreneurial approach
to risk,” continues Gill. “This, combined
with an increasingly open business
funding market keen to invest in new
ideas, means that small businesses have
great opportunities to introduce new
technology to the events industry.”
The evolving company:
DBpixelhouse
DBpixelhouse supplies tech
production services to events, from
interactive apps to LED walls, event
analytics and Wi-Fi networks. EN asked
DBpixelhouse marketing manager
Matt Rakowski how being a mid-sized
company can give them an edge.
“It is an advantage for us. Being one
of the largest tech suppliers in Europe
gives us the ability to deliver on all sizes
and scales,” he explains. “However,
our entrepreneurial streak allows us
to identify new opportunities and
deliver them to market, whilst working
intimately with clients to exceed their
marketing objectives.”
DBpixelhouse is currently in the
midst of an expansion phase as it grows
out of its UK home into North America
and expands its ability to provide
high quality content alongside its
comprehensive equipment offering.
When asked what advice he would
offer to burgeoning companies entering
the event tech sector, Rakowski says:
“If you have the right idea, a passion for
what you do and a good business model,
you can make it work. The app and
content world is built on good ideas, and
it only takes one to make you a success.”
The major player: Cvent
Cvent, a global market leader in event
tech, is celebrating its 20th anniversary
in 2019, having undergone a long and
perilous journey to success.
What began as a two-person start-up
co-founded by Reggie Aggarwal and
Chuck Ghoorah grew through venture
capital funding. The company almost
went out of business during the dot
com crash at the end of the 90s, before
finding a second wind in the last decade.
In 2016, the company was acquired
by private equity for $1.65bn and now
employs more than 3,700 people.
“In 2018, we acquired three event
tech companies (Social Tables, Kapow
and QuickMobile) that were delivering
exceptional solutions,” Ghoorah tells
EN. “We are constantly on the lookout
for start-ups that are offering a unique
value proposition.”
When asked what advice he would
give to tech start-ups, Ghoorah says:
“Find a pain point that no one else
addresses and solve it. There an oft-
repeated business truism here at Cvent
– be the aspirin, not the vitamin. Be
the ‘must have’, not the ‘nice to have’
solution.” EN
March — 41