Are online events a better alternative to meeting in person?
Getting that freshly-brewed espresso, being handed that croissant and sitting at a table with a nametag – that’s attending an event.
Covid19 has shuffled the cards.
Due diligence is being done online.
Meeting personally with startups is almost impossible.
But, there are alternatives to meeting in person.
Zoom, Google Hangouts and others are on the rise.
There are hundreds of amazing online events taking place all the time.
Investors need to think if there is merit in attending virtual events.
They should focus on the reason they want to attend one.
Are online events a better alternative?
Nothing could replace meeting in person.
Meetings in Zoom are time-limited.
They could be hacked.
Wifi-connection may break.
There are many reasons why this is a “no”.
But, more and more investors are now doing their due diligence online.
They cannot afford not going forward with business in 2020.
So they must think about online events instead.
The Valley Date Venture Partners management team attended such event on the 25th, which has produced tremendous value.
Not only in terms of solidifying the brand which is VDVP, but also prompting community members to engage in deal-making.
What are we looking for
VC/PE teams are looking for the best deals.
It could be startups, established companies in dire-straits or venture partners.
Whatever the case is, the team should be laser-focused.
The reason being that the number of people is limited, time is of the essence, and there are only so many options the team could choose from.
When deciding to attend an event, entrepreneurs must ask themselves:
“Why am I attending this event?”
Going for the money (leads, deals) might be the best option for some.
But, it takes time and preparation.
What if we attended the right event in terms of solidifying the brand or networking, but not in terms of deals?
The alternative revenue from attending another may be more relevant.
For example, a VC/PE team attending an event in February 2020 which was great for the new fund.
When Corona hit hard, the team would’ve lost $750,000 in revenue, because it didn’t attend an event which was more relevant for it in January 2020.
On the other hand, skipping the event in February 2020 altogether, which was great for the brand would’ve been the best alternative in terms of deals.
March 2020 (when almost everything moved online with greater demand) and coupling it with January 2020, would’ve generated $1,750,000 (March+January-February).
The best-case scenario in this example would be to attend March and April’s events, while skipping February and January altogether, producing $2,250,000 in revenue.
There were naturally other options of not attending any event, and focusing on producing deals via existing channels.
Events need to produce value.
They should be run with the right crowds and aimed at the right crowds.
These could definitely produce business for everyone involved.
Yes, some events could focus more on policy-makers, rather than middlemen, but still, merit exists in these events as well.