Access All Areas March 2019 | Page 46

MARCH | TECH celebrating its 20th anniversary in 2019, having undergone a long and perilous journey to success. What began as a two-person start-up between Reggie Aggarwal and Chuck Ghoorah grew to a larger size through venture capital funding. The company almost went out of business during the dot com crash that occurred at the end of the 90s, before finding a second wind in the last decade. In 2016, the company was taken private for $1.65bn. It currently employs 3,700 people. Ghoorah explains how Cvent survived during the difficult years of the dot com crash: “Rather than be distracted with raising more venture capital, we focused entirely on our customers, and delivering the service and products that they needed most. “Cvent started as an online event registration point solution. Now, we offer comprehensive platforms that help hoteliers and event professionals manage every aspect of an event’s lifecycle. We are at the centre of the event ecosystem.” “Our customers didn’t want to juggle three to ten different solutions – they wanted one platform to pull off a well-executed event.” In order to offer the kind of integrated platform Ghoorah is talking about, Cvent has embarked on an ambitious series of acquisitions. He explains: “In 2018, we acquired three event tech companies (Social Tables, Kapow and QuickMobile) that were delivering exceptional solutions. We are constantly on the lookout for start-ups that are offering a unique value proposition.” There are few companies large enough to sustain a business model like Cvent’s, which actively searches for start-ups that it can fold back in to its existing tech platforms. 46 But the key to Cvent’s success is not the business model or the acquisitions themselves – rather, it is the adaptability and resilience, even through difficult periods of business, that has allowed them to reach this critical mass. When asked what advice he would give to emerging event tech start-ups, Hoorah says: “Find a pain point that no one else addresses and solve it. Or, be better at solving that pain point than anyone else in the marketplace. “There an oft-repeated business truism here at Cvent – be the aspirin, not the vitamin. Essentially, be the must have, not the nice to have solution.” Conclusion For those willing to take the plunge into the event tech sector, the rewards can be huge. A recent study by Oxford Economics found that the business events industry has more than a £1 trillion impact on the global economy. But Hoorah points out that there are also more than 1,000 event technology companies out there, all of which are hungry for a piece of the pie. Venue Search London, DBpixelhouse and Cvent all provide very different case studies about how to succeed in the event tech sector. They highlight the importance of planning and funding, an ambitious business model, and mapping out a strategy for expansion as the business grows. If companies can manage all that, while bringing an innovative new idea or approach to market, they can harness the power of our interactive age and find success in the event tech market.